HDFC Securities: Prestige Estates Projects - Capex Cycle To Gather Pace
A file photograph of under-construction buildings in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

HDFC Securities: Prestige Estates Projects - Capex Cycle To Gather Pace

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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-value 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.

Click on the attachment to read the full report:

HSIE Results Daily - 13 Nov 20 - Prestige Estates Projects.pdf

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