HDFC Securities' research report on Prestige Estates Projects
PEPL 2QFY21 financial performance was ahead of our estimates with revenue/EBITDA/APAT beat of 27/15/90%. The pre-sales and collections have come back to pre-COVID levels. Share of completed high-value inventory in pre-sales stood at 59% for 2QFY21. PEPL expects to maintain similar momentum for 2HFY21 with six new launches. The annuity portfolio monetisation will yield about Rs 91.6bn with inflow expected by Dec-20. About Rs 50bn will go towards debt retirement and balance Rs 35-37bn post refundable deposit/taxes shall be deployed towards Capex assets. PEPL has entered a new Capex cycle, and rerating would be a longer wait.
Outlook
We roll forward our NAV to Dec-21 and maintain BUY on PEPL with an increased SOTP of Rs 300/sh.
For all recommendations report, click here
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