Real estate firm Prestige Estate Projects Ltd. expects new launches to rebound in the current financial year, as initial disruptions due to implementation of the the Goods and Services Tax and Real Estate Regulation Act wane.
The company is on track to achieve sales worth Rs 4,000 crore for financial year 2018-19, Venkat Narayana, chief executive office of the company, told BloombergQuint from the Axis Capital conference in Mumbai.
The Bengaluru-based company launched five new projects in Bengaluru and Chennai the March quarter and expects these to drive margins to 25 percent, he added. Its operating margin fell to 18.1 percent during the quarter from 18.8 in the year-ago period.
Q4 Performance Highlights
- Net profit rises 21.6 percent year-on-year at Rs 107.1 crore.
- Revenue up 28 percent to Rs 1,848.6 crore.
- Earnings before interest, tax, depreciation and amortisation increases 23 percent to Rs 334.2 crore. Ebitda margin narrows to 18.1 percent from 18.8 percent.
- Value of new sales up 99.7 percent to Rs 1,048.2 crore.
- New sales volume rose to 1.55 million square feet from 0.73 million square feet last year.
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