Buy Prestige Estates Projects, target price Rs 505: ICICI Direct

ICICI Direct has buy call on Prestige Estates Projects with a target price of Rs 505. The current market price of Prestige Estates Projects is Rs 471.2. Time period given by analyst is 14 days when Prestige Estates Projects Ltd. price can reach defined target.

Prestige Estates Projects Ltd., incorporated in the year 1997, is a Mid Cap company (having a market cap of Rs 19050.95 Crore) operating in Real Estate sector.

Prestige Estates Projects Ltd. key Products/Revenue Segments include Income from Sale of Commercial Flats, Shops & Plots, Property Development, Other Services, Project Management Fees, Other Operating Revenue and Sale of services for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 1396.00 Crore, up .27 % from last quarter Total Income of Rs 1392.30 Crore and down -27.60 % from last year same quarter Total Income of Rs 1928.20 Crore. Company reported net profit after tax of Rs 103.30 Crore in latest quarter.

Investment Rationale
The brokerage expects the stock to head towards Rs 505 levels in the coming weeks being the confluence of the February 2022 high (Rs 502) and 61.8% retracement of the entire January-March 2022 decline (Rs 554-389).

Promoter/FII Holdings
Promoters held 65.48 per cent stake in the company as of 31-Dec-2021, while FIIs owned 24.67 per cent, DIIs 6.37 per cent.