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HDFC Securities Institutional Equities
Prestige Estates Projects Ltd. registered the highest-ever annual presales in FY23, at Rs 129 billion (+24% YoY), on the back of 16 million square feet of new launches and robust presales in Mumbai Metropolitan Region at Rs 27 billion.
Non-Bengaluru sales climbed to 41%, from 20% in FY22. In FY24, it expects annual presales to grow by 25% YoY growth to Rs 160-180 billion.
It expects to achieve this with a strong launch pipeline of Rs 275 billion. This includes Prestige city in Hyderabad and Prestige Park Grove Bengaluru, each having a gross development value of Rs 70 billion.
In addition, Prestige Ocean Towers and Prestige Nautilus in MMR will also be launched, with total GDV potential of Rs 90 billion.
In FY24, it will launch its first project in NCR, Prestige Bougainvillea Gardens, with a saleable area of 3.1 msf. To maintain the growth momentum, Prestige Estates is targeting residential business development capex of Rs 40 billion annually.
We have increased our residential pricing assumption, increased the value of MMR office assets and increased our hotel valuation. We maintain 'Buy', with an increased SOTP-based target price of Rs 786/share.
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