Prestige Estates Q1 FY24 Net Profit Surges 26.56%

Prestige Estates Projects, a prominent real estate company, has reported a significant growth of 26.56% in its net consolidated profit for the quarter ending June 30, 2023. The profit after tax reached Rs 3.17 billion in Q1 FY24, compared to Rs 2.51 billion in the corresponding quarter of the previous fiscal year. Despite this growth in profit, the company's net consolidated total income experienced a slight dip of 2.26%, standing at Rs 19.66 billion in Q1 FY24, down from Rs 20.11 billion in the same quarter last year. During this period, the group acquired 51% shares in Dashanya Tech Parkz and invested in Prestige Vaishnaoi Realty Ventures. Additionally, the group acquired 42.07% shares in TeEhzone Technologies and entered into agreements to acquire full interest in Prestige (BKC) Realtors and Turf Estate joint Venture LLP. The board also appointed S.N. Nagendra as an additional non-executive independent director for a term of five years, effective from August 8, 2023.