On track to exceed full-year guidance

11 Mar 2024
5 Min read 
  • Prestige Estates Projects (PEPL) reported strong pre-sales growth of INR 53 billion in 3QFY24, driven by the successful launch of its Prestige City project in Hyderabad.
  •  PEPL launched three new projects with a developable area of 15 million square feet.
  •  Sales volume increased 88% YoY to 5.5 million square feet, and blended realization increased 13% YoY to INR 9,762 per square foot.
  •  PEPL generated operating cash flow of INR 15 billion, which was utilized for capex and land/TDR investments.
  •  The company expects to achieve rental income of INR 7 billion by the end of FY24.
  •  PEPL has a strong project pipeline and expects to achieve INR 265 billion in sales by FY26.
  •  The stock has a BUY rating with a target price of INR 1,465, indicating a 33% upside potential.
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