Bengaluru: Prestige Estates Projects Ltd, a prominent player in the real estate sector, has reported a staggering 82% decrease in its consolidated net profit for the quarter ending March, amounting to Rs 25 crore. This marks a significant drop from the Rs 140 crore net profit recorded during the same period last year.
The company’s total income also experienced a decline, falling to Rs 1,589.3 crore in the fourth quarter of the last financial year, down from Rs 2,232.5 crore in the corresponding quarter of the previous year, as disclosed in a regulatory filing late Thursday.
For the fiscal year 2024-25, Prestige Estates’ net profit plummeted to Rs 467.5 crore, a sharp decrease from Rs 1,374.1 crore in the prior year. Similarly, total income decreased to Rs 7,735.5 crore, compared to Rs 9,425.3 crore in the 2023-24 fiscal year.
In a strategic move to bolster its portfolio, Prestige Estates has announced a partnership with Valor Group to develop a state-of-the-art office complex in Mumbai, valued at Rs 4,500 crore. The two companies have entered into a framework agreement to jointly develop a project on a site measuring a total of 21,978.22 square meters in Andheri West, Mumbai.
The ambitious project will feature a total leasable area of 1.5 million square feet and is projected to have a Gross Development Value (GDV) of approximately Rs 4,500 crore. Both Prestige Estates and Valor Group will hold a 50% economic interest in the venture.
“The company and Valor Group will collaboratively develop approximately 1.5 million square feet of commercial office space on a 50:50 joint venture basis,” stated Prestige Estates.
The company plans to invest ₹504 crore into the Special Purpose Vehicle (SPV) that will be established to facilitate the development of this project.
Prestige Estates Projects Ltd, based in Bengaluru, is recognized as one of the foremost real estate developers in India.
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