Prestige Estates Faces Steep Profit Drop yet Ventures into New Mumbai Project

Real estate giant Prestige Estates Projects Ltd has reported a staggering 82% decline in its consolidated net profit, down to Rs 25 crore for the quarter ending in March, compared to Rs 140 crore earned during the same period last year.

Overall income diminished significantly to Rs 1,589.3 crore, a stark contrast to Rs 2,232.5 crore noted in the comparable timeframe of the previous year, as per their recent regulatory filing.

Despite these financial setbacks, Prestige Estates is pushing forward, forming a strategic partnership with Valor Group to embark on a major Rs 4,500 crore office complex development project in Mumbai.

(With inputs from agencies.)