Prestige Estates Q4 profit down 82% to Rs 25 cr

Bengaluru: 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 March.

Its net profit stood at Rs 140 crore in the year-ago period.

Total 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 Thursday.

During the 2024-25 fiscal, Prestige Estates' net profit fell sharply to Rs 467.5 crore from Rs 1,374.1 crore in the preceding year.

Total income too declined to Rs 7,735.5 crore in the last fiscal from Rs 9,425.3 crore in the 2023-24 fiscal.

Prestige Estates has also partnered with Valor Group to develop an office complex worth Rs 4,500 crore in Mumbai.

Prestige 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, 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. of 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 Projects Ltd is one of the leading real estate developers in the country.