Prestige Estate Projects
BSE SENSEX
28,413
Bloomberg
Equity Shares (m)
M.Cap.(INRb) / (USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
8,743
PEPL IN
375
69.0 / 1.1
225 / 130
-8/18/-24
47
30
15 September 2016
1Q4FY17 Results Update | Sector: Real Estate
CMP: INR184
TP: INR225 (+22%)
Buy
Muted presales led by weak market sentiment
Financials & Valuations (INR b)
2016 2017E 2018E
Y/E Mar
Net Sales
46.3
46.5
49.5
EBITDA
10.4
10.9
11.7
Adj PAT
3.5
3.5
3.7
Adj EPS (INR)
9.4
9.2
9.8
EPS Gr (%)
5.7
-1.3
6.2
BV/Sh(INR)
110.5 118.0 126.1
RoE (%)
8.8
8.1
8.0
RoCE (%)
6.8
6.4
6.4
Payout (%)
15.0
19.0
17.9
Div. Yield (%)
0.7
0.8
0.8
Weak P&L:
1QFY17 Consolidated P&L weakened sequentially with revenue at
INR9.5b (v/s INR9.6b QoQ), EBITDA at INR1.7b (OPM of 18.1%) v/s INR2.5b
(OPM of 26.4%) in 4Q and PAT at INR478m (v/s INR723m). Gearing marginally
went down by INR1b QoQ to INR55.8b (net DER of 1.13x).
Subnormal presales:
Quarterly pre-sales remained subdued at 0.8msf
(INR 5.1b) v/s 1.5msf (INR9.9b) in 4Q. Collections up 16%QoQ in 1Q. Leasing
and rental runrate was down 1Q, at 0.04msf and INR1.312b respectively.
Moderate growth outlook:
FY17 guidance comprises 15-25% growth in pre-
sales, 10% in collections, 30%-35% in rentals on the back of new completions,
and gearing at elevated level of 1-1.25x as capes cycle would continue.
Estimate change
TP change
Rating change
Quarterly Performance (Consolidated)
Valuation factors in weak phase of capital structure and operations:
PEPL remains
our preferred play on Bangalore real estate, which albeit lost momentum, still
offers better dynamics. But PEPL’s massive slippage over FY16 (contrary to track
record) highlights the magnitude of prevailing weakness in market. Post sharp
corrections, stock valuations factor in the concerns of deterioration in capital
structure and weakness in operations. At 1.7x/1.6x FY17/18E BV and at an EV of
10x FY18E EBITDA stock offers valuation comfort. Operational normalcy remains
near-term trigger. We maintain
Buy
with target price of INR225.
Total Revenue
Change (%)
Total Expenditure
EBITDA
As of % Sales
Depreciation
Interest
Other Income
PBT
Tax
Effective Tax Rate (%)
Reported PAT
Minority
Adj PAT
Change (%)
Presales (msf)
Presales (INR b)
Realization (INR/sf)
Leasing (msf)
E: MOSL Estimates
FY16
1Q
2Q
3Q
14,933 12,043 9,804
12,033
2,901
19.4
290
837
185
1,959
623
31.8
1,336
-189
1,146
0.8
5.3
6,583
0.1
9,332
2,710
22.5
378
882
268
1,719
622
36.2
1,097
-90
1,007
1.0
6.1
5,932
0.1
7,515
2,289
23.3
390
896
198
1,201
472
39.3
729
-93
636
0.9
5.1
5,667
0.2
4Q
9,563
8,869
2,524
26.4
526
973
187
1,211
425
35.1
786
-64
723
1.5
9.9
6,600
0.17
1Q
9,449
-36.7
7,743
1,706
18.1
336
790
265
845
141
34.0
704
-226
478
-58.3
0.8
5.1
6,216
0.04
FY17
FY16
FY17
2QE
3QE
4QE Consol Consol
10,942 12,586 13,564 46,344 46,540
-9.1
28.4
41.8
35.5
0.4
7,243 9,998 10,681 35,920 35,665
3,699 2,588 2,882 10,424 10,424
