PRESTIGE ESTATES PROJECTS LTD Q2 RESULTS
HCL Tech’s weak Q1 revenue hints at demand concerns
HCL Tech's Q1 FY25 results were mixed, with better-than-expected net profit due to higher other income offsetting disappointing revenue growth. Operating margins were under pressure as anticipated, and the company secured fewer new deals compared to the previous quarter, a trend also seen in its larger competitor, TCS.
We are happy with Q1 results but not in a position to say TCS is on a growth path again: CEO
TCS foresees FY25 outperforming FY24, leveraging AI and cost optimization despite market volatility, BFSI challenges, and election impacts. With Q1 achievements, reduced attrition, strategic headcount growth, and strong India business, performance remains robust. Investments in talent, discretionary project validation, and technology adaptation sustain a healthy order book, even amid fewer mega deals and extended decision-making cycles.
Hot Stocks: Brokerage take on TCS, Zomato, Federal Bank, ABB, Vedant Fashions and Prestige Estates
Jefferies upgraded TCS post Q1 earnings, increasing its target. UBS reviewed Zomato, Federal Bank, and ABB India. Morgan Stanley reaffirmed 'Buy' for Prestige Estates, while Axis Capital downgraded Vedant Fashions.
Q1 results today: HCL Tech, IREDA among 14 companies announce earnings on Friday
TCS has started the first quarter earnings season with positive results, signaling an improved business environment. Today, HCL Tech, along with 13 other companies, will announce their earnings for the quarter ended June. Other notable companies reporting earnings include 5paisa Capital, Atharv Enterprises, Betala Global Securities, Gautam Gems, Golkonda Aluminum, Indo Cotspin, Infomedia Press, IREDA, and Oriental Hotels.
TCS shows early signs of project ramp ups but demand recovery may take more time
In addition, while the country’s largest IT exporter continued to bag fresh orders, the quantum of total contract value (TCV) was underwhelming when compared with the previous quarter.
Stocks in news: TCS, HCL Tech, Anand Rathi Wealth, Prestige Estates, RIL
Domestic markets closed steady with focus on TCS, HCL Tech, Anand Rathi Wealth, and others for their first quarter results. Companies like RIL's Ethane Crystal LLC and Prestige Estates face challenges. GTPL Hathway shows growth in revenue. Oriental Rail Infra secures a significant order from Indian Railways. Adani Wilmar expands stake in OCIPL.
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HCL Tech Q1 Results Preview: PAT may grow 6% YoY to Rs 3,745 crore, revenue uptick seen at 6.5%
Revenue for the quarter is projected to be Rs 27,997 crore, marking a 6.5% increase over the same quarter of the previous financial year, according to average estimates. Although the company is expected to report year-on-year growth in profit after tax (PAT), a sequential decline is anticipated due to project completions and reduced discretionary spending.
Prestige Estates Q1 Results: Sale bookings fall 23% YoY to Rs 3,029 cr
Realty firm Prestige Estates Projects Ltd has reported a 23 per cent decline in its sale bookings to Rs 3,029.5 crore in the first quarter of this fiscal on lower volumes due to delay in launches of new projects. Its sale bookings stood at Rs 3,914.7 crore in the year-ago period.
Prestige Estates sees 22% sales dip in Q1 FY25 due to election delays
Prestige Estates Projects Limited experienced a 22% decrease in sales for Q1 FY25 at Rs 3029 crore, largely due to the general election and delays in project approvals. The sales volume decreased from 3.83 million square feet to 2.86 million square feet. Despite this, the company crossed a sales figure of Rs 3,000 crore.
Construction companies likely to report subdued growth in Q1 amid lower awarding of projects, slow execution
The financial performance of roads and construction companies in the June 2024 quarter is expected to remain muted due to delay in obtaining clearances related to acquisition of land parcels, severe heat wave across various parts of the country, and slack in construction activities amid the general elections held during the quarte
TCS faces a muted Q1, trend in project ramping holds the key for Q2 show
The country's largest software exporter is likely to report 1.4% sequential increase in the revenue at $7,466.1 million, according to the average of estimates by ETIG and nine brokerages.
Tata Elxsi Q1 Results: Net profit falls 3% YoY to Rs 184 crore
Tata Elxsi Q1 Results: Revenue from operations for the reporting period grew by 9% year-on-year, reaching Rs 926 crore compared to Rs 850 crore in the same period last year. Sequentially, net profit for the quarter dropped by 6% from Rs 196 crore in the preceding December quarter. However, revenues increased by 2% quarter-on-quarter. Total expenses for the first quarter rose by 13% year-on-year to Rs 706 crore, compared to Rs 624 crore in the same quarter last year.
Q1 result season begins: 30 companies may report over 100% growth in profit
Nifty may report 4% Q1 earnings growth driven by BFSI, auto, metals, healthcare, and real estate, with Trent and Zomato showing significant consumption sector growth. Pharmaceuticals Glenmark Pharma and Laurus Labs have high growth, private and PSU banks lower. Motilal Oswal and Kotak predict 30 companies may report over 100% profit growth.
Signature Global reports Rs 3,120 crore pre sales in Q1 FY25 with 255% YoY growth
Signature Global, Gurugram real estate developer, achieved Rs 3,120 crore pre-sales in Q1 FY25, 255% growth, 30% of Rs 10,000 crore target. Collections rose 102% to Rs 1,210 crore. Net debt fell 16% to Rs 980 crore. Launched two premium projects. Delivered 10.4M sq ft, 32.2M sq ft pipeline, 16.4M sq ft ongoing for next 2-3 years.
