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HDFC Securities Report
PEPL Q2 FY21 financial performance was ahead of our estimates with revenue/EBITDA/APAT beat of 27/15/90%.
The pre-sales and collections have come back to pre - Covid levels. Share of completed high- inventory in pre-sales stood at 59% for Q2 FY21. PEPL expects to maintain similar momentum for 2HFY21 with six new launches.
The annuity portfolio monetisation will yield about Rs 91.6 billion with inflow expected by December 20. About Rs 50 billion will go towards debt retirement and balance Rs 35-37 billion post refundable deposit/taxes shall be deployed towards capex assets.
PEPL has entered a new capex cycle, and rerating would be a longer wait.
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