The firm also reported a 17% jump in Q4 revenue to Rs 2360.6 crore , as compared to January to March FY20 period.
“Prestige has recorded the 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 Home. On the back of our scale, efficiency, and unmatched service, we are witnessing robust traction across the geographies for our offerings,” said Irfan Razack, Chairman, Prestige Group.
For the full year, the Prestige Estates, has registered revenue of Rs 7501.8 crore and net profit of Rs 1552.1 crore. While its revenue was down by 8.9 % for FY21, the net profit was up 182%.
The company has registered the highest ever sales of Rs 54,60 crore, up 20% YoY and has clocked record collections of Rs 5075 crore, up 9% YoY. The sales have come from 8.16 mn sft volume with an average realization of Rs 6,689 per sft.
Venkat K Narayana, Chief Executive Officer, Prestige Group “During the year we have concluded phase 1 of the transaction valued at Rs 74607 crore with Black Stone (Phase 2 is underway). The proceeds are being utilised towards debt reduction and for the next level of growth. While our sales for FY21 are highest ever at Rs 54,608 mn, our debt to equity ratio is lowest ever at 0.19x”.
The company’s consolidated net debt has come down to Rs 1314.1 crore from R 8464.5 crore per quarter. The firm has lined-up over 15 mn sft for launch this year across cities and has 40 mn sft under planning.
Prestige Group, has diversified business model across residential, office, retail, and hospitality segments with operations in 12 key locations in India. The Group has 50 ongoing projects across segments, with a total developable area of 61 mn sft. Further it has 65 mn sft under planning and holds a land bank with potential developable area of over 27 mn sft.
The company has been graded CRISIL DA1 by CRISIL and also enjoys credit rating of ICRA A+.
