Prestige Estates Projects Ltd

About

Prestige Estate Projects is in the business of real estate development encompassing the development and construction of properties, leasing of office and retail properties. [1] [2]

Key Points

Market Presence
The Company is maintaining a leadership position in Bengaluru and has a significant presence in Hyderabad and Chennai. It has also extended operations in recent years to Kochi, Mangalore, Goa, Mysore, Pune, Mumbai, Ahmedabad, NCR and Udaipur. [1]

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  • Market Cap 16,898 Cr.
  • Current Price 422
  • High / Low 522 / 248
  • Stock P/E 42.9
  • Book Value 168
  • Dividend Yield 0.36 %
  • ROCE 12.3 %
  • ROE 6.49 %
  • Face Value 10.0

Pros

  • Company has reduced debt.

Cons

  • Stock is trading at 2.51 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 5.60% over past five years.
  • Company has a low return on equity of 7.30% for last 3 years.
  • Contingent liabilities of Rs.5847.40 Cr.
  • Earnings include an other income of Rs.1748.30 Cr.
  • Dividend payout has been low at 10.86% of profits over last 3 years
  • Promoter holding has decreased over last 3 years: -4.52%

Peer comparison

Sector: Realty Industry: Construction

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
1,054 1,979 1,539 1,923 2,681 1,982 1,274 1,875 1,848 2,268 1,416 1,344
710 1,491 1,011 1,313 1,962 1,491 836 1,352 1,411 1,718 1,086 956
Operating Profit 344 488 528 610 719 491 438 523 436 550 330 389
OPM % 33% 25% 34% 32% 27% 25% 34% 28% 24% 24% 23% 29%
Other Income 32 22 71 45 18 35 23 42 81 1,562 58 48
Interest 179 198 241 264 260 258 247 244 241 258 132 180
Depreciation 87 102 163 161 166 177 164 166 140 122 113 114
Profit before tax 109 210 195 230 312 90 50 154 136 1,732 143 142
Tax % 38% 33% 36% 32% 31% 43% 60% 39% 35% 22% 35% 34%
Net Profit 58 139 115 111 162 15 2 60 59 1,336 57 76
EPS in Rs 1.55 3.71 3.07 2.95 4.31 0.38 0.04 1.49 1.46 33.34 1.43 1.89

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,024 1,543 1,052 1,948 2,549 3,420 5,531 4,774 5,499 5,172 8,125 7,264 6,876
826 1,167 754 1,368 1,829 2,426 4,464 3,855 4,222 3,718 5,769 5,317 5,170
Operating Profit 199 377 299 579 720 994 1,068 920 1,277 1,454 2,356 1,948 1,706
OPM % 19% 24% 28% 30% 28% 29% 19% 19% 23% 28% 29% 27% 25%
Other Income 181 66 32 64 97 99 288 99 82 232 161 1,707 1,748
Interest 173 123 119 149 229 321 346 316 566 723 1,023 990 811
Depreciation 49 61 61 68 89 140 127 164 155 323 667 593 490
Profit before tax 158 258 151 426 500 631 882 539 638 640 827 2,072 2,153
Tax % 18% 35% 41% 31% 35% 42% 26% 31% 33% 31% 34% 25%
Net Profit 150 171 83 286 314 332 610 265 371 416 403 1,456 1,528
EPS in Rs 5.21 2.52 8.17 8.98 8.86 16.26 7.06 9.90 11.08 10.06 36.33 38.12
Dividend Payout % 0% 23% 48% 15% 17% 17% 7% 17% 12% 14% 15% 4%
Compounded Sales Growth
10 Years: 17%
5 Years: 6%
3 Years: 10%
TTM: -12%
Compounded Profit Growth
10 Years: 9%
5 Years: -4%
3 Years: 2%
TTM: 65%
Stock Price CAGR
10 Years: 18%
5 Years: 23%
3 Years: 25%
1 Year: 58%
Return on Equity
10 Years: 8%
5 Years: 7%
3 Years: 7%
Last Year: 6%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
262 328 328 350 350 375 375 375 375 375 401 544 401
Reserves 501 1,786 1,823 2,392 2,629 3,446 3,825 4,040 4,358 3,852 4,959 6,274 6,347
Borrowings 1,602 1,505 1,878 2,539 3,154 4,071 5,374 5,739 7,416 8,487 9,272 3,840 5,648
1,354 1,552 1,909 2,375 3,208 4,463 6,886 6,676 6,754 15,720 14,844 15,935 15,708
Total Liabilities 3,720 5,171 5,938 7,656 9,342 12,355 16,460 16,830 18,902 28,433 29,476 26,450 28,104
1,034 1,127 1,546 2,030 2,377 3,010 932 3,622 5,135 6,732 8,986 3,780 4,349
CWIP 205 294 522 912 995 776 982 1,795 2,508 1,645 2,143 2,740 3,096
Investments 161 268 174 175 289 279 3,296 355 435 778 789 907 1,012
2,319 3,482 3,696 4,539 5,680 8,291 11,250 11,058 10,825 19,277 17,558 19,023 19,647
Total Assets 3,720 5,171 5,938 7,656 9,342 12,355 16,460 16,830 18,902 28,433 29,476 26,450 28,104

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-321 -300 227 106 148 -478 435 514 1,072 762 2,226 1,853
-83 -346 -575 -662 -693 -426 -710 -522 -2,005 -549 -2,346 352
436 832 208 823 371 1,104 225 -80 960 87 252 -645
Net Cash Flow 32 187 -141 267 -174 200 -50 -87 26 300 133 1,560

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 129 221 294 150 104 94 75 77 64 117 66 69
Inventory Days 7,574 2,500 1,954
Days Payable 1,795 269 221
Cash Conversion Cycle 129 221 294 150 104 94 75 77 5,843 117 2,297 1,802
Working Capital Days 379 387 469 203 197 283 198 227 141 68 23 59
ROCE % 15% 13% 7% 12% 13% 14% 12% 9% 11% 10% 13% 12%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
70.00 70.00 70.00 70.00 70.00 65.48 65.48 65.48 65.48 65.48 65.48 65.48
27.07 24.85 25.53 25.28 25.63 29.42 30.11 29.66 29.45 28.90 28.15 25.31
1.86 3.90 3.39 3.78 3.43 3.86 2.62 2.91 2.94 3.60 3.93 5.68
1.07 1.25 1.08 0.94 0.94 1.24 1.79 1.95 2.13 2.01 2.44 3.53

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