Latest news with #PhaseII
Mint
4 days ago
- Business
- Mint
Prestige Estates makes room for a better FY26 as approval delays ease
Prestige Estates Projects Ltd put up a decent show in the March quarter (Q4FY25) with pre-sales or bookings at ₹6,957 crore, up 48% year-on-year. Last quarter, it launched 14.03 million square feet (msf) spanning four projects: Prestige Suncrest and Prestige Southern Star-Ph 1 in Bengaluru, Prestige Nautilus in Mumbai, and Prestige Spring Heights in Hyderabad. Also Read | Prestige Estates gears up for big launches in H2, but timely approvals are key However, Prestige still missed its full-year FY25 pre-sales target. Bookings declined 19% year-on-year to ₹17,023 crore in FY25, below the guided ₹24,000 crore. Lack of adequate new project launches due to approval delays was a dampener for Prestige during a large part of the financial year. Launches fell to 26msf in FY25 from 40msf in FY24, and project completions were tepid as well. Prestige's lacklustre performance comes at a time when other key listed developers such asGodrej Properties Ltd andMacrotech Developers Ltd (Lodha) surpassed their respective guidance, clocking impressive FY25 pre-sales. Prestige's management is upbeat on its FY26 prospects as approvals have begun to fall in place. The company has entered FY26 with the launch of its much-awaited Indirapuram project in the National Capital Region, which has already clocked pre-sales ₹6,500 crore. It also launched 'Prestige Gardenia Estates' in Bengaluru. The company has a strong launch pipeline with projects worth gross development value or revenue potential of around ₹42,000 crore in FY26. Plus, it has unsold inventory worth nearly ₹20,000 crore. This has led the management to guide for pre-sales of ₹27,000 crore, which is around 60% more than the pre-sales achieved in FY25. In fact, pre-sales of ₹12,000-13,000 crore are expected in Q1FY26 itself. Also Read | A lost quarter: Prestige Estates' slow start leaves it a lot to catch up Major projects lined up for FY26 are Prestige Falcon City Luxe, Prestige Raintree Park in Bengaluru; Prestige Pallavaram Gardens in Chennai; Prestige Rock Cliff in Hyderabad; and Prestige Forest Hills Mulund—Phase II in Mumbai. Overall, an improvement in project completions and new launches should drive pre-sales growth in FY26, thus aiding collections, which were muted in FY25. On the commercial side, its office portfolio exited FY25 with an occupancy of 90%. The upcoming commercial offices in BKC are likely to be completed by 2028 and pre-leasing has already started here, the management said. The upcoming office space at Delhi Airport is alreadycommitted and leased. Prestige plans to hand it over by FY26-end. The retail portfolio saw 99% occupancy levels in FY25. For its hospitality business, Prestige has filed the draft red herring prospectus for initial public offering (IPO). Also Read | Prestige Estates set for tightrope walk Prestige is aggressively building up its annuity portfolio and has huge capital expenditure plans with increased thrust on acquiring land for project development. Consequently, debt is inching higher and is likely to stay elevated. Net debt rose to ₹6,716 crore at Q4 FY25-end, from ₹5,960 crore in Q3 FY25, taking the net debt-to-equity metric to 0.42x from 0.37x during this time. 'Net gearing is at 0.42x, manageable, though with a large ongoing capex program (around ₹3,000-3,500 crore annual spends), alongside development business land capex ( ₹4,000-4,500 crore); we believe net debt should still rise by around ₹3,000-4,000 crore in FY26," said Jefferies India report dated 30 May. Year-on-year, Prestige's debt declined, aided by the ₹5,000 crore QIP (qualified institutional placement) issue of the company in 2024. For the Prestige stock that has been under pressure lately, the trajectory of debt remains a key monitorable. The shares have declined by 13% so far in 2025, more than the drop in the Nifty Realty index. A meaningful improvement in pre-sales is crucial in FY26 to reverse the stock's recent underperformance.
NBC Sports
20-05-2025
- Sport
- NBC Sports
Joe Burrow: Trey Hendrickson deserves to get paid what the market is
Early in the offseason, Joe Burrow made it clear that he wanted to see the Bengals reward Ja'Marr Chase, Tee Higgins, Mike Gesicki, and Trey Hendrickson with new contracts. Cincinnati has checked the box on three of the four players on the quarterback's wish list. But Hendrickson remains displeased with the deal that is set to pay him $15.8 million in base salary in 2025, saying last week that he will not play on his current contract. In his Tuesday press conference, Burrow once again backed Hendrickson. 'Yeah, we'll see what happens with that,' Burrow said. 'You guys all know how I feel about Trey. He's a great player. I love Trey as a guy. He goes out and plays well every single Sunday. He's very productive. He's a guy that deserves to get paid and get paid what he wants and what the market is. So, like I said, we'll see what happens with that. But, I love Trey and hope he's with us. 'I think he's doing what he thinks is best for his career and I support him in that,' Burrow later added. 'Trey's a smart guy. Just like anybody, I'm sure there's things that he'd like to have back. But he's very well thought out in his process and what he's trying to do. And so, if he thinks that's the way to go, then that's the way to go.' Hendrickson caused a stir when he showed up at the Bengals Phase II workout last week in street clothes and spoke to the media for about 25 minutes. Burrow said he's been in contact with the defensive end 'here and there' in the past few months. 'Early in the offseason quite a bit, lately not quite as much,' Burrow said. 'He was here last week, obviously, as you guys know. That was an exciting day. And it was great to see him. He came in, brought good energy, was happy to see everybody. Like I said, I love Trey, I love seeing Trey. He's one of the most unique people I've ever been around or met, and I love that about him. And I think that's what makes him a great player. So, he brings a unique energy that I'm always excited to see.'
