Prestige Estates Projects Q2 Results Review - Demand Momentum Intact; Net Debt Flat: Motilal Oswal
Company generated 75% of sales from Bengaluru led by continued momentum at Prestige City, Bengaluru.
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Motilal Oswal Report
Prestige Estates Projects Ltd. reported the second-best quarterly pre-sales performance with total booking value of Rs 35 billion (10% beat), up 17% QoQ /66% YoY in Q2 FY23.
Prestige Estate generated 75% of sales from Bengaluru led by continued momentum at Prestige City, Bengaluru while Mumbai and Hyderabad contributed 12% and 9%, respectively, during the quarter.
Sales volume rose 20% YoY to 4.2 million square feet while blended realisations improved 40% YoY to Rs 8,900/square feet fueled by higher sales in Mumbai.
Prestige Estate launched 7.3 msf of projects in Q2 FY23, which included phase launches in Prestige City, Mumbai and Bengaluru along with new project launches at Hyderabad and Bengaluru.
On the commercial front, the company launched Prestige Liberty Towers in Mumbai.
Given the low unsold inventory level, the company plans to launch 15 msf of projects in H2 FY23 to sustain the momentum.
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