Prestige Group on Monday announced that it has achieved its highest ever annual sales at Rs 21,040 crore for FY24, registering a growth of 63 per cent on-year in comparison to Rs 12,931 crore reported in FY23. The company’s quarterly sales were at Rs 4,707 crore for the quarter ended March 31, 2024, up 21 per cent on-year.
In terms of annual collections, the real estate developer said that it has attained highest ever annual collections at Rs 11,954 crore for FY24, up 22 per cent on-year as against Rs 9,805 crore during the previous financial year. For the fourth quarter of FY24, it reported collections at Rs 3,474 crore, recording a growth of 26 per cent YoY.
Prestige Group sold a total of 10,068 units during FY24 and the total area sold by the company during the year was at 20.25 mn sqft, up 34 per cent on-year. For the quarter in review, it sold a total of 1,666 units and the total area sold reached 4.11 mn sqft, up by 3 per cent on year-on-year basis.
Prestige Group said that its total project launches totalling Total Development Area (TDA) aggregated to 40.19 mn sqft in FY24, up by 52 per cent YOY. It completed delivery of 300 projects encompassing 190 mn sqft area overall to date. While the company delivered 19 projects spanning an area of 25.55 mn sqft in FY24, during Q4FY24, 9 projects were delivered by the company spanning 13.33 mn sqft.
Average realisation for the financial year stood at Rs 10,410 psf.
Irfan Razack, Chairman and Managing Director, Prestige Group, said, “We are happy to announce our strong achievements in FY24 – our record-breaking sales of Rs 21,040 crore, coupled with the highest ever annual collections of Rs 11,954 crore, area sold, etc – among other parameters, reflect the trust of our customers and dedication of our team. Furthermore, the strategic initiatives, including significant acquisitions and successful partnerships, have not only contributed to our financial success but also strengthened our position as a leading real estate developer. The completion of landmark projects and the recognition received in terms of awards and certifications are a testament to our relentless pursuit of quality and customer satisfaction.”
Venkat K Narayana, Group CEO, said, “Our operational performance has been formidable during FY 24. We anticipate greater momentum ahead, with key markets like NCR and Pune driving sales. Our focus on project completions and new launches has fueled growth, with completion of 19 projects spanning 25 Mn sqft in FY24.”
“Looking to FY25, notable launches include Prestige Forest Hills in Mumbai; Prestige Raintree Park and Prestige Falcon City Luxe in Bengaluru; Prestige Pallava Gardens in Chennai; The Prestige City Indirapuram and Prestige Bougainvillea in NCR; collectively contributing nearly 30 Mn sqft with a combined GDV of Rs 28,000 crore,” he added.