33.8
20.6
21.3
22.5
23.4
378
390
449 1,584 1,584
882
896
938 3,587 3,587
268
198
196
838
838
2,707 1,500 1,691 6,090 6,009
921
510
575 2,142 2,143
34.0
34.0
34.0
35.2
34.0
1,787
990 1,116 3,948 3,966
-90
-153
33
-436
-436
1,697
837 1,150 3,512 3,466
68.5
31.6
59.1
5.7
-1.3
0.9
1.4
2.0
4.1
5.1
5.9
9.4
14.6
26.4
35.0
6,556 6,714 7,375 6,434 6,840
0.1
0.1
0.2
0.5
0.4
(INR Million)
FY16 Var (%)
1QE
10,996
-14
-18.1
7,639
58
3,357
-49
30.5
367
872
176
2,294
-63
780
34.0
1,514
-53
-116
1,398
-66
8.6
1.1
7.1
6,455
0.1
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Abhishek Ghosh
(Abhishek.Ghosh@motilaloswal.com); +91 22 3982 5436
Aashumi Mehta
(Aashumi.Mehta@MotilalOswal.com); +91 22 6129 1537

Prestige Estate Projects
Valuation and view
After showing strong resilience during past 2 years of broader weakness,
Bangalore real estate market has started showing deterioration at last, as
reflected in most the regional players’ presales trends.
With strong momentum in commercial leasing (~13msf in CY15), Bangalore real
estate still offers the best demand drivers for housing vertical. However the
near-term outlook for housing vertical could remain under pressure due to lack
of launches, delay in approval and general weakness in sentiment.
PEPL remains our preferred play on Bangalore market with wide presence
across asset classes and strategic prowess it has demonstrated in past 2-3 years
of operational outperformance. But the massive slippage it has delivered
(contrary to track record) highlights the magnitude of market weakness.
The company is on track to generate INR6-6.5b of annual rentals by FY17 (v/s
FY16 exit of ~INR5.2b) from annuity portfolio. Concern remains on performance
of DevCo business. Successful launches would be the key to bring operations
back to normalcy, but we expect the improvement would be gradual.
Post sharp corrections, stock valuations factor in the concerns of deterioration
in capital structure and weakness in operations. At 1.7x/1.6x FY17/18E BV stock
offers valuation comfort. Operational normalcy remains near-term trigger. We
maintain buy with target price of INR225.
Exhibit 1: We estimate NAV at INR225/share
Rent Co EBITDA (INR b)
Rent Co EBITDA (post tax)
Cap rate (%)
Growth rate (%)
Capex needed (INR b)
Rent Co EV
Dev Co FY18E cash EBITDA
Dev Co EBITDA (post tax)
Multiple
Dev Co EV
Hotel & Others EBITDA - tax
Multiple
Hotel & Others EV
Total EV (INR b)
Net debt
Target value (INR b)
Target value per share
ss
FY18E
7.4
5.2
8.5
3
13
94
7
4
10
42
1
6
4
140
55
86
225
Source: Company, MOSL
15 September 2016
2

Prestige Estate Projects
Exhibit 2: Key operating parameters and estimates
INR b
Sales
Collections
Construction cost
Dev Co EBITDA
Rent Co EBITDA
Hotels EBITDA
Cash EBITDA
Capex
Cash EBITDA (post capex)
Land buying
Tax
Interets and Dividend
QIP
FCFE
FY12
22
13
7
6
1
7
5
2
4
1
3
-4
22
FY13
31
20
11
8
2
10
6
4
6
1
3
4
-2
31
FY14
