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Prestige Estates hits 52-week high as real estate major logs record quarterly sales, collections in Q3

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Prestige Estates hits 52-week high as real estate major logs record quarterly sales, collections in Q3

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Prestige Estates registered the highest-ever quarterly sales of Rs 4,267.6 crore in Q3, up 111 percent YoY, and the highest-ever collections of Rs 2,431.6 crore, up 70 percent YoY. Irfan Razack, Chairman, Prestige Group, said, "We look forward to continuing to expand our footprint in high growth opportunity markets."

Prestige Estates hits 52-week high as real estate major logs record quarterly sales, collections in Q3
Prestige Estates shares touched a 52-week high price of Rs 553.40 apiece on Tuesday. The stock gained after investors responded positively to the real estate major's third-quarter results wherein it registered its highest ever quarterly sales of Rs 4,267.6 crore, up 111 percent year-on-year (YoY), and the highest-ever collections of Rs 2,431.6 crore, up 70 percent YoY.
Prestige said its sales for the nine months ending December stood at a record Rs 7,113.4 crore and collections at Rs 5,005.4 crore, up 97 percent and 51 percent YoY, respectively.
The new sales were backed by the strong response to its newly-launched projects, the company said. "We look forward to continuing to expand our footprint in high growth opportunity markets," said a release by the company.
Irfan Razack, Chairman, Prestige Group, said, “We are delighted to announce another robust performance during Q3F22. The new sales were backed by the great response to our newly-launched projects; Prestige Avalon, Aspen & Eden Park, Part of The Prestige City, Bengaluru, Prestige Beverly Hills, Hyderabad and the existing inventories across geographies. It is a very exciting time for the brand, with new launches and markets to support the ambitious growth plans we have set for ourselves.
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Commenting on this, Venkat K Narayana, Chief Executive Officer, Prestige Group, said, “We are pleased to announce another record quarterly performance. Throughout 9MFY22, our team continued to deliver, despite the underlying challenges posed by the ongoing pandemic, leading to 9MFY22 new sales growth of 97 percent. We strongly believe there is a tremendous opportunity to expand our core markets as we continue to deliver
our quality products on time. As we kick off 2022, our business plan will be anchored by a principal focus on revenue expansion as we continue to capitalise on our brand premium, execution track record and market consolidation theme. We are looking forward to further growth in our sales in 2022, backed by the robust launch pipeline of over 15 mn sq ft. ”
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