2 weeks Ago
ICICI Securities has a reduce call on Prestige Estates Projects with a target price of Rs 1485. The current market price of the share is Rs 1603.95.
Prestige Estates, incorporated in 1997, is a Mid Cap company with a market cap of Rs 69089.13 crore, operating in the Real Estate sector. Prestige Estates Projects' key products/revenue segments include Income from Sale of Commercial Flats, Shops & Plots, Property Development, Other Services, Sale of services, Project Management Fees and Other Operating Revenue for the year ending 31-Mar-2024.
Financials For the quarter ended 30-09-2024, the company has reported a Consolidated Total Income of Rs 2423.80 crore, up 19.72% from last quarter Total Income of Rs 2024.
50 crore and down -25.56% from last year same quarter's Total Income of Rs 3256.00 crore.
The company has reported net profit after tax of Rs 245.70 crore in the latest quarter. Investment Rationale Prestige Estates Projects (PEPL) clocked tepid Q2FY25 gross sales bookings worth Rs 40.
3 billion (43% YoY dip) owing to just three new launches across 8.2msf in Bengaluru and Mumbai during the quarter. Although H1FY25 sales bookings were weak overall, at Rs 70.
5 billion, PEPL maintains its FY25 guidance of launching 53.4msf of residential projects with a total GDV of Rs 521 billion. Accordingly, it aspires to clock Rs 250-300 billion of gross sales bookings in FY25 with high-value Mumbai projects (INR 100bn of launch GDV) and Indirapuram, NCR (Rs 100 billion launch GDV) being key projects beyond south India.
While incorporating recent QIP of Rs 50 billion and land bank additions, the brokerage retained REDUCE call with a revised target price of Rs 1,485 (earlier Rs 1,596) at a 50% premium to FY25E NAV of INR 990/share. Key upside risks: Strong residential price uptick and pick up in office leasing Stock Trading ROC Made Easy: Master Course for ROC Stock Indicator By - Souradeep Dey, Equity and Commodity Trader, Trainer View Program Stock Trading Futures Trading Made Easy: Future & Options Trading Course By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant View Program Stock Trading Complete Guide to Stock Market Trading: From Basics to Advanced By - Harneet Singh Kharbanda, Full Time Trader View Program Stock Trading Market 103: Mastering Trends with RMI and Techno-Funda Insights By - Rohit Srivastava, Founder- Indiacharts.com View Program Stock Trading Stock Investing Made Easy: Beginner's Stock Market Investment Course By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading A2Z of Stock Market for Beginners: Stock Market Course For Beginners By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Commodity Markets Made Easy: Commodity Trading Course By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Renko Chart Patterns Made Easy By - Kaushik Akiwatkar, Derivative Trader and Investor View Program Stock Trading Point & Figure Chart Mastery: A Comprehensive Trading Guide By - Mukta Dhamankar, Full Time Trader, 15 Years Experience, Instructor View Program Stock Trading Heikin Ashi Trading Tactics: Master the Art of Trading By - Dinesh Nagpal, Full Time Trader, Ichimoku & Trading Psychology Expert View Program Stock Trading Ichimoku Trading Unlocked: Expert Analysis and Strategy By - Dinesh Nagpal, Full Time Trader, Ichimoku & Trading Psychology Expert View Program Stock Trading Market 104: Options Trading: Kickstart Your F&O Adventure By - Saketh R, Founder- QuickAlpha, Full Time Options Trader View Program Stock Trading Options Trading Made Easy: Options Trading Course By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant View Program Stock Trading Options Trading Course For Beginners By - Chetan Panchamia, Options Trader View Program Stock Trading Algo Trading Made Easy By - Vivek Gadodia, Partner at Dravyaniti Consulting and RBT Algo Systems View Program Promoter/FII Holdings Promoters held 60.
94 per cent stake in the company as of 30-Sep-2024, while FIIs owned 19.12 per cent, DIIs 16.69 per cent.
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