Buy Prestige Estates Projects, target price Rs 710: Rajesh Palviya

Rajesh Palviya of Axis Securities has buy call on Prestige Estates Projects with a target price of Rs 710. The current market price of Prestige Estates Projects is Rs 598.3.Rajesh Palviya recommended to keep stop loss at Rs 570.

Prestige Estates Projects, incorporated in the year 1997, is a Mid Cap company (having a market cap of Rs 23915.41 Crore) operating in Real Estate sector.

Prestige Estates Projects key Products/Revenue Segments include Income from Sale of Commercial Flats, Shops & Plots, Property Development, Sale of services, Other Services, Project Management Fees and Other Operating Revenue for the year ending 31-Mar-2022.


Financials
For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 1966.30 Crore, down -33.07 % from last quarter Total Income of Rs 2938.00 Crore and down -2.26 % from last year same quarter Total Income of Rs 2011.80 Crore. Company has reported net profit after tax of Rs 322.10 Crore in latest quarter.

Investment Rationale
Making a series of higher tops and bottoms and multiple resistance breakout at 600 with rising volumes.

Promoter/FII Holdings
Promoters held 65.48 per cent stake in the company as of 30-Jun-2023, while FIIs owned 20.68 per cent, DIIs 11.27 per cent.