Prestige Estates up 6% after global brokerages retain ‘buy’, see up to 33% upside

The company’s consolidated revenue from operations in the nine months ending December 31, 2022 was Rs 5,683.2 crore. Its sales guidance for FY23 is of Rs 12,000 crore

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Prestige Estates Projects was trading over 6 percent higher on February 16 morning, a day after the real estate developer reported strong growth in revenue and net profit for the December quarter.

The company’s net profit surged to Rs 127.8 crore from Rs 86.6 crore in the same period of the previous year.

Its revenue from operations came in at Rs 2,317 crore, up from Rs 1,327.5 crore in the year-ago quarter.

Prestige Estate Projects attributed its success to the sale of 2.91 million square feet of residential and commercial spaces with an average realisation of Rs 9,371 a square feet for apartments, villas and commercial sales, and Rs 4,148 a square feet for plot sales.

The company’s sales guidance for FY23 is of Rs 12,000 crore and its consolidated revenue from operations in the nine months ending December 31, 2022 stood at Rs 5,683.2 crore.

At 11.20 am, Prestige Estates Projects was quoting at Rs 431.65, up Rs 25.35, or 6.24 percent, on BSE. It was trading with volumes of 53,010 shares, compared to the five-day average of 13,574 , an increase of 290.53 percent.

Here is what global brokerages have to say about the stock:

CLSA | Rating: Buy | Target: Rs 566 | Upside: 33%

The brokerage firm has a “buy” rating on the stock and a target price of Rs 566 a share, an upside of more than 33 percent from the current market price.

The company has strong pre-sale momentum but margin remains elusive, it said. It expects the developer to beat guidance and has raised its pre-sale estimates.

The valuation of the company remains attractive and it trades at a significant discount to its peers, it added.

Jefferies: Rating: Buy | Target: Rs 550 | Upside: 29%

Jefferies, too, has a “buy” and a target price of Rs 550 a share, an upside of 29 percent from the current market price.

The company’s execution skills led to a 75 percent year-on-year (YoY) rise in Q3 revenue and it beat profit expectations as 9 million square feet of projects were completed.

The pre-sales trend remains encouraging and the management has reiterated that a strong January sets it on course to beat its FY23 guidance.

Additional disclosures have provided comfort regarding cashflows.

The analyst meet on February 21 is expected to provide more information about the company’s Mumbai scale-up.

With agency inputs

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