Puravankara - Riding The Growth Juggernaut: Yes Securities Initiates Coverage With A Buy

Yes Securities Report

We initiate a bullish Buy rating on Puravankara Ltd. based on following factors:

1. Presales to grow at 20% compound annual growth rate over FY23-26E,

2. Debt and debt coverage well under control,

3. strong execution track record over the decade,

4. strong profit and loss recognition expected in next five-seven years,

5. paradigm shift in focus following onboarding of new Chief Executive Officer.

Key risks

• Demand for residential projects to remain intact for next three-four years.

• Inability to sign new projects in MMR and Pune might affect growth in new geographies.

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