Prestige Estates Projects Limited — Regulatory Filings 2024

Feb 15, 2024

February 15, 2024

To,

The General Manager	The Manager
Dept. of Corporate Services	Dept of Corporate Services
National Stock Exchange of India Limited	BSE Limited
Bandra Kurla Complex	Regd. Office: Floor 25, P J Towers
Bandra (E)	Dalal Street
Mumbai-400051	Mumbai – 400 001
Scrip Code: PRESTIGE	Scrip Code: 533274

Dear Sir/Madam,

Sub: Newspaper Publication of Financial Results for the quarter and nine months ended December 31, 2023.

Pursuant to regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, please find enclosed the financial results for the quarter and nine months ended December 31, 2023, duly published in Business Standard (English Daily) and Samyuktha Karnataka (Kannada Daily).

This is for your information and records.

Thanking you

Yours faithfully For Prestige Estates Projects Limited

VENKATARATHNA IAH SETTY JEELAKUNTE MANOJ KRISHNA Digitally signed by VENKATARATHNAIAH SETTY JEELAKUNTE MANOJ KRISHNA

Manoj Krishna J V Company Secretary & Compliance Officer

Encl: Copy of Publication

RAM PRASAD SAHU Mumbai, 14 February

The stock of Bharat Forge was down 17 per cent over the past two trading sessions due to a weak near-term growth outlook, though it marginally recovered by 0.4 per cent to ~1,109.15 on the BSE on Wednesday.

The management highlighted that in Q4FY24 and FY25, the growth momentum would moderate in both domestic and export markets across industries.

The company, however, is looking to outperform the market led by a diversified business mix. Brokerages have cut their earnings estimates by up to 11 per cent, given the slowdown in multiple segments.

The management indicated that demand for passenger vehicle (PV) exports, industrial segment, and defence is healthy even as commercial vehicle (CV) demand in Europe is falling while that in the oil and gas vertical remains muted.

Volumes for domestic CVs are also expected to pick up in the medium term.

"While we expect newer business segments (defence, lightweight, industrial castings, aerospace) to drive growth for the company over the coming years, we see limited growth prospects for the company's core business given an increase in competitive intensity for the domestic players in export markets and the risk of electrification in select segments — the crankshaft supplier in PV and tractor segments, and oil & gas segments," say Rishi Vora and Praveen Poreddy of Kotak Research.

The brokerage has cut its earnings per share estimates by 1-11 per cent for FY23-26 on lower revenue growth assumptions, lower profitability assumptions for the EU business, and higher finance costs.

The brokerage has maintained its sell rating as it finds valuations remain expensive given the cyclical nature of the business.

While the near-term guidance/outlook was muted, the company's December quarter results did not disappoint the Street.

Standalone revenues saw a 16 per cent growth led by a 36 per cent growth in domestic revenues.

The defence sector was the key contributor to the revenue growth while the

oil and gas sector revenues saw a decline. Operating profit grew by 31 per cent while margins saw a 320 basis points improvement to 28.5 per cent as against a 27 per cent estimate by brokerages.

The gains were led by lower raw material costs and cost control measures.

While Motilal Oswal Research has cut its earnings by 6-7 per cent for FY24/25 to

factor in weak demand in auto exports it has maintained its buy rating. "While the near-term outlook is cau-

tious, Bharat Forge has several long-term

growth drivers to sustain its outperformance over the industry. The turnaround of its overseas subsidiaries seems on track and expected lines," say Amber Shukla

and Aniket Desai of the brokerage. JM Financial Research has also maintained its 'buy' rating citing long-term growth triggers even as it cuts FY25 earnings estimates by 2 per cent.

