Q1 2025 Prestige Estates Projects Ltd Earnings Call Transcript
Key Points
- Prestige Estates Projects Ltd (BOM:533274) reported quarterly sales of INR3,030 crores, complemented by healthy collections of INR2,916 crores.
- The company sold 2.86 million square feet of area across 1,364 units with an increased average realization per square foot.
- Strong sales mix from key geographies: Bangalore (43%), Hyderabad (32%), and Mumbai (23%).
- Launched two new projects: Prestige Camden Gardens in North Bangalore and Prestige King's County in South Bangalore.
- High occupancy rates in retail spaces, with malls being 95%-97% occupied and strong trading performance in South Bangalore.
- Despite good sales, the top line appears low due to high inventory levels.
- Regulatory delays, such as the Code of Conduct during elections, impacted project approvals and launches.
- Significant debt in the residential segment, with INR4,500 crores out of INR8,200 crores of net debt.
- High CapEx requirements, with an estimated INR15,000 crores to INR16,000 crores needed for commercial, hospitality, and retail segments.
- Increased competition in the residential market, potentially impacting project signings and profitability.
Ladies and gentlemen, good day, and welcome to the Prestige Estates Q1 FY25 earnings conference call hosted by Axis Capital Limited.
(Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Ashutosh Mittal from Axis Capital Limited. Thank you, and over to you, sir.
Thank you, Neha. Good afternoon, everyone, and welcome to the call. We have the management from Prestige Estates, represented by Mr. Irfan Razack, Chairman and Managing Director; Mr. Zayd Noaman, Executive Director; and Mr. Amit Mor, CFO.
I now hand over the call to the management for the initial comments. Thank you.
Hi, good afternoon, everyone. I'd like Zayd Noaman to give his opening remarks. As usual, we've got a good quarter in sales, only thing is there has been too much inventory for us to sell, that's why it looks the top line is low. But
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