Prestige Estates shares surge 11% in 2 days to hit record high on best-ever quarterly results
Prestige Estates Projects surged 11 percent to their record high in 2 sessions after the realty firm posted its best-ever results for the quarter ended September, driven by successful launches. The company recorded its highest-ever quarterly sales of ₹7,092 crore by selling 3,659 units in the September quarter. Just in today's (November 9) session, the stock gained as much as 5.4 percent to its all-time high of ₹877.50.
Meanwhile, in the last 2 sessions, the stock has risen 11 percent (up 5.3 percent on November 8). It has now soared over 124 percent from its 52-week low of ₹391.30, hit on February 27, 2023. The stock has advanced over 89 percent in 2023 so far and 79 percent in the last 1 year.
The company's consolidated net profit jumped to ₹910 crore in the second quarter of this fiscal year (Q2FY24) as against ₹140.7 crore in the year-ago period. Its total income also surged 121 percent to ₹3,256 crore in the July-September versus ₹1,474.7 crore in the corresponding period last year. The EBITDA (earnings before interest, taxes, depreciation, and amortization) margin increased by 70 basis points (bps) to 26.6 percent in Q2FY24 from 25.8 percent last year.
Meanwhile, in the first half of FY24 (April-September period), the company's net profit surged over 223 percent to ₹1,117.8 crore from ₹345.6 crore in the year-ago period. Also, its total income jumped 50 percent to ₹5,222.3 crore in the first six months of this fiscal from ₹3,486.5 crore in the same period of the last financial year. In the filing, the company also informed that it acquired 24 acres of land in Hyderabad with a development potential of 8 million square feet and a sales potential of ₹6,500 crore.
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