Motilal Oswal's research report on Prestige Estates
PEPL reported bookings of INR163b in 9MFY24, up 81% YoY and surpassed its initial full-year guidance of INR160b. With INR160b of ongoing project inventory as of Dec’23, the company is on track to achieve its revised presales guidance of INR200b in FY24. While laying out the roadmap to achieve INR250b of pre-sales by FY26, the company highlighted six key markets (Bengaluru, MMR, Hyderabad, NCR, Pune, and Chennai) that would play a vital role in reaching the target. Since then, it has scaled up to its target in Bengaluru and made successful foray into Mumbai and Hyderabad, but contribution from other three markets remain negligible. We expect this to change soon as the company has built a healthy pipeline in Chennai and NCR and is targeting to launch a few projects in FY25.
