About
Prestige Estates Projects Ltd
Prestige Estates Projects Ltd is one of the leading real estate development companies with projects in residential, office, retail and hospitality segment. Its operations are spread across South India, Pune, Goa and Ahmedabad. The company has completed more than 281 real estate projects of over 167 million sq. ft.. They have developed a diversified portfolio of real estate development projects focusing on projects in the residential (including apartments, villas, plotted developments and integrated townships), commercial (including corporate office blocks, built-to-suit facilities, technology parks and campuses and SEZs), hospitality (including hotels, resorts and serviced accommodation) and retail (including shopping malls) segments of the real estate industry.
The company also offers a variety of services through their real estate services business, which includes the provision of property management services for their commercial and residential developments, sub-leasing and fit-out services, project and construction management services, interior solutions services, mall management services and the operation of their hospitality projects.
Prestige Estates Projects Ltd commenced operations as a partnership firm on April 1, 1986, under the name and style of Prestige Estates and Properties. The partners of the firm were the Late S. Razack, Irfan Razack, Rezwan Razack and Sameera Noaman. In March 31, 1997, the partnership firm was reconstituted between Late S. Razack, Irfan Razack, Rezwan Razack, Sameera Noaman, Noaman Razack, Rabia Razack, Badrunissa Irfan and Almas Rezwan and the name of the firm was changed to Prestige Estates Projects.
In June 4, 1997, the firm was registered as a private limited company with the name Prestige Estates Projects Private Ltd. All of the business and property of the erstwhile partnership firm therefore became vested in the company. In the year 1998, the company forayed into property management services. In the year 2000, they inaugurated Prestige Acropolis. In the year 2001, they received ISO 9001:2000 Certification. Also, they commenced operation of Angsana, their first hospitality project.
In the year 2004, the company inaugurated their first retail project, Forum Mall. In the year 2006, they launched an SEZ namely, Cessna Business Park and an integrated township namely, Prestige Shantinikethan. Also, they inaugurated Prestige Ozone, a villa development. In the year 2007, the company expanded their operation to Cochin, Chennai and Hyderabad. They entered into a relationship with Red Fort India Real Estate Holdco I L.L.C to develop commercial space and townships. Also, they inaugurated UB City, their largest mixed use development.
In the year 2008, the company entered into strategic alliance with CRIDF for developing malls across South India. They also entered into a relationship with UIOF. They inaugurated a luxury mall at UB City namely, the Collections. Also, they started operations of Oakwood Premier Prestige, serviced apartments at UB City.
In the year 2009, the company inaugurated Forum Value Mall. In November 10, 2009, the company was converted into a public limited company and the name was changed to Prestige Estates Projects Ltd. In the year 2010, the company launched Prestige White Meadows. In July 2010, the company completed the project Prestige Shantinikethan, which comprised of 14.62 million sq. ft. of Developable Area, across the residential (including 6.07 million sq. ft. of Saleable Area), consisting of 24 blocks of which 17 blocks, with a developable area of 6.14 million sq. ft.
In October 2010, Prestige Estates Projects entered the capital market with an Initial Public Offering of Rs 1200 crore.
On 8 August 2014, Prestige Estates Projects announced the closure of qualified institutions placement of equity shares of the company and approved the issuance of up to 2.5 crore equity shares at an issue price of Rs 245 per share aggregating to approximately Rs 612.50 crore to eligible Qualified Institutional Buyers.
The Board of Directors of Prestige Estates Projects at its meeting held on 24 March 2016 accorded their in-principle approval for the merger of its wholly owned subsidiaries, Downhill Holiday Resorts Private Limited, Foothills Resorts Private Limited, Pennar Hotels and Resorts Private Limited and Valdel Xtent Outsourcing Solutions Private Limited with the company.
The Board of Directors of Prestige Estates Projects at its meeting held on 31 March 2016 approved the Scheme of Amalgamation of Downhill Holiday Resorts Private Limited, Foothills Resorts Private Limited, Pennar Hotels and Resorts Private Limited and Valdel Xtent Outsourcing Solutions Private Limited with Prestige Estates Projects (PEPL) and their respective shareholders. The entire paid-up and issued share capital of each of these transferor companies is held by PEPL.
On 1 April 2016, Prestige Estates Projects announced that its subsidiary Prestige Alta Vista Holdings has purchased approximately 49% of the securities held by CMIDF Whitefield Mall (Singapore) Pte. Ltd. in Prestige Whitefield Investment and Developers Private Limited for Rs 56.87 crore. Prestige Whitefield Investment and Developers Private Limited owns a land parcel of approximately 8 acres and is engaged in development of commercial space.
During the financial year ended 31 March 2017, Prestige Estate Projects undertook a restructuring exercise by which the Prestige brand's four verticals have been incorporated as separate holding companies (100% held by listed company Prestige Estates Projects Limited) formed for each segment. The restructuring was done with an objective to better each vertical (Residential, Commercial, Retail and Hospitality) in terms of performance and competency.
On 26 December 2017, Prestige Estates Projects announced that the company through a wholly owned special purpose vehicle (SPV) is the process of acquisition of the entire remaining 66.66% equity stake in Prestige Projects Private Limited (PPPL) from the investors and land owners for a consideration of about Rs 324 crore. PPPL owns a land parcel admeasuring over 180 acres in Sarjapur Road, Bengaluru. Prestige Estates Projects is proposing to develop a large scale affordable and mid income housing project in this land.
On 1 January 2018, the Management Sub Committee of Prestige Estates Projects approved acquisition of CapitaLand stake in various retail mall entities for an aggregate consideration of approximately Rs 342 crore.
On 9 January 2018, Prestige Estates Projects announced the completion and opening of Forum Centre City Mall in Mysore with 96% leasing and occupancy. The mall has leasable area of 0.32 million sq. ft and is situated in the heart of Mysore City. The mall is owned by Prestige Retail Ventures Limited, a wholly owned subsidiary of Prestige Estates Projects.
On 7 February 2018, Prestige Estates Projects announced that it has entered into a strategic partnership with HDFC Capital Advisors Limited for furthering its business in the Mid-Income/Affordable Housing sector. This dedicated real estate platform shall have a capital to the tune of Rs 2500 crore, which shall be a blend of equity and debt. The primary focus will be on expanding Prestige's residential business by identifying strategic land parcels with the potential of developing large-scale residential projects in the mid-income segment. HDFC Capital Advisors Limited, a wholly owned subsidiary of HDFC, provides investment advisory services for real estate private equity financing.
