Prestige Estates shares rally 9% on multifold increase in profit in Q4

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The firm reported a multifold increase in its consolidated net profit to Rs 1,336.3 crore in Q4 as against a profit of Rs 15.4 crore in the year-ago quarter.

Prestige Estates shares rally 9% on multifold increase in profit in Q4
Shares of Prestige Estates rallied 9 percent on Wednesday after the company posted robust numbers for the March quarter. The firm reported a multifold increase in its consolidated net profit to Rs 1,336.3 crore in Q4 as against a profit of Rs 15.4 crore in the year-ago quarter.
The company rose as much as 8.8 percent to its day's high of Rs 317 per share.
The rise in profit was driven by monetisation of a large portfolio of commercial assets. The company made an exceptional profit of Rs 1,469.8 crore in the fourth quarter from monetisation of certain commercial assets.
Total income rose to Rs 2,360.6 crore in the quarter under review from Rs 2,016.9 crore in the corresponding period of the previous year, the Bengaluru-based firm said in a regulatory filing.
For the full 2020-21 financial year, Prestige Estates clocked a net profit of Rs 1,456.2 crore against Rs 403.1 crore in the previous year. Total income fell to Rs 7,501.8 crore last fiscal from Rs 8,243.3 crore in the 2019-20 financial year.
(With inputs from PTI)

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