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Hindustan Times
3 days ago
- Business
- Hindustan Times
Prestige Group posts ₹25 crore net profit in Q4 FY25, down 82% YoY
Bengaluru-based listed real estate developer Prestige Group has posted an 82% decline in its consolidated net profit to ₹25 crore in the quarter ended March from ₹140 crore in the year-ago period, the company said in a regulatory filing. The company stated that the total income for the Q4 quarter also dropped to ₹1,589.3 crore from ₹2,232.5 crore in the corresponding quarter of the previous fiscal year. For the full financial year 2024-25, Prestige Estates recorded a decline in its net profit, which fell to ₹467.5 crore from ₹1,374.1 crore in 2023-24, down by 66%. Annual revenue was also down to ₹7,735.5 crore, a decrease from ₹ 9,425.3 crore in the previous year. In FY25, the company also partnered with Valor Group to develop an office complex worth ₹4,500 crore in Mumbai. The project's estimated Gross Development Value (GDV) is approximately ₹4,500 crore, with Valor and Prestige each holding a 50% economic stake. Also Read: Prestige Estates partners with Valor Group to develop an office complex project worth ₹4,500 crore in Mumbai's Andheri The project entails a total leasable area of 1.5 million sq ft and a Gross Development Value (GDV) of about ₹4,500 crore. The joint development agreement was signed on May 28 for land measuring 21,978.22 square metres in Andheri East, Mumbai. "The company and Valor Group shall jointly develop approximately 1.50 million sq. ft. of leasable area commercial office complex on a 50:50 joint venture basis," Prestige Estates said. The company will infuse ₹504 crore into the SPV (special purpose vehicle), which will be established to develop this project. In April 2025, Prestige Hospitality Ventures Limited ('PHVL'), a wholly-owned subsidiary of the Company, filed Draft Red Herring Prospectus with the Securities and Exchange Board of India for a proposed Initial Public Offering, comprising an offer for sale of such number of equity shares aggregating up to ₹1000 crore and fresh issue of equity shares aggregating up to ₹1700 crore, the regulatory filing said.
Economic Times
3 days ago
- Business
- Economic Times
Prestige Estates Q4 Results: Profit slumps 82% to Rs 25 crore
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Realty firm Prestige Estates Projects Ltd has posted an 82 per cent decline in its consolidated net profit to Rs 25 crore in the quarter ended net profit stood at Rs 140 crore in the year-ago income fell to Rs 1,589.3 crore in the fourth quarter of the last financial year from Rs 2,232.5 crore in the corresponding period of the preceding year, according to a regulatory filing on late the 2024-25 fiscal, Prestige Estates' net profit fell sharply to Rs 467.5 crore from Rs 1,374.1 crore in the preceding income too declined to Rs 7,735.5 crore in the last fiscal from Rs 9,425.3 crore in the 2023-24 Estates has also partnered with Valor Group to develop an office complex worth Rs 4,500 crore in Estates informed that it has entered into a framework agreement with Valor Estate Ltd and its wholly owned subsidiaries for jointly developing a project on lands admeasuring in the aggregate 21,978.22 square meters at Andheri West, project entails a total leasable area of 1.5 million sq ft and a Gross Development Value (GDV) of about Rs 4,500 Prestige Estates and Valor will have a 50 per cent economic interest in the project."The company and Valor Group shall jointly develop approximately 1.50 million sq. ft. of leasable area commercial office complex on a 50:50 joint venture basis," Prestige Estates company will infuse Rs 504 crore into the SPV (special purpose vehicle), which will be established to develop this Prestige Estates Projects Ltd is one of the leading real estate developers in the country. PTI
Hindustan Times
3 days ago
- Business
- Hindustan Times
Prestige Estates partners with Valor Group to develop an office complex project worth ₹4,500 crore in Mumbai's Andheri
Bengaluru's listed real estate developer, Prestige Estates Projects Ltd, has partnered with Mumbai-based Valor Group (formerly known as DB Realty) to develop an office complex worth ₹4,500 crore in Mumbai's Andheri area. According to a regulatory filing, the project's estimated Gross Development Value (GDV) is approximately ₹4,500 crore, with Valor and Prestige each holding a 50% economic stake. The joint development agreement was signed on May 28 for land measuring 21,978.22 square metres in Andheri East, Mumbai. As per the filing, ₹504 crore will be infused into a Special Purpose Vehicle (SPV) that will be set up to execute the project. Also Read: Maharashtra Housing Policy 2025 offers major benefits for senior living buyers; Stamp duty reduced to flat ₹1,000 Prestige Estates announced on May 28 that it has successfully completed the first three landmarks in Mumbai, including Siesta at The Prestige City, Mulund, Prestige Jasdan Classic, and Prestige Turf Tower in Mahalaxmi. The company said these developments collectively span 2.8 million sq ft and mark the Group's significant debut delivery in the city since its Mumbai launch in 2022. Also Read: Mumbai's landmark ₹639 cr property deal: Why are pharma tycoons investing in luxury flats in the financial capital? According to the company, it will be handing over possession of nearly 700 residences and 130 office units in the coming months. Prestige Estates has a 38-year legacy and has delivered over 300 projects in the residential, commercial, retail, hospitality, and mixed-use segments. The company also recently announced its entry into the Delhi NCR real estate market. Also Read: Bengaluru-based Prestige Estates aims to 'rewrite the way real estate is done' in NCR On May 6, Irfan Razack, chairman and managing director of Prestige Estates, said that the company aims to 'rewrite the way real estate is done in the region,' with an emphasis on quality and timely delivery, key concerns that have historically plagued the Delhi-NCR property market.
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Business Standard
3 days ago
- Business
- Business Standard
Prestige Estates, Valor Group to develop ₹4,500 cr office complex in Mumbai
The project entails a total leasable area of 1.5 million sq ft and a Gross Development Value (GDV) of about Rs 4,500 crore Press Trust of India New Delhi Realty firm Prestige Estates Projects Ltd has partnered with Valor Group to develop an office complex worth Rs 4,500 crore in Mumbai. In a regulatory filing on Thursday, Prestige Estates said that it has entered into a framework agreement with Valor Estate Ltd and its wholly owned subsidiaries for jointly developing a project on lands admeasuring in the aggregate 21,978.22 square metres at Andheri West, Mumbai. The project entails a total leasable area of 1.5 million sq ft and a Gross Development Value (GDV) of about Rs 4,500 crore. Both Prestige Estates and Valor will have a 50 per cent economic interest in the project. "The company and Valor Group shall jointly develop approximately 1.50 million sq. ft. leasable area commercial office complex on a 50:50 joint venture basis," Prestige Estates said. The company will infuse Rs 504 crore into the SPV (special purpose vehicle), which will be established to develop this project. Bengaluru-based Prestige Estates is one of the leading real estate developers in the country. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
