Buy Prestige Estates Projects, target price Rs 675: Motilal Oswal

Motilal Oswal has buy call on Prestige Estates Projects with a target price of Rs 675. The current market price of Prestige Estates Projects is Rs 470.5.

Prestige Estates Projects Ltd., incorporated in the year 1997, is a Mid Cap company (having a market cap of Rs 18814.44 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, Project Management Fees, Other Operating Revenue and Sale of services for the year ending 31-Mar-2021.


Financials
For the quarter ended 30-09-2022, the company reported a Consolidated Total Income of Rs 1474.70 Crore, down -26.70 % from last quarter Total Income of Rs 2011.80 Crore and up 5.92 % from last year same quarter Total Income of Rs 1392.30 Crore. Company reported net profit after tax of Rs 150.50 Crore in latest quarter.

The company’s top management includes Mr.Irfan Razack, Mr.Noaman Razack, Mr.Jagdeesh K Reddy, Mr.Biji George Koshy, Mr.Noor Ahmed Jaffer, Dr.Pangal Ranganath Nayak, Mr.Uzma Irfan, Ms.Neelam Chhiber. Company has S R Batliboi & Associates LLP as its auditors. As on 30-09-2022, the company has a total of 40 Crore shares outstanding.



Promoter/FII Holdings
Promoters held 65.48 per cent stake in the company as of 30-Sep-2022, while FIIs owned 23.73 per cent, DIIs 8.09 per cent.