Prestige Estates Projects Limited (PEPL) has received a reaffirmation of its Crisil DA1+ grading, the highest-ever grading assigned by Crisil to a real estate developer. Prestige remains the only developer to hold this esteemed grading, reflecting an "Excellent" ability to execute real estate projects within stipulated quality standards and timelines while ensuring clear title transfers.
The reaffirmation underscores Prestige’s long-standing execution track record, strong financial position, brand reputation and experience of its senior management team. Crisil has factored in the company’s diverse presence across residential, commercial, retail, hospitality, and property management segments, its strategic collaborations with leading industry players, and its robust development pipeline across Indian geographies.
Prestige’s financial strength was a key factor in the reaffirmation, with consolidated net worth increasing to Rs 11,801 crore in FY24 from Rs 10,258.50 crore in FY23. The Group recorded a profit after tax (PAT) of Rs 1,628 crore, up from Rs 1,066 crore the previous year, with a healthy debt-to-equity ratio.
The group intensifies its strategic expansion efforts by entering new geographies, including Mumbai, NCR, Pune, and Goa while continuing to leverage its strong presence in established markets such as Bengaluru, Hyderabad, Chennai, and Kochi. This geographic diversification is aimed at tapping into high-growth regions and capitalising on the increasing demand for residential and commercial spaces across India.
Prestige Group has completed over 300 projects, covering 192 million square feet. As of September 2024, the group is actively working on 57 ongoing projects, totalling 99 million square feet, while an additional 62 upcoming projects, amounting to 94 million square feet, are in the pipeline. The company’s commitment to shaping India’s urban landscape is reflected in its focus on sustainable, customer-centric developments that cater to the evolving needs of modern living and business spaces.
Irfan Razack, Chairman & Managing Director of Prestige Group, commented, "We are pleased with Crisil's reaffirmation of our DA1+ grading, which is a testament to our execution excellence, financial strength, and customer trust. Our focus remains on delivering world-class developments, expanding our footprint, and setting new benchmarks in the industry while continuing to create exceptional spaces that enhance the urban landscape.
Binaifer Jehani, Business Head, Assessments, Crisil, said, "The reaffirmation of Prestige Estates' DA1+ grading reflects its robust execution capabilities, strong financial position, and well-diversified presence across real estate segments. Prestige's ability to deliver high-quality projects across multiple geographies, coupled with prudent financial management, continues to fuel its growth."