Time of India
15-05-2025
- Health
- Time of India
‘Majority of city's STPs lack effective disinfection'
New Delhi: Central Pollution Control Board has submitted a report to National Green Tribunal , stating that Delhi Jal Board needs to expedite the installation of disinfection facilities and ensure the proper operation of such systems in the sewage treatment plants. The report, dated May 8, asserted that 20 out of the 37 functional STPs had disinfection systems, but not all of them met the standards. CPCB filed the report on NGT's direction after the tribunal took suo motu cognisance of a TOI report, 'Why 75% of Delhi's STPs aren't ready to tackle Yamuna stink', published on Feb 19, 2024, and raised substantial issues regarding compliance with environmental norms. CPCB, based on reports from DJB, last year informed NGT that out of the 38 monitored STPs, only two at Coronation Pillar New and Kondli-Phase I complied with the standards of fecal coliform counts. The latest report stated that currently, 37 STPs were functional as the operations of three STPs—Okhla Phase II, III and IV—were stopped, and one STP at Okhla and another at Sonia Vihar were under the stabilisation phase. "Twenty STPs have installed disinfection facilities. Of these, 10 STPs have chlorination-based disinfection and 10 use ultraviolet radiation-based disinfection. The installation of disinfection using UV technology is in progress in five STPs, with expected completion in three STPs. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Gạch lát sàn cao su không cần keo – xu hướng mới nhất tại Việt Nam! Gạch | Quảng cáo tìm kiếm Tìm Ngay Undo The installation is under consideration for another eight, with expected completion by June 2026," stated CPCB. The report, however, pointed out that a compliance status related to fecal coliform based on a DPCC report for Nov 2024 stated that three STPs at Coronation Pillar New, Pappankalan Phase II and Kapashera were not meeting the prescribed standards. Out of the 17 STPs with no disinfection facilities, 14 were not meeting the standards prescribed by NGT on April 30, 2019, DPCC stated.
New Indian Express
15-05-2025
- Business
- New Indian Express
Tunnel work beneath busy railway zone complete in Chennai
CHENNAI: CMRL achieved a milestone in Phase II expansion on Tuesday, with a tunnel boring machine (TBM) completing a challenging underground drive beneath one of the busiest railway zones. The TBM, named Kalvarayan, completed its 867-metre journey between Ayanavaram and Perambur stations, surfacing at the Perambur south shaft. This marks the seventh breakthrough under contract by Tata Projects Limited, and the 11th overall in the Phase II project, which aims to deliver over 118km of new metro rail lines. The initial 9km underground stretch of Corridor 3, running from Madhavaram Milk Colony to Kellys, is being constructed by Tata Projects Limited, which has deployed seven TBMs. The Kalvarayan breakthrough forms a critical link within this section, which includes some of the most technically demanding alignments in the network. Engineers had to navigate beneath heavily trafficked railway platforms at Perambur station and through densely populated urban neighbourhoods, while mitigating risks from more than 30 borewells along the route. Despite these complexities, the TBM drive was completed without any incident, with ground settlement levels kept within permissible limits. Extensive instrumentation and continuous monitoring ensured safety throughout the operation.
Time of India
14-05-2025
- Time of India
Police Unearth MP-Rajasthan Drug Link, Seize MD Worth Rs50 Lakh
Nagpur: An interstate drug racket with connections in Madhya Pradesh and Rajasthan was busted by the crime branch during an operation based on a tip-off at Sarvashree Nagar in Dighori. Two key suppliers were arrested, and half kg mephedrone powder and other materials worth almost Rs50 lakh were recovered on Wednesday. The racket had a supply network across Vidarbha and also in and around Nagpur, with connections to several gangsters who are under action was part of the mission against drugs unleashed in the city under 'Operation Thunder' Phase II, re-launched by CP Ravinder Singal this week. Following an input regarding city-based suppliers receiving substantial MD drugs from Ujjain's narcotics kingpin, the crime branch team led by senior inspector Kamlakar Gaddime under DCP Rahul Maknikar raided an apartment, arresting Dheeraj Malik and his associate Shubham Pendor. Half a kg of MD was found in the apartment, which belonged to Malik. The police also seized two mobile phones from the said that Malik and Shubham received the narcotics consignment from their Ujjain-based contact, who received it from one Gilani based in Jodhpur, Rajasthan, where it was likely manufactured. The police are now pursuing one Arpit Uke, who is also believed to be connected to Malik and Pendor. Sources said that Nagpur's two major MD suppliers were also connected to Malik and Pendor. "Police were after this module for the last few days. They were bringing MD by car from Ujjain, which was under watch," said an official connected to the case was handed over to Wathoda police station for further action. Sources stated that the crime branch has continued their raids against the network of Malik and Pendor while going to the press. More arrests are likely from the same module, said an part of the ongoing Operation Thunder Phase II , the Pachpaoli police have registered 13 cases against peddlers and consumers, arresting 15 accused under the supervision of senior inspector Baburao Raut, ACP Shweta Khade, and Zonal DCP Mahak Swami in May so far.
