Buy Prestige Estates Projects, target price Rs 2,290: Bajaj Broking

Bajaj Broking has a buy call on Prestige Estates Projects Ltd. with a target price of Rs 2290. The current market price of Prestige Estates Projects Ltd. is Rs 1748.4 Time period given by analyst is year when Prestige Estates Projects Ltd. price can reach defined target. Prestige Estates Projects Ltd., incorporated in 1997, is a Mid Cap company with a market cap of Rs 76316.78 crore, operating in Real Estate sector.

Prestige Estates Projects' key products/revenue segments include Income from Sale of Commercial Flats, Shops & Plots, Property Development, Other Services, Sale of services, Project Management Fees and Other Operating Revenue for the year ending 31-Mar-2024.

Financials

For the quarter ended 30-09-2024, the company has reported a Consolidated Total Income of Rs 2423.80 crore, up 19.72% from last quarter Total Income of Rs 2024.50 crore and down -25.56 % from last year same quarter Total Income of Rs 3256.00 crore. The company has reported net profit after tax of Rs 245.70 crore in latest quarter.

The company's top management includes Mr.Irfan Razack, Mr.Zackria Hashim, Mr.Mohamed Zaid Sadiq, Mr.Faiz Rezwan, Mr.Zayd Noaman, Ms.Sana Rezwan, Mr.Nayeem Noo, Mr.T Arvind Pai, Mr.Swaroop Anish, Mr.V Gopal, Mr.Suresh Singaravelu, Ms.Anjum Jung, Mr.Nawabzada Omer Bin Jung, Dr.Rezwan Razack, Mr.Noaman Razack, Mrs.Uzma Irfan, Mr.Noor Ahmed Jaffer, Dr.Pangal Ranganath Nayak, Mr.Biji George Koshy, Mr.Jagdeesh K Reddy, Ms.Neelam Chhiber, Mr.S N Nagendra, Dr.Ravindra Munishwar Mehta, Lt. Col.Milan Khurana. Company has S R Batliboi & Associates LLP as its auditors. As on 30-09-2024, the company has a total of 43 Crore shares outstanding.

Investment Rationale
The share price of Prestige Estate is at the cusp of breakout above the bullish flag formation signaling continuation of the up move and offers fresh entry opportunity. The brokerage expects the stock to head towards Rs 2,290 levels in the coming year being the 138.2% external retracement of the last decline (2074-1506).

Promoter/FII Holdings
Promoters held 60.94 per cent stake in the company as of 30-Sep-2024, while FIIs owned 19.12 per cent, DIIs 16.69 per cent.