Income Tax Department conducts search at Prestige Estates offices

Real estate firm Prestige Estates Projects Ltd on Tuesday (February 25) announced that the Income Tax Department is conducting a search operation at its registered office and branch offices starting February 25, 2025.”…we hereby inform that the Income Tax Department is conducting a search at the Registered Office and other branch offices of the Company from February 25, 2025. The company is fully cooperating with the authorities, providing them with all necessary information and support,” Prestige Estates Projects
said in a regulatory filing.The company stated that it is fully cooperating with the authorities by providing all necessary information and support. At this stage, the details of the investigation and any potential financial or operational impact remain uncertain.Also Read: Prestige’s Irfan Razack sees no slowdown in housing demandPrestige Estates Projects reported an 84.8% drop in consolidated net profit for the third quarter of the financial year. The company’s profit fell to ₹17.70 crore in the quarter ended December, a sharp decline from ₹116.30 crore in the same period last year.The real estate developer also saw a 7.9% drop in revenue, which stood at ₹1,654.50 crore compared to ₹1,795.80 crore a year ago. However, EBITDA rose by 7% to ₹590.10 crore, while margins improved to 35.7% from 30.7%.Shares of Prestige Estates Projects Limited ended at ₹1,192.90, up by ₹2.85, or 0.24% on the BSE.Also Read: Prestige Estates confident of meeting annual pre-sales target despite slow start

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