36
25
16
6
3
9
6
3
6
2
4
-7
36
FY15
44
32
26
7
3
11
4
6
11
3
6
6
-6
44
FY16
26
32
31
1
5
6
5
1
13
1
7
-19
26
FY17E
35
33
30
3
6
10
6
3
0
1
8
-5
35
FY18E
47
35
27
7
7
15
6
9
1
1
8
0
47
15 September 2016
3

Prestige Estate Projects
Story in charts
Exhibit 3: 1.35msf launched in 1QFY17 (msf)
7.25
4.5
2.2
0.91
0.3
4.9
4.09
2.8 2.8
4.6
2.78
0
0
4.67
2.28
1.55
Exhibit 4: Presales stood at 0.8msf
2.1
2.0
1.6
1.4
1.81.8
1.6
2.12.2
1.5
1.3
1.1
1.0
0.8 0.9 0.8
1.3
1.0
0.5
0.9
1.0
1.35
Source: Company, MOSL
Source: Company, MOSL
Exhibit 5: Presales down QoQ (INR b)
Sales value (INR b)
Realization ('000)
Exhibit 6: Collections at INR10b
Source: Company, MOSL
Source: Company, MOSL
Exhibit 7: Rental inched up QoQ (INR m)
Exhibit 8: Gearing increased by INR1.3b QoQ (INR b)
Sales value (INR b)
Realization ('000)
Source: Company, MOSL
Source: Company, MOSL
15 September 2016
4

Prestige Estate Projects
Financials and Valuations
Income Statement
Y/E March
Net Sales
Change (%)
Construction expenses
Staff Cost
Selling & Adm. exp
EBITDA
% of Net Sales
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
Reported PAT
EO Income (net of exp)
Adjusted PAT
Change (%)
2012
10,523
-31.8
5,965
894
697
2,966
28.2
605
1,193
342
1,510
626
41.5
884
-58
826
-51.7
2013
19,476
85.1
11,518
1,444
723
5,791
29.7
682
1,489
636
4,256
1,314
30.9
2,941
-82
2,860
246.2
2014
25,492
30.9
15,215
1,610
1,464
7,203
28.3
893
2,290
975
4,995
1,750
35.0
3,245
-102
3,143
9.9
2015
34,198
34.2
20,265
2,290
1,704
9,939
29.1
1,397
3,214
986
6,314
2,647
41.9
3,668
-344
3,324
5.8
2016
46,344
35.5
31,383
2,471
2,066
10,424
22.5
1,584
3,587
838
6,090
2,142
35.2
3,948
-436
3,512
5.7
2017E
46,540
0.4
30,883
2,595
2,187
10,875
23.4
1,670
4,196
1,000
6,009
2,043
34.0
3,966
-500
3,466
-1.3
(INR Million)
2018E
49,516
6.4
32,603
2,854
2,327
11,732
23.7
1,828
4,319
1,000
6,585
2,305
35.0
4,281
-600
3,681
6.2
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Loans
Capital Employed
Gross Fixed Assets
Less: Depreciation
Net Fixed Assets
Capital WIP
Investments
Curr. Assets
Inventory
Debtors
Cash & Bank Balance
Loans & Advances
Current Liab. & Prov.
Sundry creditors
Provisions
Net Current Assets
Application of Funds
E: MOSL Estimates
2012
3,281
18,229
21,510
18,829
43,007
17,427
3,565
13,862
5,216
1,740
36,965
16,133
8,490
2,013
10,329
16,257
13,745
2,511
20,708
43,007
0
2013
3,500
23,923
27,423
25,467
55,509
20,058
4,251
15,807
9,123
1,750
46,426
18,048
8,010
4,880
15,488
21,976
20,432
1,544
24,450
55,509
0
2014
3,500
26,292
29,792
30,685
63,467
24,393
5,143
19,251
9,955
2,887
56,805
26,463
7,258
3,395
19,689
29,887
28,089
1,798
26,918
63,467
0
2015E
3,750
34,456
38,206
38,528
80,709
31,600
6,540
25,060
7,756
2,787
82,905
43,985
8,840
5,368
24,712
42,828
40,481
2,347
40,078
80,709
0
2016E
3,750
37,689
41,439
57,933
102,605
35,614
8,124
27,490
12,756
2,538
92,713
52,634
10,084
4,856
25,140
41,844
39,386
2,458
50,869
102,605
