Latest news with #PrestigeEstatesProjects
Business Standard
30-05-2025
- Business
- Business Standard
Prestige Estates Projects consolidated net profit declines 82.14% in the March 2025 quarter
Sales decline 29.37% to Rs 1528.40 crore Net profit of Prestige Estates Projects declined 82.14% to Rs 25.00 crore in the quarter ended March 2025 as against Rs 140.00 crore during the previous quarter ended March 2024. Sales declined 29.37% to Rs 1528.40 crore in the quarter ended March 2025 as against Rs 2164.00 crore during the previous quarter ended March 2024. For the full year,net profit declined 65.98% to Rs 467.50 crore in the year ended March 2025 as against Rs 1374.10 crore during the previous year ended March 2024. Sales declined 6.70% to Rs 7349.40 crore in the year ended March 2025 as against Rs 7877.10 crore during the previous year ended March 2024. Particulars Quarter Ended Year Ended Mar. 2025 Mar. 2024 % Var. Mar. 2025 Mar. 2024 % Var. Sales 1528.402164.00 -29 7349.407877.10 -7 OPM % 34.6138.25 - 34.2331.72 - PBDT 303.80511.70 -41 1568.102838.80 -45 PBT 87.10314.50 -72 755.802122.30 -64 NP 25.00140.00 -82 467.501374.10 -66
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Business Standard
12-05-2025
- Business
- Business Standard
Prestige Estates share zooms over 6% in trade on Monday; check reasons here
Prestige Estates share price: Real estate company Prestige Estates Projects shares were buzzing in trade on Monday, May 12, 2025, with the stock surging up to 6.15 per cent to hit an intraday high of ₹1,361.25 per share. However, at 9:45 AM, Prestige Estates shares were off day's high, and were trading 4.27 per cent higher at ₹1,337.05 per share. In comparison, BSE Sensex was trading 2.40 per cent higher at 81,360.37 levels. Here's what fuelled the rally Prestige Estates Projects shares rose after the company said that it has entered into a 'Framework Agreement' with Arihant Foundations and Housing, to collaborate and jointly develop real estate projects in Chennai. In an exchange filing, Prestige Estates said, 'We wish to inform you that the company has entered into a framework agreement with Arihant Foundations and Housing Limited (Arihant) to collaborate and jointly develop real estate projects in Chennai.' Under the deal, both the companies will explore opportunities across all classes of real estate, including Residential, Office, Retail and Hospitality Developments. Moreover, the terms and conditions of the JV/agreement are to be determined for each specific project to be undertaken under the pact, Prestige Estates said. Last week, Prestige Group announced that The Prestige City, Indirapuram, has achieved sales of over ₹3,000 crore across 1,200 units within a week of its launch. 'The strong customer response is a significant milestone for Prestige Group as it marks the company's foray into the NCR residential market,' the company said, in a statement. ALSO READ | About Prestige Estates Prestige Estates Projects Limited is a real estate developer, with a diverse portfolio spanning residential, commercial, retail, and hospitality segments. The company offers a wide range of real estate solutions—from upscale townships and apartments to luxury villas, office spaces, malls, and hotels. With more than 300 successfully completed projects covering over 180 million square feet, the company has established a strong footprint in more than 12 major cities across India. The company has 56 ongoing projects across segments, with a total developable area of 86 mn sqft. Further, it is planning 43 projects spanning 85 mn sqft and holds a land bank of over 728 acres as of September-23.
Time of India
07-05-2025
- Business
- Time of India
Prestige Estates shares in focus after Rs 3,000 crore debut in NCR with The Prestige City
Live Events Prestige Estates share price target Prestige Estates share price performance Shares of Prestige Estates Projects are expected to remain in focus on Wednesday after the company clocked over Rs 3,000 crore in sales within a week of launching its first residential project in the National Capital Region (NCR). The project, The Prestige City , located in Indirapuram, sold 1,200 units during the initial launch marks the Bengaluru-based developer's debut in NCR's residential market. The company attributed the strong response to its brand equity, strategic location, and growing demand for premium residential communities in urban across 62.5 acres in Indirapuram Extension along National Highway 24, the current launch includes two phases—Oakwood and Mulberry—offering 3,421 homes across 19 towers.A third phase, Mayflower, is in the pipeline and will further expand the residential offering. The larger township will also feature a Forum Mall spanning 1.18 million sq ft, adding retail and entertainment options to the integrated development.'We are delighted with the overwhelming response to our first residential project in NCR. The year ahead is particularly exciting, with significant launches planned across Bengaluru, Chennai, Goa, NCR, Mumbai, and Hyderabad,' said Irfan Razack, Chairman and Managing Director, Prestige to Trendlyne data, the average target price for the stock is Rs 1,656, implying an upside of 24% from current levels. The consensus recommendation from 19 analysts remains a 'Buy'.On Tuesday, Prestige Estates shares closed 3.9% lower at Rs 1,330.70 on the BSE, while the benchmark Sensex declined 0.19%. The stock has fallen 20% year-to-date but has gained 172% over the past two years. Its current market capitalisation stands at Rs 57,317 crore.
