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Prestige Estates – Operationally on track
Launches: Prestige launched two projects in Bangalore totaling ~0.8msf in Q2 –
(1) Premium city centre project called Edwardian (0.05msf) where all approvals
are in place and (2) High end Sunny Side development (0.72msf) behind Cessna
Business Park. Bellavista Chennai (~3.7msf) launch should happen in Oct-Nov.
Sales: Projects launched in Q1 end have received good response: (1) Park View
– ~200 units of the 247 total units stand sold (2) Tranquility – ~1300 units of the
2310 units stand sold. For new projects, ~1 of the 12 units in Edwardian have
been sold and ~45-50 units of the 395 units in Sunny Side have been sold.
Delivery: Palladium in Chennai and Dynasty in Bangalore have been completed
in Q2. Dynasty is a sold-out project (currently fully occupied by Citrix). In
Palladium, company has followed a mixed model of outright sale and lease.
Overall, ~2.0msf has been handed over by Prestige YTD.
Leasing: Company has seen some traction in Shantiniketan commercial
inventory- leased ~ 0.5-0.55msf @ ~Rs 30/sf. Pipeline is looking good here and
more enquiries should convert in the coming months.
Financial performance: We expect a relatively flat top-line performance in Q2
given steady execution in the existing projects and no new projects cross the
revenue recognition threshold. Margins should improve steadily going forward as
low margin Shantiniketan project is out of the books. But due to higher interest
expense, we expect PAT to come largely in-line with Q1.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Prestige Estates – Operationally on track
Launches: Prestige launched two projects in Bangalore totaling ~0.8msf in Q2 –
(1) Premium city centre project called Edwardian (0.05msf) where all approvals
are in place and (2) High end Sunny Side development (0.72msf) behind Cessna
Business Park. Bellavista Chennai (~3.7msf) launch should happen in Oct-Nov.
Sales: Projects launched in Q1 end have received good response: (1) Park View
– ~200 units of the 247 total units stand sold (2) Tranquility – ~1300 units of the
2310 units stand sold. For new projects, ~1 of the 12 units in Edwardian have
been sold and ~45-50 units of the 395 units in Sunny Side have been sold.
Delivery: Palladium in Chennai and Dynasty in Bangalore have been completed
in Q2. Dynasty is a sold-out project (currently fully occupied by Citrix). In
Palladium, company has followed a mixed model of outright sale and lease.
Overall, ~2.0msf has been handed over by Prestige YTD.
Leasing: Company has seen some traction in Shantiniketan commercial
inventory- leased ~ 0.5-0.55msf @ ~Rs 30/sf. Pipeline is looking good here and
more enquiries should convert in the coming months.
Financial performance: We expect a relatively flat top-line performance in Q2
given steady execution in the existing projects and no new projects cross the
revenue recognition threshold. Margins should improve steadily going forward as
low margin Shantiniketan project is out of the books. But due to higher interest
expense, we expect PAT to come largely in-line with Q1.
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