Prestige Estates Projects Ltd

(PRESTIGE)

Prestige Group Targets Rs 60,000 Crore Revenue Growth - 13 Sep, 2024

Prestige Group anticipates reaching Rs 60,000 crore in revenue post-completion of ongoing projects, with a pipeline of 60 million square feet. The company plans to utilize funds from its recent QIP for future investments and debt clearance, aiming for significant growth in office, retail, and hospitality sectors by FY28.

Prestige Estates Raises ₹5,000 Crore, Stock Rises - 06 Sep, 2024

Prestige Estates Projects successfully raised ₹5,000 crore through a Qualified Institutional Placement (QIP), enhancing its financial position and addressing market concerns about growth and debt levels. CLSA has raised its target price to ₹2,380 per share, indicating a positive outlook for the company's residential and annuity businesses.

Prestige Estates Raises Funds Amid Profit Decline - 05 Sep, 2024

Prestige Estates Projects Ltd raised ₹5,000 crore through a QIP, but shares fell 2% post-announcement. The company reported a 13% decline in net profit, while its chairman's net worth surged significantly.

Prestige Estates Subsidiary Acquires Land in Pune - 03 Sep, 2024

Prestige Exora Business Parks, a subsidiary of Prestige Estates Projects, has purchased a 4.5-acre land parcel in Pune's Kharadi for over Rs 200 crore, enhancing its development portfolio.

Prestige Estates Initiates ₹5,000 Crore QIP - 30 Aug, 2024

Prestige Estates Projects Ltd has launched a Qualified Institutional Placement (QIP) to raise ₹5,000 crore, with a floor price of ₹1,755.09 per share. The funds will be used for debt repayment, land acquisition, and corporate purposes. Following the announcement, shares rose nearly 7% on positive market sentiment.

Prestige Estates Plans QIP Amid Mixed Sales Performance - 29 Aug, 2024

Prestige Estates Projects Ltd is set to launch a Rs 5,000 crore QIP to fund expansion and asset monetization. Despite a 50.25% stock increase over six months, the company reported a 23% decline in Q1 sales bookings compared to the previous year.

Prestige Estates Reports Q1FY25 Bookings Decline - 23 Aug, 2024

Prestige Estates Projects reported a 23% YoY decline in Q1FY25 bookings to Rs 3,000 crore due to muted launches and regulatory delays. Despite this, management remains optimistic about strong demand and a sufficient pipeline to meet growth targets. Citi has reiterated a Buy rating, raising the target price from Rs 1,841 to Rs 2,020, citing effective scaling and sustained valuations.

Prestige Groups Reports Strong Price Growth in Q2 - 16 Aug, 2024

Prestige Groups reported a 16% year-on-year increase in average price realization for apartments and commercial spaces, reaching ₹11,934 per sq. ft. Their plotted projects saw a remarkable 46% rise, averaging ₹7,285 per sq. ft. The successful launch of Prestige Kings County in Jigani, with 600 plots sold in the first phase, indicates strong demand and pricing power.