Prestige Estates Registers 93% Increase in the Revenue and Highest Ever New Sales (by the Company) in QII FY 13-14:

BANGALORE, November 8, 2013 /PRNewswire/ --

FOR THE QUARTER (Q2) ENDED SEPTEMBER 30, 2013:

Financial Highlights (Q2):-

• Revenue at Rs. 5,041 million, up by 93% as compared to the corresponding previous year's quarter (QII FY 12-13) revenue of Rs. 2,609 million.

• EBIDTA at Rs. 1,476 million, up by 60% as compared to the corresponding previous year's quarter (QII FY 12-13) EBIDTA of Rs. 920 million.

• PAT at Rs. 776 million, up by 70% as compared to the corresponding previous year's quarter's (QII - FY 12-13) PAT of Rs. 457 million.

• Rental income at Rs. 592 million up by 16% as compared to the corresponding previous year's quarter's (QII - FY 12-13) rental income of Rs. 509 million.

Operational Highlights (Q2):-

• The Company has sold 1,193 Residential Units and 0.11 million square feet of Commercial Space, aggregating to 1.95 million square feet amounting to Rs. 11,497 million of sales.

• The average realization of Rs. 5,876 per sqft is up by 15% as compared to the average realization achieved for the corresponding previous year's quarter (QII - FY 12-13) of Rs. 5,090 per sqft.

• Registered total new leasing of 0.79 million square feet up by 46% as compared to the total new leasing for the corresponding previous year's quarter (QII - FY 12-13) of 0.54 million sqft.

• Net Collections for the quarter aggregated to Rs. 6,198 million, up by 23% as compared to the corresponding previous year's quarter's (Q2 - FY 12-13) collection of Rs. 5,050 million.

FOR THE HALF-YEAR ENDED (H1) ENDED SEPTEMBER 30, 2013:

Financial Highlights (H1):

• Revenue at Rs. 10,334 million, up by 104% as compared to the corresponding previous half year's (H1 FY 12-13) revenue of Rs. 5,073 million.

• EBIDTA at Rs. 3,075 million, up by 62% as compared to the corresponding previous half year's (H1 FY 12-13) EBIDTA of Rs. 1,897 million.

• PAT at Rs. 1,642 million, up by 73% as compared to the corresponding previous half year's (H1 FY 12-13) PAT of Rs. 950 million.

• Rental income at Rs. 1,164 million up by 17% as compared to the corresponding previous half year's (H1 FY 12-13) rental income of Rs. 998 million.

Operational Highlights (H1):-

• The Company has for the six months ended September 2013 sold 2,455 Units and Commercial Space, totalling to 3.93 million square feet, amounting to Rs. 22,939 million of Sales. (Achieved 53.35% of the Total Guidance of Rs. 43,000 million of sales set at the beginning of FY 13-14).

• The sales for the Q1 and Q2 (H1) of the FY 2013-14 are as under:

    Particulars    Q1           Q2           H1 (Half year)
    Sales (Rs. Mn) 11,442       11,497       22,939
    Area (Mnsf)    1.98         1.95         3.93

• Registered total New Leasing of 1.23 million square feet up by 23% as compared to the corresponding previous half year's (H1 FY 12-13) total new leasing of 1.00 million square feet of Rs. 998 million.

• Prestige Share of collections for the half-year ended 30th September, 2013 are Rs. 12,272 million, up by 32% as compared to the corresponding previous half year's (H1 FY 12-13) prestige share of collections of 1.00 million square feet. (Achieved 53.36% of the Total Guidance of Rs. 23,000 million set at the beginning of FY 13-14).

• The Company has launched total 10.08 million square feet of developable area for the six months ended September 2013, considering the 4.09 million square feet of launches in the Q1. (Achieved 72% of 14 million square feet of the guidance set at the beginning of the fiscal).

Commenting on this strong performance and growth, Mr. Irfan Razack, Chairman and Managing Director, Prestige Estates Projects Limited, said "We have registered the highest pre-sales ever, during this quarter amounting Rs. 11,497 Mn. despite all the negative factors affecting the economy, which indicates the strength of brand 'Prestige' and the trust that we enjoy from the customers. We have launched during the first half of the fiscal, over 10 million sqft. of new projects across Bangalore and Chennai and the same have met with good response, which shows that things on ground are pretty robust and positive for us. On the turnover front, there is sizeable un-booked revenue of more than Rs. 60,000 Million. With the execution of projects moving in line with the schedule, these revenues consistently flow to the top line and help us in sustaining the Revenue numbers we have delivered in this quarter, going forward and to grow further."

About the Company:

Prestige Estates, having a legacy spanning over two and a half decades, is one of south India's leading real estate developers. It has 168 completed projects aggregating over 51 million square feet of developable area to its credit and currently has 65 ongoing projects aggregating to 54.45 million square feet of developable area and 28 upcoming projects aggregating to 33.94 million square feet of developable area spanning across residential, commercial, retail and hospitality sectors in major south Indian cities such as Bangalore, Mysore, Mangalore, Chennai, Kochi, Hyderabad, Ooty, Goa, etc. It is also currently the only CRISIL DA1 rated Developer in India. This rating indicates the Company's excellent ability to execute real estate projects as per specified quality levels within stipulated time schedules and to transfer clean titles.

Disclaimer:

Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, technological risks and many other factors that could cause our actual results to differ materially from those contemplated. Prestige Estates Projects Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

Primary Media Contact : Venkat K. Narayana, [email protected], 91-80-25501280