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Prestige Estates enters ₹4,500 crore Andheri JV with Valor Group as Q4 profit falls 82%

It will infuse ₹504 crore into a special purpose vehicle to launch the Andheri office complex.

Bengaluru-based listed real estate developer Prestige Group has posted an 82% decline in its consolidated net profit to ₹25 crore in the quarter ended March from ₹140 crore in the year-ago period. (Representational photo)
Mumbai real estate update: Bengaluru’s listed real estate developer, Prestige Estates Projects Ltd, has partnered with Mumbai-based Valor Group (formerly known as DB Realty) to develop an office complex worth ₹4,500 crore in Mumbai. (Picture for representational purposes only)
Prestige Estates stock reacts to 82% fall in Q4 net profit

Overview

  • The May 28 joint development agreement covers 21,978 sqm in Andheri East for a 1.5 million sq ft office complex with equal 50:50 economic stakes and an estimated GDV of ₹4,500 crore.
  • Q4 FY25 net profit dropped to ₹25 crore from ₹140 crore a year earlier, and total income declined to ₹1,589.3 crore.
  • New sales fell 19% to ₹17,023 crore and EBITDA margins contracted by 285 basis points due to approval delays that deferred key launches.
  • Since its 2022 Mumbai debut, Prestige has delivered over 2.8 million sq ft across three projects, handing over nearly 700 residences and 130 office units.
  • The company has launched its first Delhi NCR development with the ₹12,000 crore Indirapuram project and its hospitality arm has filed for a ₹2,700 crore IPO to support further expansion.