Prestige Estates Projects, incorporated in the year 1997, is a Mid Cap company (having a market cap of Rs 18064.83 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
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 31-03-2023, 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 along with strata sales will be the key monitorable in order to keep overall debt levels in check.
The brokerage retains its BUY rating with an unchanged Mar’23 NAV based target price of Rs530/share. Key risks are a residential demand slowdown and weak leasing in annuity projects.
Promoter/FII Holdings
Promoters held 65.48 per cent stake in the company as of 31-Mar-2023, while FIIs owned 21.19 per cent, DIIs 10.5 per cent.
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