Prestige Estates soars 8% on strong Q3 numbers

Written By Unknown on Rabu, 13 Februari 2013 | 16.02

Real estate firm Prestige Estates Projects rallied 8 percent intraday on Wednesday on strong set of earnings in the third quarter .

Total revenues doubled quarter-on-quarter (QoQ) to Rs 492 crore in the quarter due to revenue recognition from some of its projects like Kingfisher Towers and Prestige park view.

Meanwhile, earnings before interest, tax, depreciation and amortisation (EBITDA) surged nearly 100 percent to Rs 142.4 crore in the December quarter. Net profit also doubled to Rs 92 crore.

More importantly, the company has already met its FY13 guidance on new sales, customer collections and new launches. The company recorded sales of Rs 2,580 crore in April-December period as against guidance of Rs 2,500 crore for the financial year 20121-13.

In January, Prestige Estates raised Rs 363.98 crore through institutional private placement.

At 12:07 hours IST, shares gained 3.61 percent to Rs 186.40 amid high volumes on Bombay Stock Exchange.



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