Prestige Estates Q4 profit down 82% YoY to ₹25 crore

Realty firm Prestige Estates Projects Ltd has posted an 82 per cent decline in its consolidated net profit to ₹25 crore in the quarter ended March.

Its net profit stood at ₹140 crore in the year-ago period.

Total income fell to ₹1,589.3 crore in the fourth quarter of the last financial year from ₹2,232.5 crore in the corresponding period of the preceding year, according to a regulatory filing on late Thursday.

During the 2024-25 fiscal, Prestige Estates' net profit fell sharply to ₹467.5 crore from ₹1,374.1 crore in the preceding year.

Total income too declined to ₹7,735.5 crore in the last fiscal from ₹9,425.3 crore in the 2023-24 fiscal.

Prestige Estates has also partnered with Valor Group to develop an office complex worth ₹4,500 crore in Mumbai.

Prestige Estates informed that it has entered into a framework agreement with Valor Estate Ltd and its wholly owned subsidiaries for jointly developing a project on lands admeasuring in the aggregate 21,978.22 square meters at Andheri West, Mumbai.

The project entails a total leasable area of 1.5 million sq ft and a Gross Development Value (GDV) of about ₹4,500 crore.

Both Prestige Estates and Valor will have a 50% economic interest in the project.

"The company and Valor Group shall jointly develop approximately 1.50 million sq. ft. of leasable area commercial office complex on a 50:50 joint venture basis," Prestige Estates said.

The company will infuse ₹504 crore into the SPV (special purpose vehicle), which will be established to develop this project.

Bengaluru-based Prestige Estates Projects Ltd is one of the leading real estate developers in the country.