Prestige group's FY20 sales bookings flat at Rs 4,560 crore

NEW DELHI: Realty firm Prestige Estates Projects Ltd's sales bookings remained flat at Rs 4,560.7 crore in the financial year 2019-20 amid demand slowdown in the real estate sector and the COVID-19 pandemic. The Bengaluru-based developer's sales bookings had stood at Rs 4,557.1 crore in the previous year.

The company had given a guidance of sales bookings between Rs 5,000 crore and Rs 6,000 crore for the financial year 2019-20, but it fell short of achieving it due to economic slowdown and the outbreak of the coronavirus pandemic during the fourth quarter.

Among other major players, DLF's net sales bookings rose 2 per cent to Rs 2,485 crore during the last fiscal year.

Godrej Properties' total sales bookings stood at Rs 5,915 crore during 2019-20, compared with Rs 5,316 crore in the previous year.

According to an investor presentation, Prestige group's collection of funds from customers against the sales bookings rose to Rs 4,675.6 crore in the last fiscal, from Rs 4,408.5 crore in the previous year.

Prestige group launched projects worth 17.12 million sq ft area in 2019-20, a sharp jump from 6.63 million sq ft in the previous year. It completed 19.32 million sq ft area as against 24.09 million sq ft during the period under review.

Prestige group recently reported a 64 per cent fall in its consolidated net profit to Rs 51.1 crore for the quarter ended March. Its net profit had stood at Rs 141.9 crore in the year-ago period.

The company's total income rose to Rs 2,016.9 crore in the fourth quarter of 2019-20, from Rs 1,994.3 crore a year ago.

Its consolidated net profit stood at Rs 548.6 crore for the last financial year compared with Rs 441.9 crore in the previous year.

Total income rose to Rs 8,243.3 crore in the financial year 2019-20, from Rs 5,284.1 crore in the previous year.