PRESTIGE · Realty
Prestige Estates Projects Ltd. reported revenue of ₹1,654 cr for October to December 2024, −7.9% on the year and −28.2% on the quarter.
Operating profit (EBITDA) was ₹583 cr, a margin of 35.2%, +546 bps on the year and +834 bps on the quarter. Over the last 7 quarters the margin has ranged from 26.2% to 42.1%, averaging 32.8%. Operating costs grew −15.1% against revenue growth of −7.9%, so more of each rupee of sales reached operating profit.
Net profit was ₹32.0 cr, −80.6% on the year and −86.4% on the quarter, with earnings per share of ₹0.41. Profit before other income, one-offs and tax grew faster, at −45.2%; other income, one-offs or tax held the headline back. The tax rate was 58% against an average of 25% over the previous 5 quarters, which weighed on profit this quarter.
Real estate revenue is booked when projects complete, so the quarterly statements lag the business; pre-sales and collections show where it actually is. The quarterly statements do not carry pre-sales, collections and launches; those come with the filing read.
On earnings per share of ₹14.16 over the last four quarters, the stock at ₹1,597.50 trades at 112.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,796 cr | ₹2,164 cr | ₹1,862 cr | ₹2,304 cr | ₹1,654 cr | ₹1,528 cr | ₹2,307 cr | ₹2,432 cr | ₹3,873 cr | ₹4,074 cr | ₹2,675 cr | ₹2,060 cr |
| YoY | — | — | +11% | +3% | −8% | −29% | +24% | +6% | +134% | +167% | +16% | −15% |
| EBITDA margin | 29.8% | 38.3% | 42.1% | 26.9% | 35.2% | 34.6% | 38.0% | 37.4% | 22.2% | 24.8% | 31.7% | 45.0% |
| Other income, % of PBT | 74% | 34% | 40% | 65% | 56% | 70% | 37% | 48% | 13% | 17% | 44% | 45% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 31% | 25% | 25% | −28% | 58% | 51% | 29% | 22% | 12% | 29% | 26% | 30% |
| Net profit | ₹165 cr | ₹236 cr | ₹307 cr | ₹235 cr | ₹32.0 cr | ₹43.0 cr | ₹312 cr | ₹457 cr | ₹245 cr | ₹292 cr | ₹271 cr | ₹256 cr |
| YoY | — | — | −3% | −74% | −81% | −82% | +2% | +94% | +666% | +579% | −13% | −44% |
| Core profit YoY | — | — | +108% | −56% | −45% | −87% | +13% | +378% | +612% | +1,219% | −26% | −35% |
| EPS | ₹2.90 | ₹3.49 | ₹5.80 | ₹4.46 | ₹0.41 | ₹0.58 | ₹6.79 | ₹9.99 | ₹5.17 | ₹5.81 | ₹5.48 | ₹5.20 |
| Flags | 1 | 1 | 1 | 2 | 1 | 2 | 2 | 1 | 3 | 2 | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Prestige Estates Projects Ltd. reported revenue of ₹1,654 cr (−7.9% on the year) and net profit of ₹32.0 cr (−80.6% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −45.2% on the year, against −80.6% for reported profit.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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