Motilal Oswal's research report on Prestige Estates Projects
PEPL reported pre-sales of INR71b, up 102% YoY (29% higher than estimate of INR55b), driven by the successful launch of “Prestige Park Grove” project in Bengaluru, which generated sales of INR46b. Overall, PEPL launched five new projects with a developable area of 13msf in 2QFY24. Volumes increased 50% YoY/79% QoQ to 6.8msf and blended realizations were up 34% YoY to ~INR10,400/sft, due to price growth and premium mix. Total collections in 2Q remained flat YoY at INR26b and the company generated OCF of INR11b. Continued spend on capex and BD resulted in net debt increasing by INR5b sequentially to INR70b with net D/E of 0.6x.
Outlook
We roll forward our estimates to Sep’24 and reiterate our BUY rating on the stock with increased TP of INR1,000, indicating a 20% upside potential.
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