Shares of Prestige Estates Ltd hit a record high today after the real estate firm reported a six-fold rise in Q2 profit. Prestige Estates stock gained 5.40% to Rs 877.50 against the previous close of Rs 832.50 on BSE. Total 0.52 lakh shares of the firm changed hands amounting to a turnover of Rs 4.45 crore. Market cap of Prestige Estates rose to Rs 34,712 crore on BSE.
Prestige Estates shares have a one-year beta of 0.5, indicating very low volatility during the period.
In terms of technicals, the relative strength index (RSI) of Prestige Estates stands at 74.1, signaling it's trading in the overbought zone.
Prestige Estates stock stands higher than the 5 day, 10 day, 100 day, 150 day, 200 day but lower than the 20 day, 30 day, 50 day moving averages. The realty firm reported a consolidated net profit of Rs 850.9 crore in Q2 against Rs 140.7 crore in the corresponding quarter of the previous year.
Total income rose to Rs 3,256 crore in Q2 from Rs 1,474.7 crore in the corresponding period of the previous year.
Revenue from operations in Q2 rose to Rs 2236.4 crore against Rs 1427.7 crore a year ago. Profit before tax climbed 452% year-on-year to Rs 1166.7 crore in Q2 against Rs 211.1 crore in the corresponding quarter of the previous fiscal.
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During the April-September period of this fiscal, net profit rose to Rs 1,117.8 crore from Rs 345.6 crore in the year-ago period. Total income climbed to Rs 5,222.3 crore in the first six months of this fiscal from Rs 3,486.5 crore in the corresponding period of the last financial year.
Prestige Estates is one of the leading real estate developers in the country.
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