Prestige Estates, HDFC Capital Advisors form Rs. 2,500 crore housing fund

Prestige Estates Project Limited (PEPL) has entered into strategic partnership with HDFC Capital Advisors for furthering its business in housing sector, the company announced.

The capital for the Rs. 2,500 crore fund is a mix of equity and debt. The primary focus shall be on expanding Prestige’s residential business for the mid-income segment. The Prestige Group is a South India-based realtor with projects in Ahmedabad, Goa and Pune. The company has completed more than 200 real estate projects.

On the results front, PEPL's consolidated revenue came in at Rs. 1,272 crore for the quarter ended December 31, 2017. The company registered 3.1 per cent yoy increase in revenue. EBITDA for the quarter came in at Rs. 254 crore with a corresponding margin expansion of 70 bps. EBITDA margin for the quarter stood at 20 per cent. The PAT for the quarter came in at Rs. 99 crore, yoy decrease of 3 per cent. This was due to 18.9 per cent jump in finance cost.

On Thursday, the stock opened at Rs. 298 per share and touched an intra-day high of Rs. 305.