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Geojit Research Report
Prestige Estates Projects Ltd. is India's largest developer in terms of booking value for FY22.
Much of the Prestige Estates' growth is fueled by the projects in Bengaluru and Hyderabad. The company has embarked in to Mumbai and national capital region, and targeting aggressive growth in these geographies.
Pre-sales increased from 1.1 million square feet in Q1 FY22 to 3.6 msf in Q1 FY23 (up 230% YoY) and we expect these healthy sales to continue.
Management expects total annuity income to reach Rs. 1,000 crores in the next two-three years, up from Rs 250 crores now, and to triple in the long term.
Hospitality segment witnessed a turn around (down 49% Ebitda margin in Q1 FY22 versus up 35% in Q1 FY23), aided by new additions and higher operating margins. We expect this trend to continue given opening up of economy and strong uptick in tourism and travel.
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