Future growth expectations in sales/revenue/volumes?

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 acquisitio

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

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 mainta

Current/ Expected Orderbook/ Pending Orders?

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

Any current/future new fundraising through debt or equity?

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 Delh

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

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 demerg

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Prestige Estates Projects LtdQ1 FY24Realty

Prestige Estates Projects Ltd Q1 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

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→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.

Margin guidance

Category 3

→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).

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Fundraise plans

Yes

→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.

Order book

Yes

→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).

Capex plans

Yes

→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).

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