India's Prestige Estates Q2 revenue growth slows as approval delays drag on launches
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 29 2024
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Source: Reuters
Slowing Revenue Growth: Prestige Estates Projects reported a 3% increase in revenue to 23.04 billion rupees, significantly down from a 57% rise in the same quarter last year, with a 63% drop in apartment sales year-over-year and a 77% decline in profit.
Impact of Delayed Approvals: The company faced delays in launch approvals from Bengaluru's Real Estate Regulatory Authority, affecting new property launches, while overall property launches in Bengaluru increased by 7% year-over-year during the same period.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