Block deals worth over Rs 9,947 crore this week. HDFC Bank, Infosys, Adani Ports among stocks with major action
In the large cap segment, 15 companies witnessed significant block deals worth Rs 5,725 crore led by HDFC Bank with 43 block counts totalling to Rs 2,446 crore. The next in line were Adani Ports and Special Economic Zone (Rs 469 crore), Godrej Consumer (Rs 421 crore), TVS Motor Company (358 crore), Infosys (Rs 339 crore), Interglobe Aviation (Indigo, Rs 288 crore) and Maruti Suzuki (Rs 218 crore).
Pankaj Pandey on 2 sectors that are likely to see strong Q1 earnings
Raymond specifically, we do not have a coverage. But I think you have very few stocks which can be bought at current levels in real estate given the price appreciation a lot of these stocks have seen. So, some bit of a time correction or price correction is what we are waiting for.
PE investment in real estate hits $2.5 bn in Q2, a 3-year high
Institutional investments in India's real estate sector surged to a three-year high of $2.5 billion in the June quarter, primarily driven by robust activity in the industrial and warehousing, and residential segments, according to Colliers. The industrial and warehousing segment attracted the majority of investments at $1.5 billion, marking an 11-fold increase from Q2 2023, while the residential segment also experienced significant growth. Conversely, investments in the office sector plummeted 83%. Foreign investors, particularly from the US and UAE, were prominent contributors in the market, indicating a positive outlook for the industry.
Institutional investment in Indian real estate at $2.5 billion in Q2, marking a 3-year high
Private equity investments in Indian real estate hit a three-year high in Q2 2024, totaling $2.5 billion. The industrial and warehousing segment led with 61% of the total investments ($1.5 billion), driven by large deals. The residential segment saw a 7.5x increase from Q2 2023, making up 21% of total inflows. Office assets received $0.3 billion, showing a significant annual decline.
Krisumi Corporation to invest Rs 2,000 crore in Gurugram residential project
Krisumi Corporation plans a Rs 2350 crore investment in Phases 3 and 4 of Krisumi City, Gurugram, with 1051 luxury units and a 2-acre club. Marketed as a shift to larger, luxury apartments, they expect Rs 4000 crore revenue. The joint venture aims for completion by December 2029, backed by Krishna Group and Sumitomo Corporation
Prestige Estates board okays proposals to raise Rs 5,000 crore
The Bengaluru-based company may either consider creating a real estate investment trust - which could be the first hotel REIT in India - or pursue an initial public offering to monetise the hospitality business. In April, ET was the first to report Prestige Estates' plan to monetise the business. "The firm is also currently evaluating to monetise its hospitality portfolio, which will lead to some value unlocking," Zaid Sadiq, executive director of hospitality at the Prestige Group had said. He could not be reached for comment.
Prestige Estates board approves Rs 5,000 crore fundraising plan via QIP or other modes
The funds would be raised in one or more tranches. The company plans to monetise assets of the hospitality segment through Prestige Hospitality Ventures Limited, a wholly-owned subsidiary of the company, by way of the issue of shares (through primary or secondary markets or both).
Should you buy REITs when multibagger realty stocks seem unstoppable?
Experts recommend considering REITs alongside multibagger realty stocks due to rising demand for office space. SEBI's regulations have made REITs more accessible to retail investors, boosting market liquidity.
Properties worth Rs 1.17 lk cr sold by 18 listed realty firms in FY24; Godrej properties at top
Major real estate developers in India, including Godrej Properties, Prestige Estates Projects, and DLF, achieved significant sales bookings in the last fiscal year driven by strong demand for residential properties, especially luxury homes.
PNC Infratech likely to improve performance on order strength
The company's financial performance in the March 2024 quarter was lower than the Street's estimates. The company's standalone revenue increased by 10.8% year-on-year to Rs 2,342 crore.
SJVN Q4 Results: Net profit jumps two-fold to Rs 61 crore
State-owned SJVN has reported over two-fold jump in consolidated profit to Rs 61.08 crore during the March quarter, on account of exceptional gains.
Prestige Estates Q4 Results: Profit plunges 70% YoY to Rs 140 crore
Prestige Estates Projects Ltd has posted 70 per cent decline in consolidated net profit at Rs 140 crore for the quarter ended March 2024 on lower income. Its net profit stood at Rs 468.4 crore in the year-ago period.
Q4 Results: Prestige Estates profit down 70% to Rs 140 cr
Prestige Estates Projects, a leading real estate developer, reported a 70% decline in net profit to Rs 140 crore for the quarter ending March 2024. Despite the decrease, the company saw growth in the 2023-24 fiscal year, with increased total income and net profit.
Best is yet to come; for current year, looking at 25% growth over last year: Irfan Razack, Prestige Group
Irfan Razack, CMD of Prestige Group, outlines the company's strong sales performance, future launch plans, and expansion strategies in Bangalore and other cities, emphasizing growth projections in various sectors by 2028. In Delhi NCR, Prestige is launching projects in Indirapuram, Noida and KG Marg. However, because of the election, code of conduct has kicked in and things have been at a standstill in the last few months.
Puravankara Q4 Results: Loss narrows to Rs 7 crore YoY; revenue shoots up 112% YoY
The firm has launched 12 projects with a saleable area of 9.47 million square feet, reinforcing its expansion into high- potential micro-markets for the fourth quarter (Q4FY24) ending March 31, 2024.
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