earnings | IST

Prestige Group expects FY22 sales to beat last year’s; says new project launches on cards

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Prestige Estates reported earnings for the June-ended quarter. As expected, there has been a sharp drop in bookings. Margin has also contracted significantly to around 24 percent this time. Prestige Estates reported earnings for the June-ended quarter. As expected, there has been a sharp drop in bookings. Margin has also contracted significantly to around 24 percent this time.

Prestige Estates reported earnings for the June-ended quarter. As expected, there has been a sharp drop in bookings. Margin has also contracted significantly to around 24 percent this time.
Prestige Estates reported earnings for the June-ended quarter. As expected, there has been a sharp drop in bookings. Margin has also contracted significantly to around 24 percent this time.
After the lockdown, the momentum has picked up, things are back to normal. He hopes to clock similar numbers, when compared to the previous two quarters, he said.
He expects FY22 to be a strong year in terms of sales. “We hope to do far better than what we did last year. We did highest sales ever last year of almost around Rs 6,000 crore, but we are sure to cross that substantially,” he said.
The dip in numbers is because the business got hit by the hospitality sector and a bit by the retail sector as well. “These two have pulled down the margins. But residential sales are retained. Though the cost has gone up, pricing has to also go up correspondingly, but we have to have an eye on affordability. We do this balance all the time, we endeavour to see that we don’t overprice our product and we don’t get the cashflows, but at the same time we have to sell at a price that will not make us go in the red. So far, we haven’t gone in the red and we have planned it well and I hope margins will become stronger and better with the current demand,” he explained.
Demand is there, luxury and high-end products are selling well, he said.
On balance sheet, he mentioned, “It is pretty comfortable and there is no pressure on the balance sheet. We are very happy with the health of the balance sheet now.”
The company is working on Prestige 2.0 for the commercial segment. “We are talking of Prestige 2.0. We are now trying to change the entire product, improve it, make it better, make it more conducive to the current atmosphere, there is a lot of focus on working environment, health and safety, a lot more is happening, lot more wellness is being brought into office buildings. So, a lot of work is going on,” he said.
For the full interview, watch the accompanying video.
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