Prestige Estates Projects Q4 Review - Residential Sales See Strong Uptick: ICICI Securities

Prestige Royal Gardens Bangalore developed by Prestige Estate Projects Ltd. (Source: Company website).

Prestige Estates Projects Q4 Review - Residential Sales See Strong Uptick: ICICI Securities

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.

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.

Click on the attachment to read the full report:

ICICI Securiteis Prestige Estates Q4FY21 Results Update.pdf

DISCLAIMER

This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.