Prestige Estates Projects Reports Mixed Financial Results for Q2 2024
Prestige Estates Projects, a largecap company in the construction and real estate industry, recently announced its financial results for the quarter ending September 2024. The company's stock has been given a 'Strong Sell' call by MarketsMOJO.
According to the financials, Prestige Estates has seen a negative performance in the second quarter of the fiscal year 2024-2025, with a score of -19 compared to -13 in the previous quarter. However, there are some positive aspects to the company's financials.
The net sales for the quarter were the highest in the last five quarters, at Rs 2,304.40 crore. The company's short-term sales trend is also positive. Additionally, the cash and cash equivalents for the half-yearly period were at their highest in the last six periods, indicating an improvement in short-term liquidity. The debt-equity ratio for the half-yearly period was also at its lowest in the last five periods, showing that the company has been reducing its borrowing compared to equity capital.
On the other hand, there are some areas of concern in Prestige Estates' financials. The profit before tax (PBT) less other income for the quarter has fallen by -56.97% year on year, and the profit after tax (PAT) has also fallen by -77.4% year on year. The interest cost has increased by 41.63% over the preceding nine months, indicating a rise in borrowings. The company's operating cash flow has also been falling each year for the past three years.
Furthermore, the company's operating profit to interest ratio for the quarter was at its lowest in the last five quarters, indicating a deteriorating ability to manage interest payments. The non-operating income for the quarter was also high at 65.35% of the PBT, which is not a sustainable business model.
Overall, Prestige Estates Projects has seen a negative financial performance in the recent quarter, with some positive aspects but also some areas of concern. Investors should carefully consider these factors before making any investment decisions.
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