0
2017E
3,750
40,496
44,246
61,945
109,425
38,614
9,794
28,820
15,756
2,538
97,703
55,345
10,239
6,523
25,597
44,344
41,886
2,458
53,359
109,425
0
(INR Million)
2018E
3,750
43,519
47,269
61,449
111,952
42,614
11,622
30,992
17,756
2,538
101,212
53,998
9,903
9,087
28,224
49,498
47,040
2,458
51,714
111,952
0
15 September 2016
5

Prestige Estate Projects
Financials and Valuations
Ratios
Y/E March
Basic (INR)
Adjusted EPS
Growth (%)
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation (x)
P/E
Cash P/E
EV/EBITDA
EV/Sales
Price/Book Value
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
RoIC
Leverage Ratio
Debt/Equity (x)
2012
2.2
-51.7
4.5
66
1.2
55.8
2013
7.6
246.2
10.4
78
1.2
17.2
2014
9.0
17.7
11.8
85
1.5
19.5
2015
8.9
-1.3
13.5
102
1.5
19.8
2016E
9.4
5.7
14.8
111
1.2
15.0
2017E
9.2
-1.3
15.0
118
1.5
19.0
2018E
9.8
6.2
16.3
126
1.5
17.9
83.5
40.5
26.0
7.3
2.8
0.7
24.1
17.8
14.7
4.4
2.3
0.7
20.5
15.6
12.7
3.6
2.2
0.8
20.8
13.6
10.3
3.0
1.8
0.8
19.6
12.5
11.7
2.6
1.7
0.7
19.9
12.2
11.4
2.7
1.6
0.7
18.7
11.3
10.3
2.5
1.5
0.7
3.8
3.9
4.3
0.8
11.7
8.1
9.6
0.8
11.0
8.0
9.4
0.9
9.8
7.7
8.9
0.9
8.8
6.8
7.8
1.3
8.1
6.4
7.3
1.3
8.0
6.4
7.7
1.1
Cash Flow Statement
Y/E March
PBT before EO Items
Add : Depreciation
Interest
Less : Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
(Inc)/Dec in FA
Free Cash Flow
(Pur)/Sale of Invest.
CF from Investments
(Inc)/Dec in Networth
(Inc)/Dec in Debt
Less : Interest Paid
Dividend Paid
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
E: MOSL Estimates
2012
1,510
605
1,193
626
227
2,247
-6,556
-4,309
938
-5,618
53
3,626
1,193
461
2,025
-1,769
3,781
2,013
2013
4,256
682
1,489
1,314
875
1,273
-6,533
-5,260
-9
-6,542
4,556
6,638
1,489
491
9,214
2,868
2,013
4,880
2014
4,995
893
2,290
1,750
3,952
2,326
-5,168
-2,843
-1,137
-6,305
-207
5,218
2,290
614
2,107
-1,484
4,880
3,396
2015
6,314
1,397
3,214
2,647
11,188
-3,109
-5,008
-8,117
100
-4,908
5,698
7,843
3,214
658
9,669
1,973
3,395
5,368
2016E
6,090
1,584
3,587
2,142
11,304
-2,385
-9,014
-11,399
250
-8,764
280
19,405
3,587
527
15,571
4,223
5,368
9,591
(INR Million)
2017E
6,009
1,670
4,196
2,043
823
8,807
-6,000
2,807
0
-6,000
0
4,012
4,196
658
-841
1,567
4,856
6,423
2018E
6,585
1,828
4,319
2,305
-4,210
14,434
-6,000
8,434
0
-6,000
-1,530
-496
4,319
658
-7,002
2,444
6,523
8,966
15 September 2016
6

Prestige Estate Projects
Corporate profile
Company description
Prestige Estates Projects Ltd (PEPL), a premium
developer in the South India real estate market, has
strong brand equity in the region, notably in
Bangalore. It has been operating in the real estate
industry over the past 28 years, during which it
delivered 160+ projects of 60msf+ of developable
area across various RE segments. Company has
developed some of Bangalore’s largest integrated
developments and identifiable landmarks like
Prestige Shantiniketan, UB City and one of
Bangalore’s most successful malls, Forum.
