Prestige_Estate_up

Prestige Estate Projects has closed higher 12.81% to Rs 96.45, extending its Thursday’s 11% rally after the company delivered strong operating performance during the quarter ended December 2011.

The operating profit margins (OPM) of the Bangalore-based real estate company have improved by 600 basis points to 35% in 3QFY12 from 29% in the corresponding quarter of previous fiscal. Management expects EBITDA margins to stabilize between 30-35% going forward.

However, sales were down 53% at Rs 180 crore year-on-year due to higher base of 3QFY11, where sales were boosted by good response to pre-launch of Prestige Tranquility.

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