NCR foray boosts Indian developer Prestige's first-quarter profit
The Bengaluru-based developer said its consolidated net profit rose 26% year-on-year to 2.93 billion rupees ($33.4 million).
Revenue rose 24% to 23.07 billion rupees, helped by record quarterly sales, opens new tab from its expansion into NCR, which accounted for 59% of the company's quarterly bookings.
For further earnings highlights, click here.
Indian real estate developers have benefited from a post-pandemic shift in buyer preferences towards larger, amenity-rich apartments.
This has prompted aggressive land deals and faster project launches. Prestige's land costs in the reported quarter jumped 47% to 11.34 billion rupees.
However, as demand stabilises, developers are diversifying into newer geographies and timing their launches as per shifts in demand, analysts have said.
PEER COMPARISON
* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
APRIL-JUNE STOCK PERFORMANCE
-- All data from LSEG
-- $1 = 87.7990 Indian rupees
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