Prestige Estates launches residential project in Bangalore, but shares trade lower

The development comprises of 285 apartments across two high-rise towers with a developable area of 0.7 million square feet and has a revenue potential of Rs 550 crores, company said.

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Shares of Prestige Estates Projects were marginally down in early trade on November 24 after the company launched a residential project at the Bangalore IT hub.

At 9:26am, Prestige Estates Projects was quoting Rs 914.25, down Rs 2.55, or 0.28 percent, on the BSE.

On November 23, the company announced the launch of Prestige Glenbrook—a highrise residential project in the heart of Whitefield, Bangalore’s IT hub.

The development comprises 285 apartments in two towers with a developable area of 0.7 million square feet and has a revenue potential of Rs 550 crore, the company said.

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Broking house Motilal Oswal in its report dated November 8, reiterated its ‘buy’ rating on the stock with increased target price of Rs 1,000, indicating a 20 percent upside potential.

The broking firm remain positive on the company’s pre-sales growth trajectory and resultant cash flows from residential businesses. While the increase in net debt remains a concern in the near term, it believes the ramp-up in cash flows beyond FY25 will allay leverage concerns.

In the quarter ended September 2023, the company posted 505.7 percent jump in its net profit at Rs 850.90 crore.