Buy Prestige Estates Projects, target price Rs 500: Yes Securities

Yes Securities has buy call on Prestige Estates Projects Ltd. with a target price of Rs 500. The current market price of Prestige Estates Projects is Rs 463.8.

Time period given by analyst is Intra Day when Prestige Estates Projects Ltd. price can reach defined target. .

Prestige Estates Projects Ltd., incorporated in the year 1997, is a Mid Cap company (having a market cap of Rs 18599.98 Crore) operating in Real Estate sector.

Prestige Estates Projects Ltd. 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-2020.

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 1473.40 Crore, down -37.58 % from last quarter Total Income of Rs 2360.60 Crore and up 13.66 % from last year same quarter Total Income of Rs 1296.30 Crore. Company reported net profit after tax of Rs 107.60 Crore in latest quarter.

Investment Rationale
After losing ~22 per cent from the recent peak, bulls regained momentum on upside. Multiple bullish candles ensures a shift of range on the upside.

Promoter/FII Holdings
Promoters held 65.5 per cent stake in the company as of March 31, 2021, while FIIs held 29.1 per cent, DIIs 3.4 per cent and public and other 2 per cent.