JM Financial has buy call on Prestige Estates Projects with a target price of Rs 620. The current market price of Prestige Estates Projects is Rs 430.65.
Prestige Estates Projects, incorporated in the year 1997, is a Mid Cap company (having a market cap of Rs 17072.70 Crore) operating in Real Estate sector.
Prestige Estates Projects key Products/Revenue Segments include Income from Sale of Commercial Flats, Shops & Plots, Property Development, Sale of services, Other Services, Project Management Fees and Other Operating Revenue for the year ending 31-Mar-2022.
Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 2347.50 Crore, up 59.18 % from last quarter Total Income of Rs 1474.70 Crore and up 68.16 % from last year same quarter Total Income of Rs 1396.00 Crore. Company has reported net profit after tax of Rs 163.60 Crore in latest quarter.
The company’s top management includes Mr.Irfan Razack, Mr.Rezwan Razack, Mr.Noaman Razack, Mr.Uzma Irfan, Mr.Noor Ahmed Jaffer, Dr.Pangal Ranganath Nayak, Mr.Biji George Koshy, Mr.Jagdeesh K Reddy, Ms.Neelam Chhiber. Company has S R Batliboi & Associates LLP as its auditors. As on 31-12-2022, the company has a total of 40 Crore shares outstanding.
Investment Rationale
Net debt was stable QoQ at INR 41.7bn (+31% YoY; +3% QoQ; 0.42x net debt to equity) and remains under check for now. The brokerage continues to like the company’s aggressive growth across residential and commercial segments coupled with its superior execution track record. PEPL continues to exhibit growth along with financial prudence.
Promoter/FII Holdings
Promoters held 65.48 per cent stake in the company as of 31-Dec-2022, while FIIs owned 22.21 per cent, DIIs 9.41 per cent.
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