Motilal Oswal's research report on Prestige Estates Projects
Prestige Estates Projects (PEPL) reported yet another strong quarter with presales of INR39b, up 19% YoY and 31% above our estimate. The growth was driven by increased contribution from Mumbai and Hyderabad, each accounting for INR10b of pre-sales in 4QFY23, driven by launches. PEPL launched 5.2msf of projects (of which, 3.3msf in Hyderabad) and released two more towers at The Prestige City, Mumbai. Sales volume declined 18% YoY to 4msf; however, blended realizations were up 45% YoY, due to higher MMR mix.
Outlook
We reiterate our BUY rating on the stock with an unchanged TP of INR675, implying an upside potential of 40%.
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