On 26 February 2018, Prestige Estates Projects announced that its wholly owned subsidiary Prestige Exora Business Parks Limited (Exora) and Reco Jade Ind Private Limited (Reco), a subsidiary of GIC (Realty) Pte Limited, Singapore have entered into a preliminary term sheet in relation to a possible significant minority investment by Reco in Exora, which owns directly/indirectly multiple office properties, both operating and under construction.
On 8 March 2018, Prestige Estates Projects announced that it has entered into binding agreement for acquisition of 80% stake held by investors and its affiliates in Sterling Urban Infraprojects. Sterling Urban Infraprojects owns land parcels of around 59 acres at Outer Ring Road - Sarjapur, Bangalore. Prestige Estates Projects intends to develop state of the art commercial office space with over 6 million sq. ft of developable area in this land.
During FY 2019-20, the Company had sold 3,424 Residential units and 1.47 million square feet of commercial space, which translated to sales of Rs. 45,607 million. During the year, it has launched 17.12 million square feet.
During the financial year 2019-20, the Company signed second platform deal with HDFC Capital Affordable Real Estate Fund I (HCARE) to develop a housing project 'Prestige Finsbury Park' owned by Apex Realty Ventures LLP.
During the FY 2020-21, the Company has sold 4,893 Residential units and 0.38 million square feet of commercial space, which translates to sales of Rs. 54,608 million. It completed development of 2 million Sq. ft. across all its segments and launched projects spanning 11.85 million Sq. ft. across 5 cities. During year 2020-21, the Company divested 100% of its stake in Prestige Amusement Private Limited, Cessna Garden Developers Private Limited and 85% of its stake in Prestige Hyderabad Retail Ventures Private Limited, Prestige Shantiniketan Leisures Private Limited, Prestige Garden Constructions Private Limited, Prestige Mangalore Retail Ventures Private Limited, Prestige Mysore Retail Ventures Private Limited and Flicker Projects Private Limited.
During the year 2022, Company has launched 16.77 million Sq. ft. It completed 16 projects with Built up Area of 14.26 million sq. ft. across
segments & geographies during the year. During the FY 2021-22, the Company has sold 8,883 residential units and 0.67 million Sq. Ft. of commercial space, which translates to sales of Rs. 1,03,822 million.
During FY 2021-22, the Company acquired 100% equity share capital of Ariisto Developers Private Limited, in Mumbai which got approved by National Company Law Tribunal on 23 March 2021. It acquired 45% stake in two partnership firms, M/s. Prestige Century Megacity and 55% stake in M/s. Prestige Century Landmark, which hold land in North Bangalore. The Company through its subsidiary, acquired 70% equity stake in Shipco Infrastructure Private Limited to create logistics and warehousing space.
During year 2021-22, the Company divested 100% of its stake in Dashanya Tech Parkz Private Limited, 85% of its stake in Vijaya Productions Private Limited and 50% of its stake in Prestige Beta Projects Private Limited. It divested entire stake in Prestige City Estates Private Limited to CPP Investment Board Private Holdings (4) Inc., an affiliate of Canada Pension Plan Investment Board and Prestige City Estates Pvt. Ltd. owns Commercial project viz., Prestige RMZ Star Tech.
During the year ended 31 March 2022, the Group has received approvals from NCLT for Scheme of Arrangement for Demerger of certain business undertakings held in subsidiaries of the Company effective from March 10, 2021.
In 2022-23, the Company acquired 10% equity stake in Prestige Sterling Infraprojects Private Limited on July 29, 2022 and held 90% equity shares in it. The Company through its wholly owned subsidiary Prestige Retail Ventures Limited (PRVL), acquired 30% stake in Prestige OMR Ventures LLP. With the acquisition LLP became a wholly owned subsidiary of the Company.
In 2022-23, the Company came with 2 new launches, Ocean Towers in Marine Lines, and Prestige Nautilus in Worli. Thereafter, it launched 26 Mn sft of projects, including 16 Mn sft of residential projects and 10 Mn sft of capex projects. 15 projects with Built up Area of 15.68 Mn. sq. ft. across segments & geographies were completed during the year 2023.
Prestige Estates Projects Ltd
Company History
Prestige Estates Projects Ltd is one of the leading real estate development companies with projects in residential, office, retail and hospitality segment. Its operations are spread across South India, Pune, Goa and Ahmedabad. The company has completed more than 281 real estate projects of over 167 million sq. ft.. They have developed a diversified portfolio of real estate development projects focusing on projects in the residential (including apartments, villas, plotted developments and integrated townships), commercial (including corporate office blocks, built-to-suit facilities, technology parks and campuses and SEZs), hospitality (including hotels, resorts and serviced accommodation) and retail (including shopping malls) segments of the real estate industry.
The company also offers a variety of services through their real estate services business, which includes the provision of property management services for their commercial and residential developments, sub-leasing and fit-out services, project and construction management services, interior solutions services, mall management services and the operation of their hospitality projects.
Prestige Estates Projects Ltd commenced operations as a partnership firm on April 1, 1986, under the name and style of Prestige Estates and Properties. The partners of the firm were the Late S. Razack, Irfan Razack, Rezwan Razack and Sameera Noaman. In March 31, 1997, the partnership firm was reconstituted between Late S. Razack, Irfan Razack, Rezwan Razack, Sameera Noaman, Noaman Razack, Rabia Razack, Badrunissa Irfan and Almas Rezwan and the name of the firm was changed to Prestige Estates Projects.
In June 4, 1997, the firm was registered as a private limited company with the name Prestige Estates Projects Private Ltd. All of the business and property of the erstwhile partnership firm therefore became vested in the company. In the year 1998, the company forayed into property management services. In the year 2000, they inaugurated Prestige Acropolis. In the year 2001, they received ISO 9001:2000 Certification. Also, they commenced operation of Angsana, their first hospitality project.
In the year 2004, the company inaugurated their first retail project, Forum Mall. In the year 2006, they launched an SEZ namely, Cessna Business Park and an integrated township namely, Prestige Shantinikethan. Also, they inaugurated Prestige Ozone, a villa development. In the year 2007, the company expanded their operation to Cochin, Chennai and Hyderabad. They entered into a relationship with Red Fort India Real Estate Holdco I L.L.C to develop commercial space and townships. Also, they inaugurated UB City, their largest mixed use development.
In the year 2008, the company entered into strategic alliance with CRIDF for developing malls across South India. They also entered into a relationship with UIOF. They inaugurated a luxury mall at UB City namely, the Collections. Also, they started operations of Oakwood Premier Prestige, serviced apartments at UB City.
