Shares of leading real estate developer Prestige Estates Projects rose 3% at the opening trade on February 15. Shares of the company were trading at Rs 407.35 on the BSE, up 2.9%, at 9:22 am.

The company reported substantial revenue and net income growth for the third quarter ending December 2022. Operating income stood at Rs 2,317 crore in the third quarter, up sharply from Rs 1,327.5 crore a year ago. Net profit surged to Rs 127.8 crore from Rs 86.6 crore last year.

However, the operating margin in the reported quarter was 24.78%, compared to 27.46% last year.

Prestige Estate Projects attributed its success to selling 2.91 million sq ft of residential and commercial space, with apartment, villa and retail sales achieving an average of Rs 9,371 psf and plot sales achieving an average of Rs 4,148 psf.

The company also launched seven projects covering 4.06 million square feet in the third quarter of fiscal 2023. Irfan Razack, chairman and managing director of the Prestige Group, said the company’s main focus was on timely execution, delivery and customer satisfaction.

Razack also revealed that the company plans significant launches in Bengaluru, Hyderabad and Chennai in the next quarter. He believes this will help the company exceed its annual guidance and continue to build sales momentum and product lineup.

The company’s sales guidance for FY23 is Rs 12,000 crore. In FY22, the company posted sales of Rs 10,400 crore. The company’s consolidated operating income stood at Rs 5,683.2 crore for the nine months ending December 2022.

Shares of Sobha, DLF, Godrej Properties and Phoenix Mills are down more than 5-9% over the past month compared to Prestige Estate Projects’ 11% drop, while Oberoi Realty and Brigade Enterprises are up 1% and 10%. Shares of Nifty Realty also fell more than 6%.

Prestige Estates Projects is a Bangalore-based developer of commercial and residential spaces. Continue to use the land acquisition and joint development model to become bigger and stronger.