Prestige Estates Projects Ltd

- Prestige Estates raised INR2,000 crores from RDR, some of which is yet to be fully utilized. - There is a plan for a hospitality demerger followed by an IPO in 2025 to raise capital specifically for expanding the hospitality business, which has a growing pipeline requiring fresh spending. - No current plans for pre-REIT capital raises or private equity stake sales for commercial assets; however, REIT listing may be considered around 2028-29 once office and retail assets mature. - ADIA has invested INR2,000 crores through an equity and debt platform in four projects across Bangalore, Mumbai, and Delhi, marking a significant equity infusion. - The company aims to maintain or reduce debt-to-equity levels, with strong cash flows expected from upcoming project launches to support this strategy.

- FY25 and FY26 capex expected to be INR 2,500 - 3,000 crores per annum (Amit Mor, Page 11). - FY24 capex spend was INR 2,300 crores, including INR 1,600 crores on commercial, INR 250 crores on retail, and INR 450 crores on hospitality (Page 11). - Business development spend for land acquisition in FY25 budgeted around INR 3,500 - 4,000 crores including pending payments (Page 6). - Land acquisitions ongoing in key markets: Pune (large joint development), Goa (two large tracts including Prestige Seascapes launching by Aug-Sep), Indirapuram in NCR, and Hyderabad's Budvel (Page 3, 10). - Hospitality demerger and IPO planned for 2025 to raise capital for expansion in the booming hospitality segment (Page 7). - Capex prioritized on commercial assets and township projects where prior land acquisition has been made (Page 7).

- FY24 sales reached over INR 21,000 crores, the highest ever for the company, surpassing guidance of 18,000-19,000 crores. - Collections and area sold also achieved record highs in FY24. - For FY25, the company targets pre-sales guidance around INR 26,000 to 27,000 crores, with a potential to touch INR 30,000 crores. - Launch pipeline for FY25 includes INR 60,000 crores GDV, considered potentially exceptional but targets for 40,000 to 60,000 crores annually thereafter. - Company expects 25%-30% growth in pre-sales for FY25 based on current pipeline and market conditions. - Significant new land acquisitions, including large parcels in Hyderabad, Bangalore, NCR, and Pune, support sustained growth. - Residential average realizations remain robust with increasing price acceptance. - Office and retail rental income targeted to grow with vision for INR 3,800 crores (office) and INR 580 crores (retail) by FY28.

- PAT margin expected to stabilize around 14%-17% for the next 2-3 years, with a 14%-15% PAT target for FY'25 pre-sales (Page 13). - EBITDA margins anticipated to be around 20%-23% with gross margins at 30%-35% (Page 13). - Revenue growth driven by a strong launch pipeline targeting INR 40,000-60,000 crores GDV yearly, with INR 60,000 crores potentially exceptional for FY'25 (Pages 13-14). - Capex of INR 2,500-3,000 crores per annum planned for FY'25 and FY'26 supporting growth (Page 11). - Sustainable financial performance with a PAT of 17.27% achieved in FY24 and disciplined pricing strategy to maintain margins (Pages 3, 8). - Strong pipeline and strategic land acquisitions in key markets like Hyderabad, Pune, Gurgaon, supporting future sales and earnings growth (Pages 6, 10). - Debt levels expected to reduce, improving financial health going forward (Page 7).

- The company has a new launch pipeline target of around INR 60,000 crores GDV for FY’25, with a plan to target between INR 40,000 to INR 60,000 crores year-on-year to sustain or grow the business (Page 14). - They have already acquired a total pipeline worth about INR 70,000 crores, consisting of INR 60,000 crores new pipeline plus INR 12,000 crores inventory across various cities (Page 4). - For FY’24, the company achieved the highest-ever sales of INR 21,000+ crores and expects a growth of 25% to 30% in sales for FY’25 (Page 2). - Ongoing projects include nearly 8 million square feet of commercial space expected to be supplied over FY’26-FY’27, with active pre-leasing efforts (Page 5). - Large township projects and land acquisitions continue in key markets including Hyderabad, Bangalore, Mumbai, Pune, Nasik, Goa, and NCR with focused launches ongoing (Pages 10, 11).