"While the growth is expected to moderate in the near term, we see long-term triggers intact like the steady CV cycle in the US and India and strong ramp-up of PV, aerospace, and defence verticals. Cost-control initiatives and positive operating leverage are likely to support margins,'' Vivek Kumar and Ronak Mehta of the brokerage add.

	tax (after Exceptional and/or Extraordinary items
5.	Total Comprehensive Income [Comprising Profit (after tax) and Other Comprehensive Income (after tax)]	1.644	9.099	1.620	13.921	10.659
6.	Paid up Equity Share Capital	4.009	4.009	4.009	4.009	4.009
7.	Earnings Per Share (of Rs.10/- each) (for continuing and discontinued operations) - Basic: Diluted:	2.90 2.90	21.22 21.22	3.19 3.19	30.78 30.78	23.49 23.49

SI. No.	Particulars		Quarter Ended		Nine months ended	Year ended
		31-Dec-23	30-Sept-23	31-Dec-22	31-Dec-23	31-Mar-23
		Unaudited	Unaudited	Unaudited	Unaudited	Audited
1.	Total income from operations	6.095	10,577	13,222	22,380	44,367
2.	Net Profit for the period	108	1.390	1.704	1.906	3.946
	(before Tax, Exceptional
	and/or Extraordinary items #)
3.	Net Profit for the period	111	1,290	1,382	1,791	3,409
4.	Paid up Equity Share Capital	4,009	4,009	4,009	4,009	4,009
5.	Reserves (excluding	63,666	63,559	62,040	63,666	62,484
	Revaluation Reserve)
6.	Net worth	67.675	67,568	66.049	67.675	66.493
7.	Debt	32,104	30,461	23,680	32,104	33,446
8.	Debt Equity Ratio	0.47	0.45	0.36	0.47	0.50
9.	Earnings Per Share (of Rs.10/-
	each) (for continuing and
	discontinued operations) -	0.28
	Basic:		3.22	3.45	4.47	8.50
	Diluted:	0.28	3.22	3.45	4.47	8.50
10.	Debenture Redemption	687	604	906	687	1.018
	Reserve
11.	Debt Service Coverage Ratio	0.57	0.61	1.36	0.67	0.91
12.	Interest Service Coverage	1.11	2.36	2.97	1.65	2.16
13.	Current Ratio	1.09	1.04	1.10	1.09	1.01
14.	Long Term Debt to Working Capital	1.18	2.83	1.40	1.18	10.21
15.	Bad Debts to accounts receivable ratio	0.00	0.00	$\overline{a}$	0.00	0.00
16.	Current Liability Ratio	0.85	0.82	0.86	0.85	0.86
17.	Total debts to total assets	0.18	0.17	0.14	0.18	0.19
18.	Debtors Turnover	1.86	2.97	3.02	5.70	8.47
19.	Inventory Turnover	0.11	0.18	0.23	0.39	0.80
20.	Operating Margin %	31.12%	25.22%	24.50%	29.34%	21.96%
21.	Net Profit Margin %	1.92%	13.44%	10.63%	8.64%	7.87%

Growth concerns likely to slow Bharat Forge march

Brokerages cut earnings estimates over slowdown in some segments

BINDISHA SARANG

Fixed deposits (FDs) are offering attractive returns at present. SBM Bank is offering 8.25 per cent for a deposit period of 3 years and 2 days. RBL is offering 8.1 per cent on 18-24 month deposits. Unity Small Finance Bank is offering as much as 9 per cent over 1,001 days.

Experts say while interest rates are at an all-time high, the party may end soon.

Says Anshul Gupta, co-founder and chief investment officer, Wint Wealth: "FD rates are close to the peak and are expected to go down a few quarters later."

In short, this is the best time to get locked in at high-interest rates. Here are a few strategies

that can help you derive the

maximum benefits from FDs. Barbell strategy

This strategy divides the investment portfolio into short-term and long-term FDs, with minimal investment in medium-tenure FDs.

Says M Barve, founder of MB Wealth Financial Solutions: "The barbell strategy says that the best way to strike a balance between risk and reward is to invest at the extremes of the risk spectrum."

Gupta says investors who opt for this strategy can park their emergency funds in short-term FDs and lock in high-interest rates via long-term FDs.

Barve adds that this strategy allows investors to benefit from both the safety of short-term FDs and the higher returns of long-term FDs.

