Motilal Oswal's research report on Prestige Estates Projects
Prestige Estates Projects (PEPL) reported the second-best quarterly pre-sales performance with total booking value of INR35b (10% beat), up 17% QoQ /66% YoY in 2QFY23. PEPL generated 75% of sales from Bengaluru led by continued momentum at Prestige City, Bengaluru while Mumbai and Hyderabad contributed 12% and 9%, respectively, during the quarter. Sales volume rose 20% YoY to 4.2msf while blended realizations improved 40% YoY to INR8,900/sq. ft. fueled by higher sales in Mumbai. PEPL launched 7.3msf of projects in 2QFY23, which included phase launches in Prestige City, Mumbai and Bengaluru along with new project launches at Hyderabad and Bengaluru. On the commercial front, the company launched Prestige Liberty Towers in Mumbai.
We reiterate our BUY rating on the stock with an unchanged TP of INR675, implying an upside potential of 48%.
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