Prestige Estates Projects Q4 Results Review - Record Year Of Pre-Sales; Traction To Continue: Motilal Oswal

Motilal Oswal Report

Prestige Estates Projects Ltd. reported bookings of Rs 47 billion in Q4 FY24, up 21% YoY (in line) aided by sustained demand across ongoing projects. In FY24, the company achieved record bookings of Rs 210 billion, up 63% YoY.

Of these, ~Rs 155 billion came from new launches. In FY24, it also achieved the highest ever launches of 31 msf in residential business with a gross development of Rs 210 billion.

Sales volume was flat at 4 msf, and realisation improved 18% YoY to Rs 11,400/sft. In FY24, volume grew 34% YoY, and realization was up 21% YoY to Rs 10,400/sft.

The strong bookings traction is expected to continue in FY25 as Prestige Estate has unveiled a launch pipeline of ~60 msf with a GDV of Rs 600 billion. It is targeting a pre-sales of Rs 260 billion, implying an increase of 25% YoY.

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