But this isn't a buy-and-forget strategy. Says Adhil Shetty, chief executive officer (CEO), Bankbazaar: "It also requires active portfolio management and a keen understanding of interest rate movements."

Investors who maintain a sizeable emergency fund corpus and also want to lock in high-interest rates using their remaining FD portfolio can use this strategy.

Says Jinal Mehta, a certified financial planner and founder of Beyond Learning Finance: "This

strategy may work well for retirees, as they may need more money in the short-term and less in the long-term."

Bullet strategy

the high end of the yield curve." This strategy is often used when an investor has a specific future financial goal or liability in mind and wants to ensure that a lump sum is available at that time. For example, a couple whose child is scheduled to enter college in three years may use this strategy.

Says Shetty: "However, this strategy can lead to limited diversification across different interest rates and economic cycles. It also subjects the investor to reinvestment risk if interest rates fall just before these FDs mature."

Mehta adds that a downside of this strategy can be the potential high tax burden when all FDs mature at once.

Laddering strategy

This strategy involves spreading your portfolio across multiple FDs over time. So, some amount is parked in very short-term FDs, some in slightly longer FDs, and so on. For example, a ~5 lakh portfolio could be invested in ~1 lakh FDs across maturities ranging

from one to five years.

This strategy involves purchasing several FDs with the same maturity date. Says Mehta: "When the FDs mature on the same date, the portfolio generates substantial earnings all at once at YOUR MONEY

Says Gupta: "This ensures that your investments are spread across different tenure buckets. This lowers interest rate risk compared to parking entire am ounts of money in just long-term FDs." By using this strategy, investors can average out the return from FDs over an entire interest-rate cycle. This strategy also provides liquidity at regular intervals. If the investor needs liquidity, the

maturity proceeds can be utilised, otherwise, they can be reinvested. Says Shetty: "It reduces the risk of reinvesting the entire corpus at lower interest rates, and offers a balance bet ween short-term and long-term rates."

Mehta points out that laddering is more of a defensive and conservative strategy that manages risk but does not maximise returns.

If you prefer not to use the strategies mentioned, don't just leave your money in a savings account. Consider a sweep-in FD instead. This automatically turns any amount above a certain limit in your savings account into a fixed deposit, earning higher interest. No fee is levied for early withdrawal. Most large banks offer this facility.

CIN: L07010KA1997PLC022322 Tel: +91 80 25591080, Fax: +91 80 25591945

Those keen to strike a balance between risk and reward may go for the barbell strategy

8.25 SBM Bank India 3 years 2 days 8.10 RBL Bank 18 months to 2 years 25 months to 26 mths 8.00 DCB Bank 7.85 Bandhan Bank 500 days 7.75 CSB Bank 401 days 7.75 IDFC First Bank 549 days to 2 years 7.75 IndusInd Bank 1 year to 2 years Interest rates as on February 14, 2024 Source: Paisabazaar.com

Bank Highest slab tenure Interest rate (%) BEST RATES OFFERED BY PRIVATE-SECTOR BANKS

	TASK CUT OUT			The growth
in ~ crore	FY23	FY24E	FY25E	momentum may moderate in
Net sales	12,910	15,146	16,871	both domestic
Growth Y-o-Y (%)	23.4	17.3	11.4	and export
Operating profit	1,767	2,797	3,608	markets across industries. The
Growth Y-o-Y (%)	-12.3	58.3	29	company is
Margin (%)	13.7	18.5	21.4	looking to
Net profit	506	1,427	2,013	outperform the market led by
Growth Y-o-Y (%)	-44	158.7	41	a diversified
E: Estimates		Source: PhillipCapital Research		business mix

2 THE SMART INVESTOR > .l

Notes:

a. The above unaudited results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on February 13, 2024.

b. The above is an extract of the detailed format of quarterly nancial results led with the Stock Exchange(s) under regulation 33 & 52 of the Listing Regulations. The full format of the Financial Results for the quarter and nine-months ended December 31, 2023 are available on the Company's website www.prestigeconstructions.com and can also be viewed on the stock exchange websites of www.nseindia.com and www.bseindia.com.