In the year 2009, the company inaugurated Forum Value Mall. In November 10, 2009, the company was converted into a public limited company and the name was changed to Prestige Estates Projects Ltd. In the year 2010, the company launched Prestige White Meadows. In July 2010, the company completed the project Prestige Shantinikethan, which comprised of 14.62 million sq. ft. of Developable Area, across the residential (including 6.07 million sq. ft. of Saleable Area), consisting of 24 blocks of which 17 blocks, with a developable area of 6.14 million sq. ft.
In October 2010, Prestige Estates Projects entered the capital market with an Initial Public Offering of Rs 1200 crore.
On 8 August 2014, Prestige Estates Projects announced the closure of qualified institutions placement of equity shares of the company and approved the issuance of up to 2.5 crore equity shares at an issue price of Rs 245 per share aggregating to approximately Rs 612.50 crore to eligible Qualified Institutional Buyers.
The Board of Directors of Prestige Estates Projects at its meeting held on 24 March 2016 accorded their in-principle approval for the merger of its wholly owned subsidiaries, Downhill Holiday Resorts Private Limited, Foothills Resorts Private Limited, Pennar Hotels and Resorts Private Limited and Valdel Xtent Outsourcing Solutions Private Limited with the company.
The Board of Directors of Prestige Estates Projects at its meeting held on 31 March 2016 approved the Scheme of Amalgamation of Downhill Holiday Resorts Private Limited, Foothills Resorts Private Limited, Pennar Hotels and Resorts Private Limited and Valdel Xtent Outsourcing Solutions Private Limited with Prestige Estates Projects (PEPL) and their respective shareholders. The entire paid-up and issued share capital of each of these transferor companies is held by PEPL.
On 1 April 2016, Prestige Estates Projects announced that its subsidiary Prestige Alta Vista Holdings has purchased approximately 49% of the securities held by CMIDF Whitefield Mall (Singapore) Pte. Ltd. in Prestige Whitefield Investment and Developers Private Limited for Rs 56.87 crore. Prestige Whitefield Investment and Developers Private Limited owns a land parcel of approximately 8 acres and is engaged in development of commercial space.
During the financial year ended 31 March 2017, Prestige Estate Projects undertook a restructuring exercise by which the Prestige brand's four verticals have been incorporated as separate holding companies (100% held by listed company Prestige Estates Projects Limited) formed for each segment. The restructuring was done with an objective to better each vertical (Residential, Commercial, Retail and Hospitality) in terms of performance and competency.
On 26 December 2017, Prestige Estates Projects announced that the company through a wholly owned special purpose vehicle (SPV) is the process of acquisition of the entire remaining 66.66% equity stake in Prestige Projects Private Limited (PPPL) from the investors and land owners for a consideration of about Rs 324 crore. PPPL owns a land parcel admeasuring over 180 acres in Sarjapur Road, Bengaluru. Prestige Estates Projects is proposing to develop a large scale affordable and mid income housing project in this land.
On 1 January 2018, the Management Sub Committee of Prestige Estates Projects approved acquisition of CapitaLand stake in various retail mall entities for an aggregate consideration of approximately Rs 342 crore.
On 9 January 2018, Prestige Estates Projects announced the completion and opening of Forum Centre City Mall in Mysore with 96% leasing and occupancy. The mall has leasable area of 0.32 million sq. ft and is situated in the heart of Mysore City. The mall is owned by Prestige Retail Ventures Limited, a wholly owned subsidiary of Prestige Estates Projects.
On 7 February 2018, Prestige Estates Projects announced that it has entered into a strategic partnership with HDFC Capital Advisors Limited for furthering its business in the Mid-Income/Affordable Housing sector. This dedicated real estate platform shall have a capital to the tune of Rs 2500 crore, which shall be a blend of equity and debt. The primary focus will be on expanding Prestige's residential business by identifying strategic land parcels with the potential of developing large-scale residential projects in the mid-income segment. HDFC Capital Advisors Limited, a wholly owned subsidiary of HDFC, provides investment advisory services for real estate private equity financing.
On 26 February 2018, Prestige Estates Projects announced that its wholly owned subsidiary Prestige Exora Business Parks Limited (Exora) and Reco Jade Ind Private Limited (Reco), a subsidiary of GIC (Realty) Pte Limited, Singapore have entered into a preliminary term sheet in relation to a possible significant minority investment by Reco in Exora, which owns directly/indirectly multiple office properties, both operating and under construction.
On 8 March 2018, Prestige Estates Projects announced that it has entered into binding agreement for acquisition of 80% stake held by investors and its affiliates in Sterling Urban Infraprojects. Sterling Urban Infraprojects owns land parcels of around 59 acres at Outer Ring Road - Sarjapur, Bangalore. Prestige Estates Projects intends to develop state of the art commercial office space with over 6 million sq. ft of developable area in this land.
During FY 2019-20, the Company had sold 3,424 Residential units and 1.47 million square feet of commercial space, which translated to sales of Rs. 45,607 million. During the year, it has launched 17.12 million square feet.
During the financial year 2019-20, the Company signed second platform deal with HDFC Capital Affordable Real Estate Fund I (HCARE) to develop a housing project 'Prestige Finsbury Park' owned by Apex Realty Ventures LLP.
During the FY 2020-21, the Company has sold 4,893 Residential units and 0.38 million square feet of commercial space, which translates to sales of Rs. 54,608 million. It completed development of 2 million Sq. ft. across all its segments and launched projects spanning 11.85 million Sq. ft. across 5 cities. During year 2020-21, the Company divested 100% of its stake in Prestige Amusement Private Limited, Cessna Garden Developers Private Limited and 85% of its stake in Prestige Hyderabad Retail Ventures Private Limited, Prestige Shantiniketan Leisures Private Limited, Prestige Garden Constructions Private Limited, Prestige Mangalore Retail Ventures Private Limited, Prestige Mysore Retail Ventures Private Limited and Flicker Projects Private Limited.
During the year 2022, Company has launched 16.77 million Sq. ft. It completed 16 projects with Built up Area of 14.26 million sq. ft. across
segments & geographies during the year. During the FY 2021-22, the Company has sold 8,883 residential units and 0.67 million Sq. Ft. of commercial space, which translates to sales of Rs. 1,03,822 million.
During FY 2021-22, the Company acquired 100% equity share capital of Ariisto Developers Private Limited, in Mumbai which got approved by National Company Law Tribunal on 23 March 2021. It acquired 45% stake in two partnership firms, M/s. Prestige Century Megacity and 55% stake in M/s. Prestige Century Landmark, which hold land in North Bangalore. The Company through its subsidiary, acquired 70% equity stake in Shipco Infrastructure Private Limited to create logistics and warehousing space.
