Prestige group’s FY21 sales bookings at record Rs 5,461cr despite COVID blues

According to an investors presentation, the Bengaluru-based firm has achieved a record sales of Rs 5,460.8 crore during 2020-21 financial year. In volume terms, sales bookings increased by 25 per cent to 8.16 million sq ft.

The average sales realisation was at Rs 6,689 per sq ft in FY21. Prestige group collected record Rs 5,075.2 crore from customers against sales bookings, up 9 per cent from 2019-20 financial year. During the last fiscal, Prestige group had launched 11.85 million sq ft in FY21.

Prestige Group Chairman Irfan Razack said: “Despite the challenging environment, Prestige has recorded highest ever sales and collections during the fiscal year. The record sales were backed by the great response to our newly launched projects as well as ready to move in inventory.”

The strong performance reflected the increasing consumer preference to own a Prestige group’s residential property, he said.

“On the back of our scale, efficiency, and unmatched service, we are witnessing robust traction across the geographies for our offerings,” Razack said.

Venkat K Narayana, Chief Executive Officer, Prestige Group, said that during the last fiscal year, the company concluded phase 1 of the transaction valued at Rs 7467 crore with Blackstone and the second phase of the deal is underway.

“The proceeds are being utilised towards debt reduction and for the next level of growth,” Narayana said.

In March this year, Prestige Estates Projects signed definitive agreements with global investment firm Blackstone to sell 12 assets/undertakings comprising completed office, retail and hotel properties in the first phase of Rs 9,160-crore deal.

On Tuesday, Prestige reported a multi-fold jump in its consolidated net profit to Rs 1,336.3 crore for the quarter ending March, driven by monetisation of large portfolio of commercial assets.