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Yes Securities Report
We initiate a bullish Buy rating on Puravankara Ltd. based on following factors:
Presales to grow at 20% compound annual growth rate over FY23-26E,
Debt and debt coverage well under control,
strong execution track record over the decade,
strong profit and loss recognition expected in next five-seven years,
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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