Prestige Estates Projects Ltd

- 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.

- 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).

- 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).

- 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.

- 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)