Extracts from the Consolidated Unaudited Financial Results of Prestige Estates Projects Limited for the quarter and nine-months ended December 31, 2023: PRESTIGE ESTATES PROJECTS LIMITED CIN: L07010KA1997PLC022322 Registered Ofce: Prestige Falcon Tower, No.19, Brunton Road, Bengaluru - 560025 Tel: +91 80 25591080, Fax: +91 80 25591945 Email: investors@prestigeconstructions.com; Website: www.prestigeconstructions.com

	c. The results have been prepared in accordance with IND AS prescribed under section 133 of the
Companies Act, 2013.

	By order of the Board of
	Prestige Estates Projects Limited
	Sd/-
Place: Bengaluru	Irfan Razack
Date: February 13, 2024	Chairman and Managing Director
	DIN: 00209022

- Diluted: (In Rs.)	(0.88)	1.86	0.50	(3.38)	2.98	.62
- Basic: (In Rs.)	(0.88)	$1.86$ 1	0.50	(3.38)	2.98	.62
Earnings Per Share to IRS. 27-each tror continuing and discontinued operations.

			PALASH SECURITIES LIMITED

						て in lakhs)
		Standalone			Consolidated
	Quarter	Nine months	Quarter	Quarter	Nine months	Quarter
Particulars	ended	ended	ended	ended	ended	ended
	31.12.2023	31.12.2023	31.12.2022	31.12.2023	31.12.2023	31.12.2022
						(Unaudited)
Total Income from operations	4.09	19.04	2.98	886.64	3,142.30	1,238.03
Net Profit / (Loss) for the period (before
tax, Exceptional and / or Extraordinary items)	9.43	15.02	6.77	(336.95)	(957.60)	(565.38)
Net Profit / (Loss) for the period before tax
(after Exceptional and / or Extraordinary items)	9.43	15.02	6.77	(336.95)	(957.60)	(565.38)
Net Profit / (Loss) for the period after tax
(after Exceptional and / or Extraordinary items)	7.30	11.98	6.77	(346.42)	(1.098.06)	(567.34)
Total Comprehensive Income for the
period [Comprising Profit for the period
(after tax) and Other Comprehensive
Income (after tax)]	2.03	109.22	22.42		13,083.74	(608.68)
Equity Share Capital	1,000.31	1,000.31	1.000.31	1,000.31	1.000.31	1.000.31
Other Equity (excluding revaluation
reserve) and Non-Controlling Interest
Earning per share (of ₹10/- each) (in ₹) :
Basic & Diluted	$0.07*$	0.12	$0.07*$		$(6.32)^*$	$(5.67)^{*}$
No.			(Unaudited) (Unaudited)	(Unaudited)		(Unaudited) (Unaudited) 2,717.06 $(2.31)^*$

	Total	385.22
3	General Corporate Purpose	38.62
	Working Capital	57.78	Within 36 months from receipt of funds for the warrants.
	Business Growth	288.82
S.N	Particulars	Total estimated amount to be utilized for each of the Objects* (Rs. In crore)	Tentative timelines for utilization of Issue Proceeds from the date receipt of funds

By Order of the Board
For Cupid Limited
$SD/-$
Saurabh V. Karmase

ai	Saurabh V
ebruary, 2024	Company Secretary and Complia

ಸಂಯುಕ್ತ ® ಕರ್ನಾಟಕ

PRESTIGE ESTATES PROJECTS LIMITED

CIN: L07010KA1997PLC022322

Registered Office: Prestige Falcon Tower, No.
19, Brunton Road, Bengaluru - 560025 Tel: +91 80 25591080, Fax: +91 80 25591945

e life Email: investors@prestigeconstructions.com; Website: www.prestigeconstructions.com Extracts from the Consolidated Unaudited Financial Results of Prestige Estates Projects Limited

