Prestige Estates records highest Q4FY18 sales of Rs12,433 Mn

Prestige Estates (“NSE: PRESTIGE”) announced its operational and financial results for Q4FY18 and FY18. During Q4FY18, the group recorded the highest Pre-sales. It grew by 96% YoY to Rs 12,433 Mn led by strong response to launches and consistent total collections at Rs 10,516 Mn. Further, rental income grew by 13% YoY to Rs 1,570 Mn during the quarter. For the full year, total sales grew by 35% to Rs 33,137 Mn and total collections at Rs 42684 Mn. In addition, rental income grew by 14% to Rs 6194 MnYoY. The group has launched five projects across Bengaluru (Four) and Chennai (One) with developable area of around 7.07 mnsft and completed eight projects with developable area of 7.96 Mnsft, including Conrad Bengaluru and Sheraton Grand. On a consolidated basis, In Q4FY18, the Group has clocked turnover of Rs 18,616 Mn, up by 27% YoY, EBITDA of Rs 3,472 Mn up by 19% YoY and PAT of Rs 1,132 Mn up by 3% YoY. For the full year the Group has clocked turnover of Rs 55,665 Mn, up by 14% YoY, registered EBITDA at Rs 11,619 Mn up by 15% YoY and PAT of Rs 4,113 Mn up by 14% YoY. Venkat K Narayana, CEO, Prestige Estates, commented: “Fiscal year 2018 was an eventful year, we records full year sales of Rs 33,137 Mn, up 35% YoY and turnover of 55,665 Mn up 14% YoY. In addition we estimate our exit rentals to cross Rs 8,000 Mn in FY19. During the year we streamlined our operations, revised our long-term strategy, and continued to invest in the Group’s future growth, and also spread our operations to new geographies.”