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Buy Prestige Estates Projects; target of Rs 675: Motilal Oswal

Motilal Oswal is bullish on Prestige Estates Projects recommended buy rating on the stock with a target price of Rs 675 in its research report dated November 10, 2022.

November 16, 2022 / 05:36 PM IST
 
 
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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.


Outlook


We reiterate our BUY rating on the stock with an unchanged TP of INR675, implying an upside potential of 48%.


For all recommendations report, click here


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Prestige Estates Projects - 14 -11-2022 - moti

Broker Research
first published: Nov 16, 2022 05:36 pm