Prestige Estates climb over 4%, hit all-time high as Q2 sales up 102%

Shares of realty firm Prestige Estates Projects climbed 4.6% to hit an all-time high of Rs 699 in Monday's trade on BSE after the firm achieved record-breaking sales in the second quarter of FY24. Prestige Estates reported sales of Rs 7,092.6 crore, witnessing a massive 102% year-on-year (YoY) growth.

Quarterly collections amounted to Rs 2,639.8 crore, a 1% YoY increase. The sales volume during this quarter reached 6.84 million square feet, marking a 50% YoY increase.



Meanwhile, in the first half of FY24, the company achieved sales of Rs 11,007.3 crore, marking a solid 69% YoY increase.

Collections for the H1 FY24 reached Rs 5,380.6 crore, reflecting a 13% YoY growth. This sales performance can be attributed to sales volume of 10.7 million square feet, indicating a 30% YoY increase.

The average realisation for apartments or villas was Rs 10,338 per square foot, up by 25% year-on-year, while for plot sales, it stood at Rs 4,825 per square foot, showing a 17% YoY increase. The group successfully sold 5,935 units during H1 FY24.

At 11:35 a.m., the scrip was trading 1.7% higher at Rs 679.9 on BSE. On a YTD basis, the stock has risen 45%, while it has surged over 60% in the last six months. The stock has also delivered over 160% in the last three years.

Technically, the stock's day RSI (14) is at 67.8. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. MACD is at 6.7, which is above its center and signal Line, this is a bullish indicator. Prestige Estates Projects shares are currently trading above their 20-day, 50-day, 100-day and 200-day Simple Moving Averages (SMA).

According to the latest shareholding data available on Trendlyne, as of 30 June 2023, 65.5% of the company's shareholding is with the promoters, 20.7% with FIIs, and 9.3% with Mutual Funds.

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