The shares of Prestige Estates Projects Limited were trading 1 percent higher at Rs 471 levels in the early hours of Thursday. In the last six months, the stock has zoomed by approximately 18 percent.
Prestige Group has firmly established itself as one of the leading and most successful developers of real estate in India. They have a diverse portfolio covering the residential, commercial, retail, leisure, and hospitality segments.
The company has an extended presence across major cities in the Southern part of India including Chennai, Hyderabad, Kochi, Mysore, Mangalore, and Goa. The company operates brands like the Forum, Angsana,
In Q2FY23, the company reported a total revenue of Rs 1,427.7 Crore and a net profit of Rs 150.5 Crore. The promoter holding in the company is at 65.48 percent which is unchanged for the last five quarters.
Domestic brokerage firm Motilal Oswal is bullish on the stock and has a ‘Buy’ tag with a target price of Rs 675 per share which represents an upside of 43% from the current market price.
“We expect CY23 to be a defining year for Prestige Estates as it looks to grow its pre-sales on a strong base, provide growth visibility, and allay concerns of a rise in leverage beyond a comfortable level,” Motilal Oswal highlighted in a note.
The brokerage also highlighted that the company reported a total sales booking of Rs 104 Billion in the financial year 2022 and became the first company to breach the Rs 100 Billion pre-sales mark.
Prestige Estates Projects currently has Rs 65 Billion of inventory in ongoing projects and 57 msf of upcoming project pipeline with a revenue potential of Rs 337 Billion, providing just three years of visibility. Thus, business development is likely to be the focus, it added further.
Written by Anoushka Roy
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