Income Tax Department conducts Search Operation at Prestige Estates:

Income Tax Department conducts Search Operation at Prestige Estates Prestige Estates Projects Ltd, a real estate firm, announced on Tuesday that the Income Tax Department is conducting a search operation at its registered and branch offices beginning February 25, 2025. "We hereby inform you that the Income Tax Department is doing a search at the company's registered office and its branch offices beginning February 25, 2025. The company is completely collaborating with the authorities, providing them with all essential information and assistance," Prestige Estates Projects stated in a regulatory filing. The company said it is completely collaborating with the authorities, giving all essential data and support. At this point, the investigation's details as well as any potential financial or operational implications are unknown. Prestige Estates Projects reported an 84.8% decrease in consolidated net profit for the third quarter of the financial year. In the December quarter, the company's profit dropped to Rs.17.70 crore, compared to Rs.116.30 crore the previous year. The real estate developer's income dropped by 7.9% to Rs.1,654.50 crore from Rs.1,795.80 crore the previous year. However, EBITDA increased by 7% to Rs.590.10 crore and margins improved to 35.7% from 30.7%. Prestige Estates Projects Limited shares closed at Rs.1,192.90, up Rs.2.85, or 0.24%, on the BSE.