According to a Firstcall Research report, Prestige Estates Projects achieved a turnover of Rs 475.3 crore for the second quarter of the current year (2013-14) as against Rs 241.4 crore in the corresponding quarter of the previous year. The company has reported an EBITDA of Rs 147.5 crore and a net profit of Rs 77.6 crore against Rs 45.7 crore reported respectively in the corresponding quarter of the previous year. The company has reported an EPS of Rs 2.22 for the second quarter as against an EPS of Rs 1.39 in the corresponding quarter of the previous year.
CMD Irfan Razack, says the company is trying to keep its dependence on debt very low and has been able to bring down the borrowing costs by 1 percent this fiscal. He said acquiring land projects is an ongoing business plan for the company. Prestige Estates recently has launched its ambitious project Lake Side Habitat and the pre-launch sales had been very encouraging, said Razack on CNBC-TV 18.
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Citi rates Prestige as buy with a target of Rs 170 on the back of a strong execution track record. "The company has impressive growth plans in varied real estate segments, with a focus on residential and commercial. It has attractive geographic exposure to Bangalore and several South India cities, which have been more resilient as seen in the last downturn. Prestige has a growing rental annuity portfolio," it said.
Below is the edited transcript of Irfan Razack interview on CNBC-TV18
Q: First could you tell us a little more about Lakeside Habitat; you have launched your largest project ever recently so what have been the pre-launch sales that we have seen in this quarter per se?
A: We did a pre-launch of Prestige Lakeside Habitat in this quarter that too it happened in the end of October. So, it is just November and December sales and it has done extremely well. It has caught the imagination of a lot of our buyers and overall we have had a great run on the sales as of Presitge Lakeside Habitat. It is still going and we have a formal launch on January 19.
Q: It seems as though it has been quite a successful quarter for you or maybe even six zestful first half for Prestige Estates. Is it then fair to assume that you are going to possibly exceed your target of around 8 million square feet which you had guided the market for earlier in terms of total sales for the fiscal?
A: We should easily do that. When we started the financial year and we guided for Rs 4,300 crore many of our peers and even the market analysts were quite skeptical and they said it is a very ambitious target. They were probably trying to see whether we will ever achieve that. However, I am very happy to say that in the third quarter itself we have come very close to achieving it and if things go well in the next quarter we should exceed it.
Q: What would you guide for in terms of possible exceeding that target like if you are working with Rs 4,300 crore; just a ballpark figure?
A: I don't want to guide anything more than what we have already guided. Whatever extra we do that is extra. We have sort of did that high jump and we did our little planning and we knew that we could do it that is why we guided that number. So, I am happy to say that we have somehow come close to it in the third quarter itself.
Prestige Estate stock price
On December 26, 2013, at 14:09 hrs Prestige Estates Projects was quoting at Rs 165.05, up Rs 3.40, or 2.10 percent. The 52-week high of the share was Rs 194.90 and the 52-week low was Rs 105.10.
The company's trailing 12-month (TTM) EPS was at Rs 9.87 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 16.72. The latest book value of the company is Rs 77.38 per share. At current value, the price-to-book value of the company is 2.13.
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