Any current/future new fundraising through debt or equity?

Prestige Estates is working on raising capital, but the process is still a work in progress (Page 3). The intent to raise capital exists, with teams actively planning how and when to raise funds (Page 3). The capital raise will likely be a mix of debt retirement and growth capital deployment (Page 3). No specific timelines or amounts are disclosed yet; deployment will be balanced between reducing debt and funding growth opportunities (Page 3).

Any current/future capex/capital investment/strategic investment?

Current capex pipeline is around INR 15,000 to 16,000 crores covering commercial estate land, hospitality, and retail segments. Retail project portfolio increased to 12 million sq.ft., contributing to the capex requirements. Recent land acquisitions include Bangalore land parcels and full stake consolidation of a commercial property in Pune. No additional land purchases planned for hotel and retail segments; capex mostly reallocations within existing projects. Capex includes ongoing hotel developments in Mumbai (Forest Hills), Bangalore (Raintree Park, Pine Forest, White Meadows), and

Future growth expectations in sales/revenue/volumes?

The company targets a 20-25% growth in sales for the year, with confidence to possibly exceed this range. (Page 8) Multiple launches are planned in key markets including Bangalore (Raintree Park, Pine Forest, White Meadows), Mumbai (Forest Hills), and potentially Sunset Park plotted development, bringing significant new inventory. (Page 9) Strong demand and robust market conditions are expected to support sales of new inventory. (Page 3) The second quarter is expected to see a pickup in launches and presales, including projects in NCR in the later quarters. (Pages 3, 7) Sales momentum is drive

Future growth expectations in earnings/operating earnings/profits/EPS?

Prestige Estates aims for 20-25% growth in sales for FY'25, with potential to exceed this (Page 8). Growth driven by multiple new launches across key cities including Bangalore, Mumbai, NCR, Chennai, and Goa (Pages 2-3, 9). Increase in EBITDA margins to 25-27% for presales, up from historical 22-23%, supported by better project mix and mark-to-market gains (Page 6-8). Operating cash flow remains robust; INR 1,175 crores generated in Q1 with substantial investments in land and capex indicating growth pipeline (Page 6). Debt in residential expected to reduce to net cash surplus within next 6 qua

Current/ Expected Orderbook/ Pending Orders?

Prestige Estates has a robust order book with significant planned launches and sales inventory. The company has upcoming launches lined up including: - Bangalore: Prestige Raintree Park, Prestige Falcon City, Prestige Southern Star. - Mumbai: Prestige Forest Hills and Nautilus. - NCR: Prestige City Indirapuram and Prestige Bougainvillea. - Chennai: Prestige Pallava Gardens. - Goa: Prestige Sea Scapes and Prestige Biosphere. In Q1 FY25, two projects were launched spanning 1.86 million sq ft (Prestige Camden Gardens and Prestige King's County). The company currently has minimal invento

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Prestige Estates Projects LtdQ2 FY24Realty

Prestige Estates Projects Ltd Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,538P/E: 62.8Market Cap: ₹60.9K CrSector: Realty

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→The company targets a 20-25% growth in sales for the year, with confidence to possibly exceed this range. (Page 8)
→Multiple launches are planned in key markets including Bangalore (Raintree Park, Pine Forest, White Meadows), Mumbai (Forest Hills), and potentially Sunset Park plotted development, bringing significant new inventory. (Page 9)
→Strong demand and robust market conditions are expected to support sales of new inventory. (Page 3)
→The second quarter is expected to see a pickup in launches and presales, including projects in NCR in the later quarters. (Pages 3, 7)
→Sales momentum is driven by launches in Bangalore, Mumbai, Hyderabad, and expanding presence in NCR and other metros. (Pages 2, 7)
→Healthy collections (INR 2,916 crores in Q1) and increasing realizations provide a strong foundation for growth. (Page 2)

Margin guidance

Category 3

→Prestige Estates aims for 20-25% growth in sales for FY'25, with potential to exceed this (Page 8).
→Growth driven by multiple new launches across key cities including Bangalore, Mumbai, NCR, Chennai, and Goa (Pages 2-3, 9).
→Increase in EBITDA margins to 25-27% for presales, up from historical 22-23%, supported by better project mix and mark-to-market gains (Page 6-8).
→Operating cash flow remains robust; INR 1,175 crores generated in Q1 with substantial investments in land and capex indicating growth pipeline (Page 6).
→Debt in residential expected to reduce to net cash surplus within next 6 quarters as new launches convert to sales, improving profitability further (Page 5).
→Retail and office segments show strong leasing momentum with 95-97% occupancy, supporting steady rental income growth (Page 4).
→Overall, strong market demand and strategic launches underpin optimism for sustained earnings and operational growth.

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Fundraise plans

Yes

→Prestige Estates is working on raising capital, but the process is still a work in progress (Page 3).
→The intent to raise capital exists, with teams actively planning how and when to raise funds (Page 3).
→The capital raise will likely be a mix of debt retirement and growth capital deployment (Page 3).
→No specific timelines or amounts are disclosed yet; deployment will be balanced between reducing debt and funding growth opportunities (Page 3).

Order book

→Prestige Estates has a robust order book with significant planned launches and sales inventory.
→The company has upcoming launches lined up including:
→ - Bangalore: Prestige Raintree Park, Prestige Falcon City, Prestige Southern Star.
→ - Mumbai: Prestige Forest Hills and Nautilus.
→ - NCR: Prestige City Indirapuram and Prestige Bougainvillea.
→ - Chennai: Prestige Pallava Gardens.
→ - Goa: Prestige Sea Scapes and Prestige Biosphere.
→In Q1 FY25, two projects were launched spanning 1.86 million sq ft (Prestige Camden Gardens and Prestige King's County).
→The company currently has minimal inventory and is working hard to get regulatory approvals to enable more inventory to be available for sale.
→Sales in Q1 FY25 were INR 3,030 crores with 2.86 million sq ft sold.
→The company anticipates strong inventory build-up in coming quarters, especially in Q2 FY25, with 3-4 major launches expected including in Bangalore (Raintree Park, Pine Forest, White Meadows) and Mumbai (Forest Hills), along with a plotted development (Sunset Park).

Capex plans

Yes

→Current capex pipeline is around INR 15,000 to 16,000 crores covering commercial estate land, hospitality, and retail segments.
→Retail project portfolio increased to 12 million sq.ft., contributing to the capex requirements.
→Recent land acquisitions include Bangalore land parcels and full stake consolidation of a commercial property in Pune.
→No additional land purchases planned for hotel and retail segments; capex mostly reallocations within existing projects.
→Capex includes ongoing hotel developments in Mumbai (Forest Hills), Bangalore (Raintree Park, Pine Forest, White Meadows), and a plotted development (Sunset Park) aimed for Q2 FY'25 launches.
→Future capital raising planned for a mix of debt retirement and growth capital, deployment timeline and specifics are work in progress.
→Management aims for reducing residential debt through upcoming project launches and positive cash flows over next 6 quarters.

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