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Business Standard
25-04-2025
- Business
- Business Standard
Prestige Hospitality Ventures files DRHP to raise ₹2,700 cr through IPO
Prestige Hospitality Ventures Ltd, the hospitality arm of real estate developer Prestige Estates Projects Ltd, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise up to ₹2,700 crore through an initial public offering (IPO). The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹1,700 crore and an offer for sale (OFS) of shares worth up to ₹1,000 crore by Prestige Estates Projects. The company may also consider a pre-IPO placement of up to ₹340 crore. If undertaken, it would reduce the size of the fresh issue. Prestige Estates' hospitality portfolio in Bengaluru includes marquee properties such as The Oberoi, Radisson Blu (ORR), and The Leela at Bhartiya City. Its subsidiary, Prestige Hotel Ventures, develops and owns luxury to upper-midscale hotels catering to both business and leisure travellers. Prestige Hospitality Ventures intends to use ₹1,121.276 crore from the net proceeds of the fresh issue to fully or partially repay borrowings of the company and its material subsidiaries, Sai Chakra Hotels Private Ltd and Northland Holding Company Private Ltd. The remaining proceeds will be allocated to inorganic growth via unidentified acquisitions and other strategic initiatives, as well as for general corporate purposes. Proceeds from the OFS will go to Prestige Estates Projects. As of December 31, 2024, Prestige Hospitality Ventures had seven operational hotels with 1,445 keys, including 1,255 operating keys and one property under renovation with 190 keys. The company also has three ongoing hospitality projects with an expected 951 keys and nine upcoming projects with a potential 1,558 keys. It has established operating arrangements with prominent brands owned by Marriott International, including St. Regis, JW Marriott Hotels, and Sheraton Hotels. Revenue from hospitality services rose to ₹662.68 crore in the nine months ending December 31, 2024, from ₹560.34 crore a year earlier. Full-year revenue grew to ₹795.70 crore in FY24 from ₹636.17 crore in FY23, reflecting a 103.73 per cent compound annual growth rate (CAGR) since FY22. JM Financial Ltd, CLSA India Private Ltd, J P Morgan India Private Ltd and Kotak Mahindra Capital Company Ltd are the sole book running lead managers to the issue.
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Business Standard
25-04-2025
- Business
- Business Standard
IPO Alert! Prestige Hotel Ventures files draft papers with Sebi; details
Prestige Hotel Ventures IPO: Hospitality asset owner and developer Prestige Hotel Ventures is planning to go public as the company has filed its Draft Red Herring Prospectus (DRHP) with the market regulator Securities and Exchange Board of India (Sebi), to raise funds through the initial public offering (IPO). Prestige Hotel Ventures IPO details According to the DRHP, Prestige Hotel Ventures IPO comprises a fresh issue of equity shares of face value of ₹5 each aggregating up to ₹1,700 crore, and an offer for sale (OFS), with promoters Prestige Estates Projects divesting equity shares of face value of ₹5 each aggregating up to ₹1,000 crore. Prestige Hotel Ventures IPO registrar, lead managers KFin Technologies is the registrar of the public offering. The book running lead managers include JM Financial, CLSA India, JP Morgan India, and Kotak Mahindra Capital Company. Prestige Hotel Ventures IPO objective Prestige Hotel Ventures will not receive the proceeds from the OFS, as it will be given to the promoter divesting the stake. The company, however, proposes to utilise ₹1,121.276 crore from the fresh issue towards full or partial repayment or pre-payment of borrowings amounting to ₹397.248 crore availed by the company and material subsidiaries, namely, Sai Chakra Hotels and Northland Holding Company, through investment in such subsidiaries amounting to ₹724.028 crore. The company also proposes to utilise funds from the fresh issue towards pursuing inorganic growth through unidentified acquisitions and other strategic initiatives, and for general corporate purposes. About Prestige Hotel Ventures Prestige Hotel Ventures is a hospitality asset owner and developer focused on luxury, upper-upscale, and upper midscale hospitality assets in India for both business and leisure travellers. The company is a part of the Prestige Group, and the promoter, Prestige Estates Projects, has 38 years of experience in real estate development and had a market cap of ₹72,966 crore as of December 31, 2024. The company, in its DRHP, has stated that its revenue from the sale of hospitality services increased to ₹662.681 crore in the nine months ended December 31, 2024, from ₹560.343 crore in the nine months ended December 31, 2023. Further, the revenue from the sale of hospitality services increased to ₹795.695 crore in FY24 from ₹636.169 crore in FY23 and ₹191.715 crore in FY22, reflecting a CAGR of 103.73 per cent between FY22 and FY24.
