Prestige Estates Records Fresh 52-Wk High; Sales Booking Zooms 111% YoY in Q3

  • Investing.com
Prestige Estates Records Fresh 52-Wk High; Sales Booking Zooms 111% YoY in Q3

By Malvika Gurung

Investing.com -- Shares of the real estate company Prestige Estates (NS: PREG ) advanced 5.4% to Rs 540.1 apiece at 10:55 am on Tuesday, after surging 8.3% to record a fresh 52-week high of Rs 553.4 in early session.

The stock surge came after the company posted an impressive earnings report for the quarter ending Dec 2021, indicating record sales figures.

The realty company’s sales booking for Q3 rallied 110.6% to Rs 4267.6 crore, compared to Rs 2,026 crore recorded in Q3 last FY21.

Prestige Estates also posted its highest-ever quarterly collections in Q3 FY22, at Rs 2431.6 crore, surging 70% YoY, a result of exemplary response from the company’s newly launched projects, like Prestige Avalon, Aspen & Eden Park, Prestige Beverly Hills, Hyderabad and its existing inventories across geographies, noted the company’s Chairman.

In the first 9 months of FY22, the property development company’s sales bookings climbed a whopping 97% YoY to Rs 7,113.4 crore, and collections grew 51% to Rs 5,005.4 crore.

The company’s key officials believe that it has a tremendous opportunity to expand its core markets, while looking forward to a further uptick in its sales bookings in Q4, with a launch pipeline of over 15 million sq ft in 2022, cited a PTI report.

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