During year 2021-22, the Company divested 100% of its stake in Dashanya Tech Parkz Private Limited, 85% of its stake in Vijaya Productions Private Limited and 50% of its stake in Prestige Beta Projects Private Limited. It divested entire stake in Prestige City Estates Private Limited to CPP Investment Board Private Holdings (4) Inc., an affiliate of Canada Pension Plan Investment Board and Prestige City Estates Pvt. Ltd. owns Commercial project viz., Prestige RMZ Star Tech.
During the year ended 31 March 2022, the Group has received approvals from NCLT for Scheme of Arrangement for Demerger of certain business undertakings held in subsidiaries of the Company effective from March 10, 2021.
In 2022-23, the Company acquired 10% equity stake in Prestige Sterling Infraprojects Private Limited on July 29, 2022 and held 90% equity shares in it. The Company through its wholly owned subsidiary Prestige Retail Ventures Limited (PRVL), acquired 30% stake in Prestige OMR Ventures LLP. With the acquisition LLP became a wholly owned subsidiary of the Company.
In 2022-23, the Company came with 2 new launches, Ocean Towers in Marine Lines, and Prestige Nautilus in Worli. Thereafter, it launched 26 Mn sft of projects, including 16 Mn sft of residential projects and 10 Mn sft of capex projects. 15 projects with Built up Area of 15.68 Mn. sq. ft. across segments & geographies were completed during the year 2023.
Prestige Estates Projects Ltd
Directors Reports
To the Members,
The Directors present the Board's Report on business operations and
affairs of Prestige Estates Projects Limited (the "Company" or "PEPL")
along with the audited Standalone and Consolidated financial statements for the Financial
Year ended March 31, 2023.
PERFORMANCE OF YOUR COMPANY
1. FINANCIAL HIGHLIGHTS:
(' in Million)
| Particulars |
Standalone Results |
Consolidated Results |
|
FY 2022-23 |
FY 2021-22 |
FY 2022-23 |
FY 2021-22 |
| Income |
|
|
|
|
| Revenue from Operations |
43,297 |
45,592 |
83,150 |
63,895 |
| Other Income |
1,070 |
3,116 |
4,570 |
2,107 |
| Total Income |
44,367 |
48,708 |
87,720 |
66,002 |
| Expenses |
|
|
|
|
| (Increase)/ decrease in inventory |
819 |
16,952 |
(22,312) |
5,652 |
| Contractor cost |
8,921 |
7,714 |
25,924 |
15,048 |
| Purchase of material |
1,816 |
1,583 |
6,553 |
3,848 |
| Purchase of completed units |
23 |
(97) |
23 |
(97) |
| Land cost |
14,131 |
3,591 |
30,594 |
7,986 |
| Rental expenses (net of waivers) |
24 |
(9) |
43 |
5 |
| Facility management expenses |
496 |
398 |
1,994 |
1,083 |
| Rates and taxes |
1,970 |
1,964 |
4,425 |
5,379 |
| Employee benefits expense |
2,818 |
2,287 |
6,034 |
4,510 |
| Finance costs |
3,313 |
2,952 |
8,066 |
5,553 |
| Depreciation and amortisation expense |
3,317 |
2,846 |
6,471 |
4,710 |
| Other expenses |
2,773 |
2,928 |
9,009 |
5,146 |
| Total Expenses |
40,421 |
43,109 |
76,824 |
58,823 |
| Profit before exceptional items and tax |
3,946 |
5,599 |
10,896 |
7,179 |
| Exceptional items |
204 |
5,399 |
3,079 |
8,079 |
| Share of profit / (loss) from associates/ jointly controlled
entities (Net of tax) |
- |
- |
168 |
(165) |
| Profit before tax |
4,150 |
10,998 |
14,143 |
15,093 |
| Tax expense |
741 |
1,525 |
3,475 |
2,945 |
| Net Profit for the year |
3,409 |
9,473 |
10,668 |
12,148 |
| Other Comprehensive Income (net of tax) |
(8) |
12 |
(9) |
33 |
| Total Comprehensive Income |
3,401 |
9,485 |
10,659 |
12,181 |
| Total comprehensive income for the year attributable to: |
|
|
|
|
| Owners of the Company |
- |
- |
9,409 |
11,533 |
| Non-controlling interests |
- |
- |
1,250 |
648 |
There have been no material changes or commitments affecting the
financial position of the Company which have occurred between March 31,2023 and the date
of this report.
2. BUSINESS:
Business Overview
Prestige Estates Projects Limited, is a Public Limited Company with its
Equity Shares listed on the BSE Limited and National Stock Exchange of India Limited. The
Authorised Share Capital of the Company is
' 4,500,000,000/- divided into 450,000,000 Equity Shares of '10/- each
and the Issued, Subscribed and Paid-Up Share Capital of the Company is ' 4,008,616,540/-
divided into 400,861,654 Equity Shares of '10/- each.
The Company operates in the real estate industry in general in the
following verticals.
> Residential
> Commercial
> Retail
> Hospitality
> Services
FINANCIAL HIGHLIGHTS (FY 2022-23, CONSOLIDATED)
During the FY 2022-23, the Company has reported Income from operations
of ' 87,720 Mn, EBIDTA of ' 25,433 Mn and PAT of ' 10,668 Mn, EBIDTA margin stood at
28.99% and PAT margin stood at 12.16%. During the corresponding FY 2021-22, the Company
had reported Income from operations of ' 66,002 Mn, EBIDTA of ' 17,442 Mn and PAT of '
12,148 Mn. EBIDTA margin stood at 26.43% and PAT margin stood at 18.41%.
FY 2022-23 OPERATIONAL HIGHLIGHTS
During the FY 2022-23, the Company has sold 15.09 Mn sq ft. of
residential and commercial space which translates to sales of ' 129,309 Mn. During the
corresponding FY 2021-22, the Company has sold 15.07 Mn sq ft of residential and
commercial space which translates to sales of ' 103,822 Mn.
COLLECTIONS
Total collections for the year ended March 31, 2023 aggregated to '
98,055 Mn (Prestige share of collections for the year aggregated to ' 87,252 Mn). Total
collections for the year ended March 31, 2022 aggregated to ' 74,664 Mn. (Prestige share
of collections for the year aggregated to ' 57,692 Mn).
LAUNCHES
During the period under review, Company has maintained high demand from
the customers for its projects. During the year Company has launched 26.38 Mn. Sq. ft.
COMPLETIONS
15 projects with Built up Area of 15.68 Mn. sq. ft. across segments
& geographies were completed during the year.
3. TRANSFER TO GENERAL RESERVES:
During the year the Company has not transferred any amount to General
Reserve.
