PRESTIGE ESTATES PROJECTS LIMITED | PERFORMANCE UPDATE- FY2021-22 : Q4, 12M 

by Suman Gupta

National, May, 2022: India’s leading real estate developer, Prestige Estates, has announced its results for the period ending 31^st March, 2022 and Q4FY22. During FY22, the Group has registered highest ever sales of INR 1,03,822 mn, up 90% YoY and has clocked record collections of INR 74,664 mn, up 47% YoY. The sales have come from 15.07 mn sft volume with an average realization of INR 6,889/sft.

Summarised operational performance and financial results for the year ended 31^st March, 2022 and Q4FY22 are as follows:-

Financial Results:- 

1.      During the FY22 the company has registered revenue of INR 65,993 mn, EBITDA of INR 17,623 mn and PAT of INR 12,157 mn. EBITDA and PAT margins were at 26.70% and 18.42%, respectively.

2.      During Q4FY22, the company has registered revenue of INR 24,887 mn, EBITDA of INR 6069 mn and PAT of INR 9462 mn. EBITDA and PAT margins were at 24.39% and 38.02 %, respectively.

3.      Debt equity ratio stood at 0.35x (PQ: 0.57x); Total consolidated net debt stood at INR 33,644 mn.

4.      The Board has recommended payment of final dividend of 15% per share (Rs 1.50 per share).

Operational Performance:- 

5.      Highest ever sales of INR 1,03,822 mn, up 90% YoY during FY22. Q4FY22 sales were at INR 32,687 mn, up 77% from Q4FY21.

6.      Sales Volumes during FY 22 were at 15.07 mn sft, up 85% YoY from FY21. Q4FY22 sales volumes were at 4.85 mn sf, up by 76% from Q4FY21.

7.      Collections were at INR 74,664 mn, up 47% YoY during FY22. Q4FY22 collections stood at INR 24,610 mn.

8.      New Launches during FY22 totalled 16.77 mn sft, of which, 5.01 mn sft were during Q4FY22; increase of 42% and 6% respectively from corresponding prior periods.

9.      Projects spanning 14.26 mn sft were completed during FY22 – 7 times the Completions of FY21.  Q4FY22 Completions volume was 4.96 mn sft.

Expressing his delight on this impressive performance, Mr. Irfan Razack, Chairman and Managing Director, Prestige Group said, “We have built the Prestige legacy on the foundation of our core values of quality, customer centricity, transparency and timeliness. We are ecstatic as we review the robust performance of the year gone by. It is a testimony of our legacy and credibility that despite the challenging times during this year, two waves of the pandemic and extreme uncertainty in the markets, we emerged as the homebuyers’ leading choice. The remarkable FY22 results are a reflection of our core capabilities and values.”

Commenting on the results, Mr. Venkat K Narayana, Chief Executive Officer, Prestige Group said, “We have crossed many milestones during FY22. The record sales, collections and successful launches (especially during tough times) affirm the customers’ confidence and trust in our brand. We have also completed Phase II of the transaction with Blackstone Group and divested our stake in Prestige Star Tech to CPPIB. We are keen about continuing the same performance in FY23 as well; and plan to launch ~15mn sft this year. We have new launches in the pipeline across geographies, including Mumbai and NCR, in addition to the launches made earlier this month in Mumbai.”

About Prestige Group:-Prestige Group, one of the leading real estate developers in the country, has legacy of over three decades in real estate development. It has diversified business model across various segments, viz Residential, Office, Retail, Hospitality and Services with operations in 12 major locations in India. The Group has completed 268 projects spanning developable area of 151 mn sft and has 45 ongoing projects across segments, with total developable area of 65 mn sft. Further, it is planning 52 projects spanning 88 mn sft and holds a land bank of over 375 acres. The company has been graded CRISIL DA1 by CRISIL and also enjoys credit rating of ICRA A+.