Prestige Estates Share Price Soars: Here's Why It's Nearing Its All-Time High
Get the latest update on Prestige Estates share price
Prestige EstatesReal EstateShare PriceTarget PriceStock MarketReal Estate NewsMay 31, 2024
The brokerage firm's optimistic outlook is driven by Prestige Estates' strong pre-sales outlook for FY25, despite a high base in F24. The company's strong launch pipeline and ready inventory are expected to contribute to its growth. However, the brokerage firm also raised concerns about the company's high gearing and low margin, which need to be tracked.
Prestige Estates recently reported a 70% decline in consolidated net profit at Rs 140 crore for the quarter ended March 2024, compared to Rs 468.4 crore in the year-ago period. Total income fell to Rs 2,232.5 crore in the quarter from Rs 2,938 crore in January-March FY23.
Despite the decline in profit, Prestige Estates recorded a 63% annual increase in sales booking for the last financial year at a record Rs 21,040 crore, driven by strong demand for its residential properties and higher average sales realization.
Prestige Estates is a leading real estate developer with a significant presence in Southern India. The company has been a major player in the Indian real estate market, with a focus on developing residential and commercial properties.
Prestige Estates is a well-established real estate developer with a strong track record of delivering high-quality projects. The company's commitment to excellence and customer satisfaction has earned it a reputation as one of the most trusted real estate brands in India.
Frequently Asked Questions
What is the target price of Prestige Estates shares?
The target price of Prestige Estates shares has been raised to Rs 1 770 from Rs 1 400 by a global brokerage firm
Why is Prestige Estates' share price surging?
The share price is surging due to the company's strong pre-sales outlook for FY25 driven by a strong launch pipeline and ready inventory
What are the concerns raised by the brokerage firm about Prestige Estates?
The brokerage firm has raised concerns about the company's high gearing and low margin which need to be tracked
What was Prestige Estates' net profit in the quarter ended March 2024?
Prestige Estates reported a 70% decline in consolidated net profit at Rs 140 crore for the quarter ended March 2024
What was the sales booking of Prestige Estates in the last financial year?
Prestige Estates reported a 63% annual increase in sales booking for the last financial year at a record Rs 21 040 crore
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