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    Buy Prestige Estates Projects, target price Rs 530: ICICI Securities

    Synopsis

    Prestige Estates Projects, incorporated in the year 1997, is a Mid Cap company (having a market cap of Rs 16128.67 Crore) operating in Real Estate sector.

    Prestige Estates ProjectsAgencies
    Key risks residential demand slowdown and weak leasing in annuity projects.
    ICICI Securities has buy call on Prestige Estates Projects with a target price of Rs 530. The current market price of Prestige Estates Projects is Rs 403.

    Prestige Estates Projects, incorporated in the year 1997, is a Mid Cap company (having a market cap of Rs 16128.67 Crore) operating in Real Estate sector.

    Prestige Estates Projects key Products/Revenue Segments include Income from Sale of Commercial Flats, Shops & Plots, Property Development, Sale of services, Other Services, Project Management Fees and Other Operating Revenue for the year ending 31-Mar-2022.

    Financials
    For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 2347.50 Crore, up 59.18 % from last quarter Total Income of Rs 1474.70 Crore and up 68.16 % from last year same quarter Total Income of Rs 1396.00 Crore. Company has reported net profit after tax of Rs 163.60 Crore in latest quarter.

    The company’s top management includes Mr.Irfan Razack, Mr.Rezwan Razack, Mr.Noaman Razack, Mr.Uzma Irfan, Mr.Noor Ahmed Jaffer, Dr.Pangal Ranganath Nayak, Mr.Biji George Koshy, Mr.Jagdeesh K Reddy, Ms.Neelam Chhiber. Company has S R Batliboi & Associates LLP as its auditors. As on 31-12-2022, the company has a total of 40 Crore shares outstanding.

    Investment Rationale
    As per the brokerage, while the company’s aspirations to grow its residential and annuity business is laudable, the company’s ability to achieve significant pre-leasing in ongoing/upcoming annuity assets (particularly in Mumbai) along with strata sales will be the key monitorable going forward in order to keep overall debt levels in check.

    Promoter/FII Holdings
    Promoters held 65.48 per cent stake in the company as of 31-Dec-2022, while FIIs owned 22.21 per cent, DIIs 9.41 per cent.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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