Exhibit 1: Sensex rebased
Source: MOSL/Bloomberg
Exhibit 2: Shareholding pattern (%)
Jun-16
70.0
4.8
24.1
1.1
Promoter
DII
FII
Others
Mar-16
70.0
4.7
24.2
1.1
Jun-15
70.0
5.0
22.2
2.8
Source: Capitaline
Exhibit 3: Top holders
Holder Name
Jwalamukhi Investment Holdings
Government Of Singapore
Reliance Capital Trustee co. ltd
East Bridge Capital Master Fund Limited
Monetary Authority Of Singapore
% Holding
4.8
4.4
4.2
2.2
1.5
Source: Capitaline
Note: FII Includes depository receipts
Exhibit 4: Top management
Name
Irfan Razack
Rezwan Razack
M Sridhar
Designation
Chairman
&
Managing
Director
Joint Managing Director
Company Secretary
Exhibit 5: Directors
Name
B G Koshy
Noor Ahmed Jaffer
Noaman Razack
Name
K Jagdessh Reddy
Pangal Ranganath Nayak
Uzma Irfan
Source: Capitaline
*Independent
Exhibit 6: Auditors
Name
D Nagendra Rao
Delloite Haskins & Sells
Type
Secretarial Audit
Statutory
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
FY17
FY18
MOSL
forecast
9.2
9.8
Consensus
forecast
10.4
12.8
Variation (%)
-11.2
-23.4
Source: Bloomberg
Source: Capitaline
15 September 2016
7

Disclosures
This document has been prepared by Motilal Oswal Securities Limited (hereinafter referred to as Most) to provide information about the company (ies) and/sector(s), if any, covered in the report and may be distributed by it and/or
Prestige Estate Projects
its affiliated company(ies). This report is for personal information of the selected recipient/s and does not construe to be any investment, legal or taxation advice to you. This research report does not constitute an offer, invitation or
inducement to invest in securities or other investments and Motilal Oswal Securities Limited (hereinafter referred as MOSt) is not soliciting any action based upon it. This report is not for public distribution and has been furnished to
you solely for your general information and should not be reproduced or redistributed to any other person in any form. This report does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual clients. Before acting on any advice or recommendation in this material, investors should consider whether it is suitable for their particular circumstances and, if necessary, seek
professional advice. The price and value of the investments referred to in this material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide
for future performance, future returns are not guaranteed and a loss of original capital may occur.
MOSt and its affiliates are a full-service, integrated investment banking, investment management, brokerage and financing group. We and our affiliates have investment banking and other business relationships with a some
companies covered by our Research Department. Our research professionals may provide input into our investment banking and other business selection processes. Investors should assume that MOSt and/or its affiliates are
seeking or will seek investment banking or other business from the company or companies that are the subject of this material and that the research professionals who were involved in preparing this material may educate
investors on investments in such business . The research professionals responsible for the preparation of this document may interact with trading desk personnel, sales personnel and other parties for the purpose of gathering,
applying and interpreting information. Our research professionals are paid on twin parameters of performance & profitability of MOSt.
MOSt generally prohibits its analysts, persons reporting to analysts, and members of their households from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. Additionally,
MOSt generally prohibits its analysts and persons reporting to analysts from serving as an officer, director, or advisory board member of any companies that the analysts cover. Our salespeople, traders, and other professionals or
affiliates may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make
investment decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing among other things, may give rise to real or potential
conflicts of interest. MOSt and its affiliated company(ies), their directors and employees and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and buy or sell the securities or derivatives
thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies)
discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the
same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the affiliates of MOSt even though
there might exist an inherent conflict of interest in some of the stocks mentioned in the research report
Reports based on technical and derivative analysis center on studying charts company's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not
match with a report on a company's fundamental analysis. In addition MOST has different business segments / Divisions with independent research separated by Chinese walls catering to different set of customers having various
objectives, risk profiles, investment horizon, etc, and therefore may at times have different contrary views on stocks sectors and markets.
