Prestige Estates Projects Ltd, a leading real estate firm, announced on Tuesday, 25 February, that the Income Tax Department has initiated a search operation at its registered and branch offices beginning 25 February 2025.
In a regulatory filing, the company stated, “The Income Tax Department is conducting a search at the Registered Office and other branch offices of the Company from 25 February, 2025. We are fully cooperating with the authorities, providing all necessary information and support.”
At this stage, the details of the investigation and its potential financial or operational impact remain unclear.
Prestige Estates Projects Limited is a key player in the real estate sector, specializing in residential, commercial, retail, and hospitality developments.
The company reported an 84.8% decline in consolidated net profit for Q3 FY25, with earnings dropping to Rs 17.70 crore from Rs 116.30 crore in the same period last year. Revenue also fell 7.9% year-on-year (YoY) to Rs 1,654.50 crore from Rs 1,795.80 crore.
Despite the revenue decline, EBITDA increased by 7% to Rs 590.10 crore, while margins improved to 35.7% from 30.7%, reflecting operational efficiency gains.
Wondering About Prestige Estates Projects Ltd? The Analyst Has Answers.
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