Prestige Estates Projects Q4 Review - Residential Sales See Strong Uptick: ICICI Securities
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ICICI Securities Report
Q4 FY21 saw Prestige Estates Projects Ltd.’s gross residential bookings rising 53% YoY in value terms to Rs 18.5 billion on the back of strong response to new launches of 4.7 million square feet during the quarter and monetisation of completed inventory across projects.
With a strong pipeline of launches of 12-15 million square feet in FY22E, this momentum in residential sales is expected to sustain.
Post completion of Phase one of the annuity asset sale transaction to Blackstone group, the company’s consolidated net debt has reduced by Rs 72 billion QoQ to 13.1 billion and post expected receipt of Rs 17 billion in Phase two of the transaction, the company is set to become net cash positive in H1 FY22.
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