4. DIVIDEND
The Board of Directors of the Company have recommended a dividend of '
1.5 (15%) per Equity Share of ' 10/- each which is subject to approval of shareholders in
the ensuing Annual General Meeting of the Company.
5. CHANGE IN THE NATURE OF BUSINESS, IF ANY:
There was no material change in the nature of Business carried out by
the Company during the period under review.
6. SHARE CAPITAL :
As informed above, the authorised share capital of the Company is '
4,500,000,000/- divided into 450,000,000 Equity Shares of ' 10/- each and the Issued,
Subscribed and Paid-up Share Capital of the Company is ' 4,008,616,540/- divided into
400,861,654 Equity Shares of ' 10/- each as on March 31,2023.
7. CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL:
During the year under review, there was no change in Directors and Key
Managerial Personnel.
The composition of the Board is elaborated in the Corporate Governance
Report.
8. CHANGES IN SUBSIDIARIES AND ASSOCIATES:
As described elsewhere in the report, the Company operates in the
following verticals and the changes are mentioned herewith:
> Residential Vertical - The Company continues to be the apex
entity for the Residential Vertical and shall continue to hold residential assets and all
future residential developments would continue to be undertaken by the Company.
> Commercial Vertical - Prestige Exora Business Parks
Limited, wholly owned subsidiary of the Company continues to be the apex entity for the
Commercial Vertical.
> Retail Vertical - Prestige Retail Ventures Limited, wholly
owned subsidiary of the Company continues to be the apex entity for the Retail Vertical.
> Hospitality Vertical - Prestige Hospitality Ventures
Limited, wholly owned subsidiary of the Company continues to be the apex entity for the
Hospitality Vertical.
> Services Vertical- The Company through this verticals
provides Fit out services, Interior Designs and Execution, Facilities & Property
Management and Project & Construction Management for all its projects.
Acquisitions during the fiscal:
Prestige Sterling Infraprojects Private Limited The Company has
acquired 10% equity stake in Prestige Sterling Infraprojects Private Limited on July 29,
2022. With these acquisition, the Company now holds 90% equity shares in Prestige Sterling
Infraprojects Private Limited.
Prestige OMR Ventures LLP
The Company through its wholly owned subsidiary Prestige Retail
Ventures Limited ("PRVL"), has acquired 30% stake in Prestige OMR Ventures LLP
With the acquisition LLP has now become a wholly owned subsidiary of the Company.
Further, the Company has transferred its 69% stake in the LLP to PRVL,
the apex entity for retail vertical of the Group, this brings PRVL holding in the LLP to
99% and balance 1% continues to be held by the Company. The LLP continues to be wholly
owned subsidiary, even after stake transfer to PRVL.
Prestige OMR Ventures LLP is developing a retail mall with developable
area of approximately 1.96 Mn sft. in Chennai.
9. SIGNIFICANT OR MATERIAL ORDERS PASSED BY REGULATORS/ COURTS:
There were no material orders passed during the year under review.
10. CONSOLIDATED FINANCIAL STATEMENTS:
The Company as on March 31,2023 has Twenty Nine (29) Subsidiaries and
Five (5) Associate Companies within the meaning of Section 2(87) and Section 2(6) of the
Companies Act, 2013 (hereinafter referred to as the 'Act' in this Report). There has been
no material change in the nature of business of the Subsidiaries/ Associates.
The Consolidated Financial Statements of the Company, its Subsidiaries
and Associate Companies are prepared in accordance with the provisions of Section 129 of
the Companies Act, 2013, read with Companies (Accounts) Rules, 2014 and the provisions of
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Consolidated
Financial Statements presented by the Company include the financial results of its
Subsidiaries / Associates. Pursuant to Section 129(3) of the Act, a separate statement
containing the salient features of the financial performance of Subsidiaries / Associates
of the Company in the prescribed Form AOC-1 is provided in Annexure I to the Report.
Pursuant to provisions of Section 136 of the Act, the Financial
Statements of the Company, Consolidated Financial Statements along with relevant documents
and separate Audited Accounts in respect of Subsidiaries are available on the website of
the Company.
11. BOARD OF DIRECTORS AND ITS COMMITTEES: Composition of the Board of
Directors
As on March 31, 2023, the Board of Directors of the Company comprises
of Nine (9) Directors of which Four (4) are Executive Promoter Directors and remaining
Five (5) are Non -Executive Independent Directors.
None of the Directors of the Company are disqualified under Section
164(2) of the Companies Act, 2013.
Board Meetings
The Board met four (4) times during the year under review and the
intervening gap between the meetings was within the period prescribed under the Companies
Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The dates of the meetings are as below:
| Sl. No. |
Date of the Meeting |
| 1. |
May 26, 2022 |
| 2. |
August 09, 2022 |
| 3. |
November 09, 2022 |
| 4. |
February 14, 2023 |
Independent Directors Meeting
As per the requirements of Schedule IV of the Companies Act, 2013 and
Regulation 25(3) of SEBI (LODR) Regulations, a separate meeting of the Independent
Directors of the Company was held on March 16, 2023 without the presence of the Chairman
& Managing Director or Executive Directors or other Non-Independent Directors or the
Chief Executive Officer or Chief Financial Officer or any other Management Personnel.
Committees of the Board
The composition of various Committees of the Board and their meetings
including the terms of reference are detailed in the Corporate Governance Report forming
part of the Annual Report.
Re-appointment of a Director retiring by rotation
In terms of Section 152 of the Companies Act, 2013, Mr. Rezwan Razack,
Director, (DIN: 00209060) is liable to retire by rotation at the ensuing Annual General
Meeting; and being eligible, offers himself for reappointment. The Board of Directors,
based on the recommendation of Nomination & Remuneration Committee have recommended
the re-appointment of
Mr. Rezwan Razack, Director, who is liable to retire by rotation.
The Notice convening the Annual General Meeting includes the proposal
for the re-appointment of the Director as aforesaid. Brief resume of the Director proposed
to be re-appointed, nature of his expertise in specific functional areas and names of the
Companies in which he holds directorship/ membership/ chairmanship of the Board or
Committees, as stipulated under SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 have been provided as an annexure to the Notice convening the Twenty
Sixth Annual General Meeting.
Continuation of Mr. Irfan Razack as Chairman and Managing Director
In terms of section 196 of Companies Act, 2013, Members approval is
sought by way of Special Resolution in the annual general meeting for continuation of Mr.
Irfan Razack as Chairman and Managing Director for remaining period of his office upto
September 24, 2024 on attaining 70 years of age.