SI. No.	Particulars		Quarter ended		Nine-months ended	Year ended
		31-Dec-23 Unaudited	30-Sept-23 Unaudited	31-Dec-22 Unaudited	31-Dec-23 Unaudited	31-Mar-23 Audited
1.	Total income from operations	19,705	32,560	23,475	71,928	87,720
$\mathbf{Z}$	Net Profit for the period (before Tax, Exceptional and/or Extraordinary items)	2,533	11,741	2,340	18,358	10,896
3.	Net Profit for the period before tax (after Exceptional and/or Extraordinary items)	2,370	11.667	2,321	18,078	14,143
4.	Net Profit for the period after tax (after Exceptional and/or Extraordinary items	1,647	9,103	1,617	13,928	10,668
5.	Total Comprehensive Income [Comprising Profit (after tax) and Other Comprehensive Income (after tax)]	1.644	9,099	1,620	13,921	10,659
6.	Paid up Equity Share Capital	4.009	4.009	4,009	4.009	4.009
7.	Earnings Per Share (of Rs.10/- each) (for continuing and discontinued operations) - Basic: Diluted:	2.90 2.90	21.22 21.22	3.19 3.19	30.78 30.78	23.49 23.49

Extracts from the Standalone Unaudited Financial Results of Prestige Estates Projects Limited for the quarter and nine-months ended December 31, 2023:

SI. No.	Particulars		Ouarter Ended		Nine months ended	Year ended
		31-Dec-23 Unaudited	30-Sept-23 Unaudited	31-Dec-22 Unaudited	31-Dec-23 Unaudited	31-Mar-23 Audited
1.	Total income from operations	6.095	10,577	13,222	22,380	44,367
2.	Net Profit for the period (before Tax, Exceptional and/or Extraordinary items #)	108	1.390	1,704	1,906	3,946
3.	Net Profit for the period	111	1.290	1,382	1.791	3,409
4.	Paid up Equity Share Capital	4,009	4.009	4,009	4,009	4,009
5.	Reserves (excluding Revaluation Reserve)	63.666	63,559	62.040	63,666	62,484
6.	Net worth	67,675	67,568	66.049	67,675	66,493
7.	Debt	32,104	30,461	23,680	32,104	33,446
8.	Debt Equity Ratio	0.47	0.45	0.36	0.47	0.50
9,	Earnings Per Share (of Rs.10/- each) (for continuing and discontinued operations) - Basic: Diluted:	0.28 0.28	3.22 3.22	3.45. 3.45	4.47 4.47	8.50 8.50
10.	Debenture Redemption Reserve	687	604	906	687	1.018
11.	Debt Service Coverage Ratio	0.57	0.61	1.36	0.67	0.91
12.	Interest Service Coverage	1.11	2.36	2.97	1.65	2.16
13.	Current Ratio	1.09	1.04	1.10	1.09	1.01
14.	Long Term Debt to Working Capital	1.18	2.83	1.40	1.18	10.21
15.	Bad Debts to accounts receivable ratio	0.00	0.00	$\sim$	0.00	0.00
16.	Current Liability Ratio	0.85	0.82	0.86	0.85	0.86
17.	Total debts to total assets	0.18	0.17	0.14	0.18	0.19
18.	Debtors Turnover	1.86	2.97	3.02	5.70	8.47
19.	Inventory Turnover	0.11	0.18	0.23	0.39	0.80
20.	Operating Margin %	31.12%	25.22%	24.50%	29.34%	21.96%
21.	Net Profit Margin %	1.92%	13.44%	10.63%	8.64%	7.87%

Notes:

A. The above unaudited results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on February 13, 2024.

b. The above is an extract of the detailed format of quarterly financial results filed with the Stock Exchange(s) under regulation 33 & 52 of the Listing Regulations. The full format of the Financial Results for the quart website www.prestigeconstructions.com and can also be viewed on the stock exchange websites of www.nseindia.com and www.bseindia.com.

c. The results have been prepared in accordance with IND AS prescribed under section 133 of the Companies Act, 2013.

Place: Bengaluru Date: February 13, 2024

By order of the Board of Prestige Estates Projects Limited $Sd$ /-Irfan Razack Chairman and Managing Director
DIN: 00209022

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