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Prestige Estates Q2 Profit Declines 44% as Revenue Falls 15% to ₹2,060 Cr
Sentiment: NeutralHigh Priority
What Happened?
Prestige Estates Projects reported a 44% decline in net profit to ₹256 crore for Q2FY27, with revenue falling 15% to ₹2,060 crore. Total expenses also decreased by 12.5%.
Key points
- Net profit for Q2FY27 was ₹256 crore, down from ₹457 crore YoY.
- Revenue from operations fell 15% YoY to ₹2,060 crore.
- Sequentially, revenue declined 23% from ₹2,675 crore in Q1FY27.
- Total expenses decreased 12.5% YoY to ₹1,860 crore.
- Sales bookings rose 20% YoY to ₹7,225 crore in Q2FY27.
- Plans for an IPO of Prestige Hospitality Ventures have been shelved.
Key insights
- The significant drop in profit could lead to a reevaluation of the company's growth strategy.
- The decision to shelve the IPO may indicate caution in the current market environment.
- Increased sales bookings suggest potential recovery in demand despite revenue decline.
Why it matters
The decline in profit and revenue may impact investor confidence in Prestige Estates.
Tags
Entities
Prestige Estates Projects· CompanyBengaluru· City
Source
Business Standard
