Prestige Estates Projects releases Q2 business update; here's what analysts suggest

Realty firm Prestige Estates Projects Ltd shares rose as much as 4.6 per cent, hitting the 52-week high of Rs 699 apiece on Monday, October 9. Investors showed buying interest in the stock after the company released its Q2 FY24 business update, which showed record-breaking sales during the first half of FY24.

At around 9:52 a.m., shares of Prestige Estates Projects traded 1.65 per cent higher at Rs 679.55 apiece. The market capitalisation of the company stood at Rs 27,282.64 crore.

Prestige Group on Friday reported a more than two-fold jump in sales bookings at Rs 7,092 crore in the second quarter of this fiscal year, on strong demand for residential properties.

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In a regulatory filing, Prestige Group informed that it has registered sales of Rs 7,092.6 crore, up by 102 per cent year-on-year (YoY). The collections from customers rose 1 per cent to Rs 2,639.8 crore. In terms of volumes, sales bookings rose 50 per cent YoY to 6.84 million square feet.

Anil Singhvi's view

Zee Business Managing Editor Anil Singhvi has recommended buying shares of the Prestige Estates Project for a target price of Rs 675/685 apiece.

Investors already owning the stock should hold it, as per the market expert.

Brokerage views

Global brokerage CLSA has maintained a 'buy' on Prestige Estates Projects for a target price of Rs 750 apiece. The brokerage note said that the company may revise the guidance for pre-sales in FY24.

Systematix has recommended buying shares of Prestige Estates for a target price of Rs 699 apiece.

The brokerage is bullish on the company's strong execution track record and sizeable presence across residential, commercial, retail, and hospitality.

Prestige Estates Project share price: Past performance

In 2023 so far, Prestige Estates Project shares have gained over 44 per cent against the Nifty50's rise of over 7 per cent.

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