Prestige Estates Projects Ltd's Q3FY19 consolidated net profit declines 32.06% yoy to Rs67.40cr : Misses Estimates

The company’s consolidated revenue stood at Rs1,077.60cr, down 15.3% yoy and 18.52% qoq.

Feb 12, 2019 08:02 IST India Infoline Research Team

Prestige Estates Projects Ltd Q3FY19

Consolidated Results Q3FY19: (Rs. in cr)

Q3FY19 YoY (%)
Revenue 1,077.60 [15.3]
EBITDA 343.70 13.2
EBITDA Margin (%) 31.9 802
Net Profit (adjusted) 67.40 [32.1]
***EBITDA margin change is bps
Prestige Estates’ Q3FY19 numbers missed the consensus estimates on key performance parameters. Consolidated revenue declined by 15.3% yoy to Rs1,077.6cr in Q3FY19 as against Rs1,272.3cr in Q3FY18, falling 12.1% short of the consensus estimates. EBITDA for the quarter was Rs343.7cr as compared to Rs303.7cr for the same quarter last year, 4.1% ahead of the consensus estimates. EBITDA margin expanded from 23.9% in Q3FY18 to 31.9% in Q3FY19. Net profit was Rs67.4cr in Q3FY19 vs. Rs99.2cr in Q3FY18, missed the estimates by 1.2%.
  • Operating profit was driven by lower operating expenses (down 12.1% yoy to Rs1000.1cr).
  • However, bottom-line for the quarter suffered mainly owing to lower sales coupled with higher finance costs (up 31.7% yoy to Rs179.2cr).
  • Depreciation and amortization expenses more than doubled from Rs40.5cr in Q3FY18 to Rs87cr in Q3FY19.
  • Employee costs jumped 145.7% yoy to Rs102.3cr during the December quarter of FY19.
  • Other expenses surged 77.1% yoy to Rs110cr while other income jumped 142.5% yoy to Rs25.2cr for the quarter under consideration.

Technical View:

Prestige Estates Projects Ltd is currently trading at Rs. 202, up by 1.25 points or 0.62% from its previous closing of Rs. 200.75 on the BSE.
The scrip opened at Rs. 201.20 and has touched a high and low of Rs. 202.50 and Rs. 198.60 respectively. So far 1,97,008 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.

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