Bangalore-based realty firm Prestige Estates Projects has lined up most of its new launches in Chennai and Bangalore. The company, which is confident of easily achieving 14 million square feet volumes in FY14, is of the view that Rs 6000 per square feet realizations will be sustainable in FY14.
Finding the Chennai market very lucrative, the company has tied up couple of large developments in Chennai. Further, while the company is expecting approval for Chennai Project ‘Prestige Downtown’, it will launch Prestige Lakeside Habitat in next quarter.
The company has reported over 2 fold jump in its net profit at Rs 89.03 crore in Q4FY13 as compared to net profit of Rs 38.28 crore in the same quarter previous year. Total income of the company has increased by 176.92% to Rs 559.72 crore as compared to Rs 202.12 crore in corresponding quarter last year. For the year ended March 31, 2013, the company has reported over 2 fold jump in its net profit at Rs 276.07 crore in FY13 as against Rs 129.07 crore in previous years. Total income of the company has increased to Rs 1512.37 crore as compared to Rs 745.47 crore in FY12, up by 102.87%.