Prestige Estates stock in focus after Q2 net profit plunges 77.4% YoY
Prestige Estates Projects shares will be in focus after the firm reported a steep 77.4% year-on-year (YoY) decline in net profit to Rs 192.2 crore for the second quarter, driven primarily by a Rs 106 crore deferred tax impact linked to recent changes in the tax code, including the removal of indexation benefits on capital gains.
The company’s revenue, however, edged up by 3% to Rs 2,304.4 crore from Rs 2,236.4 crore in the same quarter last year, highlighting consistent top-line growth despite broader headwinds.
Operating profit, or EBITDA, increased by 6.5% to Rs 631.3 crore, compared to Rs 592.5 crore a year ago, with EBITDA margin showing a slight improvement at 27.4% versus 26.5% last year.
On Tuesday, Prestige Estates Projects' shares closed at Rs 1606.5, down 0.2.8% on the BSE, while the benchmark Sensex rose 0.45%. Its shares have surged 35% in 2024 to date and 260% over the past two years, with the company currently holding a market capitalization of Rs 69,196 crore.
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