Prestige Estates, which got a good response to its Prestige Lakeside Project, is planning several new launches in FY15.
We really have to time the launches so at the moment we are pretty bullish about how we can achieve that.
Irfan Razack
CMD
Prestige Estates
"We achieved some spectacular numbers in this fiscal. We now need to look at ways to sustain those numbers and how can we take that to the next level," he told CNBC-TV18's Ekta Batra and Reema Tendulkar.
Also Read: Sustainable real estate in India: Roadblocks to growth
Despite a slowdown in the sector, Prestige Estates is likely to achieve its FY14 guidance across various operating parameters due to good growth in the Bangalore market. The company is one of the top picks of Barclays in the real estate sector. It also figures among CLSA's preferred picks.
The company, which got a good response to its Prestige Lakeside Project, is planning several new launches in FY15.
The company has also bagged two large development projects in Hyderabad, which may get approvals soon.
Razack said that going ahead the company will be able to sustain the 30 percent operating margin levels.
Below is the interview of Irfan Razack, CMD, Prestige Estates with Ekta Batra & Reema Tendulkar on CNBC-TV18.
Ekta: Can you start by giving us an overall sense on where you see growth parameters for Prestige Estates considering that the company is now all set to beat its guidance across all parameters?
A: We will have a sustained growth. The main thing is we have achieved some very spectacular numbers in this fiscal. Now, we need to see a) that we sustain these numbers and b) how we can again take this to another high. So we are working out certain strategies. The best part is we have now got certain approvals for some very large developments and all this will come in the next fiscal.
We really have to time the launches so at the moment we are pretty bullish about how we can achieve that. Plus we picked up two very large developments in Hyderabad and those are also on the verge of approvals so even that will add up to the kitty.
So all in all, first two quarters next year will be pretty exciting and pretty aggressive and we will have to see how things pan out. Of course till the elections are over we have to be on the quieter side, immediately after that that is when we have to plan the launches so there is no distraction.
Prestige Estate stock price
On March 20, 2014, at 14:13 hrs Prestige Estates Projects was quoting at Rs 157.40, up Rs 4.65, or 3.04 percent. The 52-week high of the share was Rs 192.35 and the 52-week low was Rs 105.10.
The company's trailing 12-month (TTM) EPS was at Rs 9.54 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 16.5. 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 2.03.
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