Declaration by Independent Directors
The Independent Directors of the Company have provided the declaration
of Independence as required under Section 149(7) of the Companies Act, 2013, confirming
that they meet the criteria of Independence under Section 149(6) of the Companies Act,
2013 read with the Regulation 25(8) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
Annual Performance evaluation of the Board
Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Nomination and
Remuneration Committee and the Board have laid down the manner in which formal annual
evaluation of the Board, its Committees, and Individual Directors has to be made.
The performance evaluation of the Independent Directors was carried out
by the entire Board. The performance evaluation of the Chairman and Non-independent
Directors was carried out by the Independent Directors in the following manner:
a. Evaluation of performance of Non-independent Directors and the Board
of Directors of the Company as a whole;
b. Evaluation of performance of the Chairman of the Company, taking
into account, views of Executive and Non-Executive Directors;
c. Evaluation of quality, content and timeliness of flow of information
between the Management and the Board that is necessary for the Board to effectively and
reasonably perform its duties.
Directors Responsibility Statement
As required by Section 134(5) of the Companies Act, 2013, your Board of
Directors hereby confirm that:
a. in the preparation of the Annual Financial Statements for the year
ended March 31, 2023, the applicable Accounting Standards have been followed along with
proper explanation relating to material departures;
b. the Directors have selected such Accounting Policies and applied
them consistently and made judgments and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the Company at the end of the
Financial Year 2022-23 and of the profit of the Company for that period;
c. the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of the
Companies Act, 2013, for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities;
d. the Annual Financial Statements have been prepared on a Going
Concern basis;
e. the Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were adequate and operating
effectively; and
f. the Directors have laid down Internal Financial Controls to be
followed by the Company and that such Internal Financial Controls are adequate and were
operating effectively.
Corporate Governance Report
A detailed Report on Corporate Governance and a Certificate from the
Practicing Company Secretary regarding compliance of conditions of Corporate Governance
forms part of this Annual Report.
Management Discussion and Analysis Report
In terms of Regulation 34 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Management Discussion and Analysis Report forms part
of this Annual Report.
Business Responsibility and Sustainability Report
The SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 mandates the inclusion of Business Responsibility and Sustainability Report
("BRSR") as the part of Annual Report for top one thousand listed companies
based on the market capitalisation as on March 31, every year. The Report has been
mandated by SEBI for providing initiatives taken by the Companies from Environmental,
Social and Government perspective. In Compliance with the regulation, the Company has
provided the BRSR for the year 2022-23 as part of this Annual Report. The policies are
available at the website of the Company www.prestigeconstructions.com
12. AUDIT RELATED MATTERS:
Audit Committee
The terms of reference of the Audit Committee are in consonance with
the requirements mentioned in Section 177 of the Companies Act, 2013 and Regulation 18 of
SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The
Composition of the Audit Committee is mentioned in the Corporate Governance Report which
forms part of this Annual Report.
Statutory Auditors & Report thereon
M/s. S. R. Batliboi & Associates LLP Chartered Accountants,
Bengaluru (FRN 101049W/E300004) were re-appointed as Statutory Auditors of the Company at
the 25th Annual General Meeting of the Company held on September 27, 2022 to
hold office till the conclusion of 30th Annual General Meeting to be held in
the year 2027. The auditor's report for the year ending March 31,2023 forms part of this
Annual Report.
Statutory Auditors Qualification / Comment on the Company's Standalone
Financial Statements
There are no qualifications or adverse remarks in the Statutory Audit
Report on the Standalone Financial Statements.
Secretarial Auditor & Report thereon
>Pursuant to Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel), Rules, 2014, Secretarial Audit for
the Financial Year 2022-23 has been carried out by Mr. Nagendra D. Rao, Practicing Company
Secretary, Bengaluru (Membership No. FCS: 5553, COP: 7731)
The Report of the Secretarial Audit in Form MR-3 for the Financial Year
ended March 31, 2023 follows as Annexure II to the Report. In the said report, the
Secretarial Auditor has also commented that information as required under Section 134(q)
of the Companies Act, 2013 read with rule 5(1)(ii) and (ix) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, remuneration details of Chief
Executive Officer, Chief Financial Officer and Company Secretary has not been disclosed in
the Board's Report. Your Directors stated that with a view to ensure healthy & cordial
human relations at all levels and considering the confidential nature of the information,
the remuneration details of Chief Executive Officer, Chief Financial Officer and Company
Secretary have not been disclosed in the interest of the Company. However on a request
from any shareholder or any regulatory authority, the same shall be shared separately.
Cost Auditor & Report thereon
The Cost Audit Records are maintained in accordance with the provisions
of Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit)
Amendment Rules, 2014. There are no qualifications or adverse remarks in the Cost Audit
Report which require any explanation from the Board of Directors.
Based on the recommendations of the Audit Committee, the Board of
Directors have re-appointed M/s. P. Dwibedy & Co, Cost Accountants, Bengaluru
(FRN-100961) as the Cost Auditors of the Company for the Financial Year 2023-24.
As per Rule 14 of Companies (Audit and Auditors) Rules, 2014, the
Remuneration payable to the Cost Auditors for the FY 2023-24 is subject to ratification by
the Shareholders of the Company and the same is being put to shareholders at the ensuing
Annual General Meeting. The Notice convening the Annual General Meeting contains the
proposal for ratification of the remuneration payable to the Cost Auditors.
Internal Financial Controls
The Board of Directors of your Company have laid down Internal
Financial Controls to be followed by the Company and such Internal Controls are adequate
and operating effectively. Your Company has adopted policies and procedures for ensuring
orderly and efficient conduct of its Business, including adherence to the Company's
policies, the safeguarding of its assets, the prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records and the timely preparation
of reliable financial disclosures.
M/s. Grant Thorton India LLP are the internal auditors of the Company
for the financial year 2022-23.
In view of growth of business activities, on recommendation of Audit
Committee, the Board of Directors of the Company have appointed M/s. Grant
Thorton India LLP and M/s. Deloitte Touche Tohmatsu India LLP as the
Internal Auditor for Financial year 2023-24.
During the year under review, these controls were evaluated and no
significant weakness was identified either in the design or operation of the controls.
Fraud Reporting
There have been no instances of fraud reported by Auditors under
Section 143(12) of the Companies Act, 2013 and Rules framed thereunder either to the
Company or to the Central Government.
13. DISCLOSURE ON CONFIRMATION WITH
SECRETARIAL STANDARDS:
The Directors confirm that the mandatory Secretarial Standards on Board
and General Meetings issued by the Institute of Company Secretaries of India in accordance
with the applicable provisions of Companies Act, 2013 and rules made thereunder, have been
duly complied with.
