Prestige Estates Projects (PRESTIGE) Q2 24/25 earnings summary

Executive summary

• Achieved Q2 FY25 sales of INR 4,226 crores and H1 FY25 sales of INR 7,052 crores, with strong performance despite limited inventory.

• 38-year legacy with presence in 13 cities and diversified segments: residential, commercial, retail, hospitality, and property management.

• Major launches in Q2 FY25 included Prestige Raintree Park and Pine Forest, with a total of 10.05 mn sft launched in H1 FY25.

• Successfully completed a QIP, raising INR 5,000 crores, primarily for debt reduction and business expansion.

• Maintained robust demand across key markets, with Bangalore, Mumbai, and Hyderabad contributing significantly to sales.

Financial highlights

• H1 FY25 revenue reached INR 4,448 crores, with EBITDA of INR 1,709 crores and an EBITDA margin of 38.43%.

• PAT for H1 FY25 was INR 541 crores, with a margin of 12.18%.

• Q2 FY25 revenue was ₹24,238 mn, down 53.43% year-over-year; EBITDA at ₹7,507 mn, down 25.56%; PAT at ₹2,346 mn, down 74.22%.

• Net debt as of September 30th stood at INR 3,592 crores, with a debt-to-equity ratio of 0.21.

• Q2 collections were INR 2,737 crores; H1 collections totaled INR 5,653 crores.

Outlook and guidance

• Targeting INR 24,000 crores in pre-sales for FY25, with management confident of meeting or exceeding guidance.

• Planned launches worth INR 52,000 crores GDV in H2 FY25, with approximately INR 25,000 crores in Q3 and the remainder in Q4.

• GDV of projects expected to launch in FY25 totals ₹521,142 mn across 53.47 mn sft.

• Anticipates strong pre-sales in H2, driven by new launches and pent-up demand.

• Projected annuity income from commercial and retail segments expected to rise significantly by FY29.