Future growth expectations in sales/revenue/volumes?

Upcoming residential project potential stands at INR42,000 crores with current inventory valued at INR16,000 crores, totaling nearly INR60,000 crores available to sell over next 2 years. New project launches planned across cities, including significant projects like Prestige City in NCR valued between INR8,000-10,000 crores. Strong pipeline with ongoing and upcoming projects aggregating to about 117 million square feet. Expected gross margins on unrecognized revenues (~INR32,000 crores) are healthy at 30-32%. Management aims to maintain or surpass current sales run rate (~INR20,000 crores annu

Any current/future new fundraising through debt or equity?

As of now, Prestige Estates Projects Limited has no immediate plans to raise equity for funding debt or business development CapEx. The company is evaluating monetization of its hospitality portfolio, which includes close to 12 operating hotels and several under construction, through a separate committee. Based on the committee's input, a decision on raising capital specifically for the hospitality segment will be made and put forth to the Board in the next meeting. Business development spend is budgeted at around INR3,500 crores for acquisitions and project launches. Land acquisitions for upc

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

The company plans to spend around INR3,500 crores on business development in the near term, which includes acquisitions and new project additions. For the upcoming residential projects (around 53 million sq ft), the balance cost to incur is approximately INR800-1,000 crores; most of the cost has already been paid. Planned new land spend for the year is estimated at INR2,500-3,000 crores to maintain and grow the pipeline. They are evaluating monetization options for their hospitality portfolio (12 operating hotels plus under-construction keys) and may raise capital separately for that segment.

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

The company has strong presales growth, with 9 months sales up 81% YoY, totaling INR16,333 crores. Average realization per square foot has increased by 19% YoY to INR10,143, indicating better pricing power. There is INR32,000 crores of unrecognized revenue on the books, which will be recognized over the next 3 years, supporting future topline growth. New projects pipeline is robust, with upcoming projects and inventory totaling close to INR60,000 crores in value, enabling sustained sales and revenue growth. Gross margins on unrecognized revenues are expected in the 30% to 32% range, im

Current/ Expected Orderbook/ Pending Orders?

The total ongoing and upcoming projects under planning and execution amount to approximately 117 million square feet. The company has completed around 180 million square feet over three decades and currently has an equal quantum of 170+ million square feet under construction and planning. The value of upcoming projects stands around INR 42,000 crores, with current inventory valued at around INR 16,000 crores, totaling close to INR 60,000 crores. For residential projects, there is about INR 4,200 crores worth of inventory ready for market release. The pipeline encompasses large-scale projects w

Prestige Estates Projects LtdQ3 FY24Realty

Prestige Estates Projects Ltd Q3 FY24 Earnings Call Analysis

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

Price: ₹1,439P/E: 54.4Market Cap: ₹62.0K CrSector: Realty

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Order

Yes

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Upcoming residential project potential stands at INR42,000 crores with current inventory valued at INR16,000 crores, totaling nearly INR60,000 crores available to sell over next 2 years.
New project launches planned across cities, including significant projects like Prestige City in NCR valued between INR8,000-10,000 crores.
Strong pipeline with ongoing and upcoming projects aggregating to about 117 million square feet.
Expected gross margins on unrecognized revenues (~INR32,000 crores) are healthy at 30-32%.
Management aims to maintain or surpass current sales run rate (~INR20,000 crores annually).
Several project launches targeted for next fiscal year, with Q1 anticipated to have the highest number of launches.
Business development capex expected at around INR3,500 crores to support acquisitions and growth.
No immediate equity raise planned but hospitality portfolio monetization under evaluation.

Margin guidance

Category 3

The company has strong presales growth, with 9 months sales up 81% YoY, totaling INR16,333 crores.
Average realization per square foot has increased by 19% YoY to INR10,143, indicating better pricing power.
There is INR32,000 crores of unrecognized revenue on the books, which will be recognized over the next 3 years, supporting future topline growth.
New projects pipeline is robust, with upcoming projects and inventory totaling close to INR60,000 crores in value, enabling sustained sales and revenue growth.
Gross margins on unrecognized revenues are expected in the 30% to 32% range, implying healthy profitability.
Business development budget is around INR3,500 crores annually for land and project acquisition, fueling further growth.
Other income remains strong partly due to REIT revaluation and rental income, contributing to profitability.
No immediate equity raise planned; evaluation ongoing especially for monetizing hospitality assets to fund growth.

See what Prestige Estates Projects Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

As of now, Prestige Estates Projects Limited has no immediate plans to raise equity for funding debt or business development CapEx.
The company is evaluating monetization of its hospitality portfolio, which includes close to 12 operating hotels and several under construction, through a separate committee.
Based on the committee's input, a decision on raising capital specifically for the hospitality segment will be made and put forth to the Board in the next meeting.
Business development spend is budgeted at around INR3,500 crores for acquisitions and project launches.
Land acquisitions for upcoming projects will primarily be funded through internal accruals.
No specific timeline or concrete plan for equity or debt raising in FY25 is mentioned, and the management prefers to evaluate and decide based on opportunities in due course.

Order book

Yes

The total ongoing and upcoming projects under planning and execution amount to approximately 117 million square feet.
The company has completed around 180 million square feet over three decades and currently has an equal quantum of 170+ million square feet under construction and planning.
The value of upcoming projects stands around INR 42,000 crores, with current inventory valued at around INR 16,000 crores, totaling close to INR 60,000 crores.
For residential projects, there is about INR 4,200 crores worth of inventory ready for market release.
The pipeline encompasses large-scale projects with average sizes of around 2 million square feet each across 15 to 20 projects.
Significant launches and acquisitions are ongoing in markets like NCR and Bangalore.
The company anticipates 20+ million square feet of project completions by year-end.

See what Prestige Estates Projects Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

The company plans to spend around INR3,500 crores on business development in the near term, which includes acquisitions and new project additions.
For the upcoming residential projects (around 53 million sq ft), the balance cost to incur is approximately INR800-1,000 crores; most of the cost has already been paid.
Planned new land spend for the year is estimated at INR2,500-3,000 crores to maintain and grow the pipeline.
They are evaluating monetization options for their hospitality portfolio (12 operating hotels plus under-construction keys) and may raise capital separately for that segment.
No immediate plans to raise equity for debt funding or business development; evaluations will be made as needed.
Focus remains on launching and developing large projects like Prestige City across multiple cities, and selective acquisitions continue in key markets.

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