Prestige Estates Q1 Review - On Track For Diversifying With Scale; Outlook Remains Upbeat: Dolat Capital
Prestige Estates Projects Q1 Review - On Track For Diversifying With Scale; Outlook Remains Upbeat: Dolat Capital
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Dolat Capital Report
Prestige Estates Projects Ltd. remains on track for delivering 20-30% YoY presales growth in FY23 with Q1 FY23 clocking Rs 30 billion (up three times YoY; our estimate: Rs 26 billion).
The developer launched ~10 million square feet of projects aiding overall presales. Bengaluru dominated with a 67% share while Mumbai delivered a strong show accounting for 24% of overall presales.
Prestige Estates' collections also riding strong at Rs 21 billion (up 110% YoY). A rebound in the hospitality segment was a key notable with average occupancy trending more than 60% and Ebitda margin at 35%.
Overall, outlook remains upbeat with presales for FY23 set to exceed more than Rs 120 billion and net gearing intact at 0.5 times.
We believe the developer offers a unique combination of scale, diversity and dominance.
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