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HDFC Securities Institutional Equities
Prestige Estates Projects Ltd. registered its highest-ever annual presales in FY24, reaching Rs 210 billion (+63% YoY) on the back of 40.2 million square feet of new launches. Non-Bengaluru sales climbed to 42% and are gradually heading north, with Mumbai contributing 18% to total sales.
For FY25, Prestige Estate expects annual presales to grow by 15% YoY to Rs 240-250 billion, supported by a robust launch pipeline of Rs 600 billion across 60 msf.
This includes projects like Prestige Southern Star, Prestige Raintree Park, and Prestige Falcon City Luxe in Bengaluru; The Prestige City Indirapuram and Prestige Bougainvillea in NCR; and Prestige Forest Hills and Prestige Nautilus in Mumbai.
Along with the substantial Rs 35 billion investment in its residential portfolio, Prestige Estate is well-positioned for strong future growth and financial stability across multiple sectors.
We reiterate our Buy rating, with an unchanged SOTP-based target price of Rs 2,060/share.
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Vedant Fashions – The Business Is Poised For An Acceleration In Rest Of FY25: ICICI Securities
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