Unauthorized disclosure, use, dissemination or copying (either whole or partial) of this information, is prohibited. The person accessing this information specifically agrees to exempt MOSt or any of its affiliates or employees from,
any and all responsibility/liability arising from such misuse and agrees not to hold MOSt or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOSt or any of its affiliates or employees free
and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays. The information contained herein is based on publicly available data or other
sources believed to be reliable. Any statements contained in this report attributed to a third party represent MOSt’s interpretation of the data, information and/or opinions provided by that third party either publicly or through a
subscription service, and such use and interpretation have not been reviewed by the third party. This Report is not intended to be a complete statement or summary of the securities, markets or developments referred to in the
document. While we would endeavor to update the information herein on reasonable basis, MOSt and/or its affiliates are under no obligation to update the information. Also there may be regulatory, compliance, or other reasons
that may prevent MOSt and/or its affiliates from doing so. MOSt or any of its affiliates or employees shall not be in any way responsible and liable for any loss or damage that may arise to any person from any inadvertent error in
the information contained in this report. MOSt or any of its affiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation
the implied warranties of merchantability, fitness for a particular purpose, and non-infringement. The recipients of this report should rely on their own investigations.
This report is intended for distribution to institutional investors. Recipients who are not institutional investors should seek advice of their independent financial advisor prior to taking any investment decision based on this report or
for any necessary explanation of its contents.
Most and it’s associates may have managed or co-managed public offering of securities, may have received compensation for investment banking or merchant banking or brokerage services, may have received any compensation
for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months.
Most and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report.
Subject Company may have been a client of Most or its associates during twelve months preceding the date of distribution of the research report
MOSt and/or its affiliates and/or employees may have interests/positions, financial or otherwise of over 1 % at the end of the month immediately preceding the date of publication of the research in the securities mentioned in this
report. To enhance transparency, MOSt has incorporated a Disclosure of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the report.
Motilal Oswal Securities Limited is registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014. SEBI Reg. No. INH000000412
Pending Regulatory inspections against Motilal Oswal Securities Limited:
SEBI pursuant to a complaint from client Shri C.R. Mohanraj alleging unauthorized trading, issued a letter dated 29th April 2014 to MOSL notifying appointment of an Adjudicating Officer as per SEBI regulations to hold inquiry and
adjudge violation of SEBI Regulations; MOSL replied to the Show Cause Notice whereby SEBI granted us an opportunity of Inspection of Documents. Since all the documents requested by us were not covered we have requested
to SEBI vide our letter dated June 23, 2015 to provide pending list of documents for inspection.
List of associate companies of Motilal Oswal Securities Limited -
Click here to access detailed report
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or
indirectly related to the specific recommendations and views expressed by research analyst(s) in this report. The research analysts, strategists, or research associates principally responsible for preparation of MOSt research
receive compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors and firm revenues
Disclosure of Interest Statement
Analyst ownership of the stock
Served as an officer, director or employee -
PRESTIGE ESTATES PROJE
No
No
A graph of daily closing prices of securities is available at www.nseindia.com and http://economictimes.indiatimes.com/markets/stocks/stock-quotes
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or
which would subject MOSt & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures
Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412)
has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Kong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of
Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of
these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting
Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Securities Limited (MOSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition MOSL is
not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in
the absence of specific exemption under the Acts, any brokerage and investment services provided by MOSL, including the products and services described herein are not available to or intended for U.S. persons.
This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This
document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which this document relates is only available to major institutional investors and will be
engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by
the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal
Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and
therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.
For Singapore
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors Regulations and is a
subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined in the
Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time.
In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
Varun Kumar
Varun.kumar@motilaloswal.com
Contact : (+65) 68189232
Office Address:21 (Suite 31),16 Collyer Quay,Singapore 04931
Kadambari Balachandran
kadambari.balachandran@motilaloswal.com
(+65) 68189233 / 65249115
15 September 2016
Motilal Oswal Tower, Level 9, Sayani Road, Prabhadevi, Mumbai 400 025
Phone: +91 22 3982 5500 E-mail: reports@motilaloswal.com
Motilal Oswal Securities Ltd
8