14. POLICY MATTERS:
Directors Appointment and Remuneration Policy
The Directors of the Company are appointed by the Members at the Annual
General Meetings in accordance with the provisions of the Companies Act, 2013 and the
Rules made thereunder.
The Company has adopted the provisions of the Companies Act, 2013 and
provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
relating to the Appointment and Tenure of Independent Directors.
The Company has also adopted Remuneration policy for Directors, Key
Managerial Personnel and Senior Management Personnel and the same is available at the
Company website www.prestigeconstructions. com
Board Diversity Policy
The Company recognises and embraces the importance of a diverse Board
in its success. A truly diverse Board will leverage differences in thought, perspective,
knowledge, skill, regional and industry experience, age, race and gender etc., which will
help the Company to retain its competitive advantage. The Policy on Board Diversity has
been adopted by the Company and available at the website www. prestigeconstructions.com
Nomination and Remuneration Policy
The Nomination and Remuneration Committee has formulated a policy for
determining qualifications, positive attributes and independence of Directors and a policy
relating to the remuneration for the Directors, Key Managerial Personnel and Senior
Management Personnel of the Company. The Remuneration paid is as per the Nomination and
Remuneration Policy formulated by the Nomination and Remuneration Committee and approved
by the Board of Directors of the Company. The Nomination& Remuneration policy is
available at the website of the Company www.prestigeconstructions.com
Risk Management Policy
The Board has constituted a Risk Management Committee which is
entrusted with the task of monitoring and reviewing the Risk Management Plan and
procedures of the Company. This acts as a supplement to the Internal Control Mechanism and
Audit function of the Company. The Risk Management Policy is available at the website of
the Company www. prestigeconstructions.com
Corporate Social Responsibility Policy
The Corporate Social Responsibility Policy has been formulated by the
Corporate Social Responsibility Committee and approved by the Board of Directors and is
available at the website of the Company at www.prestigeconstructions.com
The activities pertaining to Corporate Social Responsibility is
detailed in Annexure III to the Report.
Whistle Blower Policy (Vigil Mechanism)
The Company has established a Vigil Mechanism to promote ethical
behavior in all its business activities and has in place, a mechanism for employees to
report any genuine grievances, illegal or unethical behavior, suspected fraud or violation
of laws and regulations and can report the same to the Chief Vigilance Officer and the
Audit Committee Chairman of the Board of the Company. The whistle blower policy is
available at the website of the Company www.prestigeconstructions. com
Prevention of Sexual Harassment Policy
As a part of the policy for Prevention of Sexual Harassment in the
organisation, Your Company has in place, an effective system to prevent and redress
complaints of sexual harassment of women at work place in accordance with The Sexual
Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and relevant rules thereunder. During the year
under review, there have been no instances of any complaints. The policy can be accessed
at our website www.prestigeconstructions. com
Policies related to Business Responsibility and Sustainability
Reporting
During the year, the Board of the Company has adopted the requisite
policies as detailed below as per the requirement of Business Responsibility and
Sustainability Reporting. This year, a detailed report on the same has been given and
forms part of the Annual Report.
• Ethics, Transparency and Accountability Policy
• Products, Lifecycles Sustainability Policy
• Employees Wellbeing Policy
• Stakeholder Engagement Policy
• Human Rights Policy
• Environment Policy
• Policy Advocacy
• Inclusive Growth Policy
• Customer Value Policy
Dividend Distribution Policy
Board has adopted a Dividend Distribution Policy, which is available on
the website of the Company https:// www.prestigeconstructions.com/admin/uploads/
investors/pepl-policies/dividend-distribution.pdf
Prevention of insider trading Policy
As per the provisions of the SEBI (Prohibition of Insider Trading)
Regulations, 2015, the Company has adopted a Code of Conduct to regulate, monitor and
report trading by designated persons in securities of the Company. The policy and
procedures are periodically reviewed and revised from time to time and communicated to the
designated persons and is available on the website of the Company.
The Insider Trading Code has been implemented to prevent the misuse of
unpublished price-sensitive information and set a framework, rules, and procedures that
all concerned parties should follow, both in letter and spirit, while trading in listed
securities of the Company.
A digital platform is being maintained by the Company, which contains
the names and other prescribed particulars of the persons covered under the Insider
Trading Code. This online tracking mechanism helps for monitoring trade in the Company's
securities by designated persons and taking appropriate action in case of any
violation/non-compliance of the Company's Insider Trading Code.
15. OTHER MATTERS:
A. Non-Convertible Debentures
During the year 2018-19, the Company issued 3,500 rated, unlisted,
secured, redeemable, NonConvertible Debentures ("NCD") of '
1,000,000/- each at par (total amount aggregating to ' 3,500 Mn.). Interest
on these debentures is being paid on a quarterly basis.
During the year 2021-2022, the Company issued 2,600 senior, secured,
redeemable rated, listed Non-Convertible Debentures ("NCD") of '
1,000,000 each at par (total amount aggregating to ' 2,600 Mn.). Interest on
these debentures is being paid on quarterly basis. The Company also issued 2,400 senior,
secured, redeemable, rated, listed Non-Convertible Debentures ("NCD") of '
1,000,000 each at par (total amount aggregating to ' 2,400 Mn.). Interest on
these debentures is being paid on quarterly basis.
B. Deposits
During the year under review, the Company has not accepted any Deposits
in terms of Chapter V of the Companies Act 2013, read with the Companies (Acceptance of
Deposit) Rules, 2014.
C. Awards and Recognitions
Your Company has been bestowed with various awards during the period
under review, the details of which are provided in the separate section in the Annual
Report titled 'Awards & Recognition'.
16. HUMAN RESOURCES:
Employee Relations remained cordial throughout the year at all levels.
Your Company would like to place its appreciation for all the hard work, dedication and
efforts put in by all the employees.
As on March 31, 2023, the Company had employee strength of 1,292
Further, total employees of the Company including its subsidiaries, associate and jointly
controlled entities stood at 8,393. Information as required pursuant to Section 197 (12)
of the Companies Act, 2013 read with Rule 5 (1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is elaborated in Annexure IV of this
report.
17. EXTRACT OF ANNUAL RETURN:
As per the requirements of Section 92(3) of the Act and the rules made
thereunder, the extract of the annual return as on March 31, 2023 is available on the
Company's website at https://www. preRtineconRtructionR.com/investorR downloads-
financial-performance/
18. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:
In terms of Section 134 of the Companies Act, 2013, the particulars of
loans, guarantees and investments made by the Company under Section 186 of the Companies
Act, 2013 are detailed in Notes to Accounts of the Financial Statements.
19. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
All contracts / arrangements / transactions entered into, by the
Company during the Financial Year, with Related Parties were in the ordinary course of
business on an arm's length price basis. During the year, the Company has not entered into
any contract / arrangement / transaction with Related Parties which could be considered
material. The details of contracts and arrangements with related parties for the financial
year ended March 31, 2023, are provided in the Notes to the Standalone Financial
Statements, which forms part of this Annual Report.
The policies of Related Party Transactions & Material related party
transactions, can be referred to at https://
www.prestigeconstructions.com/admin/uploads/ investors/pepl policies/related
partytransactions.pdf
20. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The details of conservation of energy, technology absorption, foreign
exchange earnings and outgo are as follows:
a) Conservation of energy
The Company continues to make energy savings efforts wherever possible
and as part of Green Initiative, IGBC-LEED requirements and the Energy Conservation Code,
the following Energy Conservation measures are continued to be undertaken:
• We also prioritise the conversion of Direct Current (DC) to
Alternating Current (AC) for faucet and flush valves, thereby improving energy efficiency.
• In new projects, we aim to install smart water meters to monitor
water consumption effectively.
• Adoption of efficient lighting technology including use of
timers and/or sensors for operating the light fixtures in certain areas.
• Usage of high - efficiency glazing that cuts down the heat
ingress and noise while maintaining optimum day lighting levels.
• Introduction of auto-correction power factor capacitor panels
for common area loads.
• Use of energy efficient lifts with group control in residential
projects.
• Use of Solar Lighting and VFDs
• Use of CFLs LEDs in lighting of common areas,
• Use of daylight sensors and lighting management systems.
• Use of timer control for all air conditioning units as per peak
and non-peak periods to save Energy during non-peak hours.
• Water saving Aerator Taps in Guest rooms, Public areas to save
water.
• STP Water Recycling: All sewage water is recycled, and pumped
out to serve as water for gardening, Cooling tower and Guest room toilet flushing
purposes.
Capital Investment on Energy Conservation Equipment:
The Company makes investment for reduction in consumption of energy.
Capital investment on energy conservation equipment cannot be quantified.
b) Technology absorption
The Company continues to strive for new technological innovations that
can enhance the product quality, increase process speed and reduce adverse impact on the
environment. Some of the measures that are continued to be used are as follows:
• Use of low flow toilet fixtures with sensors, concealed valves
etc.,
• Use of STP treated water for flushing, landscaping and air
conditioning.
• Harvesting rain water in the form of deep well recharging,
collection, treatment and use of terrace storm water etc.,
• Increased use of water-cooled chillers.
• Use of centralised LPT reticulation system with piped gas supply
to individual flats.
Expenditure on R&D
The Research and Development activity of the Company forms part of
project implementation and cannot be quantified.
c) Foreign exchange earnings and Outgo
i) Earnings and Expenditure on foreign currency on accrual basis
(' in Million)
| Particulars |
March 31,2023 |
March 31,2022 |
| Earnings in Foreign exchange |
Nil |
Nil |
| Expenditure in Foreign exchange |
|
|
| Professional & Consultancy charges incurred on projects |
61.97 |
14.35 |
| Travelling expenses |
178.41 |
38.27 |
| Selling & business promotion expenses |
1.78 |
7.14 |
| Other expenses |
12.47 |
23.06 |
| Total Expenditure |
254.63 |
82.82 |
ii) Value of Imports on CIF basis:
(' in Million)
| Particulars |
March 31,2023 |
March 31,2022 |
| Components for projects |
- |
- |
| Capital goods |
28.32 |
0.43 |
21. CORPORATE GOVERNANCE
In accordance with Regulation 34(3) read with Schedule V of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, a separate report on
Corporate Governance forms part of this report.
A certificate from Mr. Nagendra D Rao, Practicing Company Secretary
affirming compliance with the various conditions of Corporate Governance in terms of the
Listing Regulations given in a separate section of the Annual Report.
22. GREEN INITIATIVES:
Prestige with a strong focus on sustainable development has placed an
EV-charging in the premises of the Company to promote the usage of electric vehicles and
reduce the emissions of pollutants caused due to gasoline vehicles.
The Company sorts all its waste based on its characteristics,
categorizing it into hazardous, nonhazardous, biodegradable, and non-biodegradable types.
The hazardous waste, mainly consisting of waste oil from diesel generator sets, as well as
paint and varnish remnants, is responsibly disposed of through authorized third-party
vendors, following the regulations of the State Pollution Control Board.
For biodegradable waste, we adopt an eco-friendly approach by
converting it into organic manure, which we then use for landscaping at our operational
sites. This practice not only prevents the biodegradable waste from ending up in landfills
but also significantly reduces the release of fugitive methane emissions.
The Company has implemented the usage of solar power through wheeling
energy for electricity consumption. The Company is also issuing electronic copies of the
Annual Report 2023 and Notice of the Twenty-Sixth Annual General Meeting ("AGM")
to all the members whose email address is registered with the Company/Depository
participant(s). For members who have not registered their email address, physical copies
of the Annual Report 2023 and the Notice of the Twenty-Sixth AGM are being sent in the
permitted mode.
The Company is providing e-voting facility to all members to enable
them to cast their votes electronically on all resolutions set forth in the Notice of the
Twenty-Sixth AGM. This is pursuant to Section 108 of the Companies Act, 2013 read with
applicable Rules and in accordance with SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015. The instructions for e-voting are provided in the Notice
to the AGM.
23. THE DETAILS OF APPLICATION MADE OR PROCEEDINGS PENDING, IF ANY,
UNDER THE INSOLVENCY AND BANKRUPTCY CODE:
The Company has neither filed an application during the year under
review nor any proceedings are pending under the Insolvency and Bankruptcy Code, 2016 as
at March 31,2023.
24. THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT
THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR
FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF:
No such event has occurred during the year under review.
25. ACKNOWLEDGMENTS:
The Board of Directors take this opportunity to sincerely thank the
Company's valued Customers, Clients, Suppliers, Vendors, Investors, Bankers and
Shareholders for their trust and continued support towards the Company. The Board
expresses its deepest sense of appreciation to all the employees at all levels whose
professional committed initiative has laid the foundation for the organisation growth and
success.
| For and on behalf of Board of Directors of Prestige
Estates Projects Limited |
|
|
Sd/- Irfan Razack |
|
Chairman and Managing Director |
|
DIN: 00209022 |
|
Sd/- Rezwan Razack |
| Place: Bengaluru |
Joint Managing Director |
| Date: May 30, 2023 |
DIN: 00209060 |
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