Nitco Secures ₹105.4 Crore Tile Order from Prestige Estates; Anticipates More Contracts

Nitco Ltd, a leading tile manufacturer, has announced a ₹105.4 crore order from Prestige Estates Projects Ltd for the supply of tiles, marble, and mosaic. The project, scheduled for completion within six months, marks a significant collaboration between the two companies.

In a regulatory filing, Nitco expressed optimism, stating it expects additional orders worth ₹104 crore from Prestige Estates by March 2025. These orders are linked to ongoing projects, further strengthening the partnership.

This development aligns with Prestige Estates’ aggressive growth strategy. Despite a slow start to FY25, the Bengaluru-based real estate giant remains focused on achieving its ambitious pre-sales target of ₹24,000 crore. Chairman and Managing Director Irfan Razack recently disclosed that the company achieved ₹7,000 crore in pre-sales during April-September, representing 29% of its goal.

Razack anticipates a surge in sales as ₹50,000 crore worth of inventory progresses through approval stages, including RERA compliance. Once these projects hit the market, Prestige aims to regain momentum in the competitive real estate sector.

Nitco’s shares reflected positive investor sentiment, closing at ₹141.30 on the BSE, a 1.84% increase. The recent order and anticipated contracts underscore Nitco’s role in supporting large-scale real estate projects.

With a robust pipeline of projects, both companies stand to benefit from this strategic partnership, bolstering their market positions.