Prestige Estates Projects Ltd

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NSEBSE

1229.0519.10 (1.58%)

03:49 PM,28th Feb 2024

1226.5517.05 (1.41%)

04:01 PM,28th Feb 2024

BSE : 533274

NSE : PRESTIGE

Sector : Infrastructure

ISIN Code : INE811K01011

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Last Updated: Feb 28 2024 | 04:01 PM IST

Market Cap (₹ Cr)

49267

Turnover (₹ Cr)

10.81

Volume (Shares)

879240

Face Value

10

52-WK High

1440.00

52-WK High Date

15 Jan 2024

52-WK Low

392.00

52-WK Low Date

16 Mar 2023

All Time High

1440.00

All Time High Date

15 Jan 2024

All Time Low

57.55

All Time Low Date

20 Dec 2011

Prestige Estates Projects Ltd

Prestige Estates Projects Ltd is one of the leading real estate development companies with projects in residential office retail and hospitality segment. Its operations are spread across South India Pune Goa and Ahmedabad. The company has completed more than 281 real estate projects of over 167 million sq. ft.. They have developed a diversified portfolio of real estate development projects focusing on projects in the residential (including apartments villas plotted developments and integrated townships) commercial (including corporate office blocks built-to-suit facilities technology parks and campuses and SEZs) hospitality (including hotels resorts and serviced accommodation) and retail (including shopping malls) segments of the real estate industry.The company also offers a variety of services through their real estate services business which includes the provision of property management services for their commercial and residential developments sub-leasing and fit-out services project and construction management services interior solutions services mall management services and the operation of their hospitality projects. Prestige Estates Projects Ltd commenced operations as a partnership firm on April 1 1986 under the name and style of Prestige Estates and Properties. The partners of the firm were the Late S. Razack Irfan Razack Rezwan Razack and Sameera Noaman. In March 31 1997 the partnership firm was reconstituted between Late S. Razack Irfan Razack Rezwan Razack Sameera Noaman Noaman Razack Rabia Razack Badrunissa Irfan and Almas Rezwan and the name of the firm was changed to Prestige Estates Projects.In June 4 1997 the firm was registered as a private limited company with the name Prestige Estates Projects Private Ltd. All of the business and property of the erstwhile partnership firm therefore became vested in the company. In the year 1998 the company forayed into property management services. In the year 2000 they inaugurated Prestige Acropolis. In the year 2001 they received ISO 9001:2000 Certification. Also they commenced operation of Angsana their first hospitality project.In the year 2004 the company inaugurated their first retail project Forum Mall. In the year 2006 they launched an SEZ namely Cessna Business Park and an integrated township namely Prestige Shantinikethan. Also they inaugurated Prestige Ozone a villa development. In the year 2007 the company expanded their operation to Cochin Chennai and Hyderabad. They entered into a relationship with Red Fort India Real Estate Holdco I L.L.C to develop commercial space and townships. Also they inaugurated UB City their largest mixed use development. In the year 2008 the company entered into strategic alliance with CRIDF for developing malls across South India. They also entered into a relationship with UIOF. They inaugurated a luxury mall at UB City namely the Collections. Also they started operations of Oakwood Premier Prestige serviced apartments at UB City.In the year 2009 the company inaugurated Forum Value Mall. In November 10 2009 the company was converted into a public limited company and the name was changed to Prestige Estates Projects Ltd. In the year 2010 the company launched Prestige White Meadows. In July 2010 the company completed the project Prestige Shantinikethan which comprised of 14.62 million sq. ft. of Developable Area across the residential (including 6.07 million sq. ft. of Saleable Area) consisting of 24 blocks of which 17 blocks with a developable area of 6.14 million sq. ft.In October 2010 Prestige Estates Projects entered the capital market with an Initial Public Offering of Rs 1200 crore.On 8 August 2014 Prestige Estates Projects announced the closure of qualified institutions placement of equity shares of the company and approved the issuance of up to 2.5 crore equity shares at an issue price of Rs 245 per share aggregating to approximately Rs 612.50 crore to eligible Qualified Institutional Buyers.The Board of Directors of Prestige Estates Projects at its meeting held on 24 March 2016 accorded their in-principle approval for the merger of its wholly owned subsidiaries Downhill Holiday Resorts Private Limited Foothills Resorts Private Limited Pennar Hotels and Resorts Private Limited and Valdel Xtent Outsourcing Solutions Private Limited with the company.The Board of Directors of Prestige Estates Projects at its meeting held on 31 March 2016 approved the Scheme of Amalgamation of Downhill Holiday Resorts Private Limited Foothills Resorts Private Limited Pennar Hotels and Resorts Private Limited and Valdel Xtent Outsourcing Solutions Private Limited with Prestige Estates Projects (PEPL) and their respective shareholders. The entire paid-up and issued share capital of each of these transferor companies is held by PEPL.On 1 April 2016 Prestige Estates Projects announced that its subsidiary Prestige Alta Vista Holdings has purchased approximately 49% of the securities held by CMIDF Whitefield Mall (Singapore) Pte. Ltd. in Prestige Whitefield Investment and Developers Private Limited for Rs 56.87 crore. Prestige Whitefield Investment and Developers Private Limited owns a land parcel of approximately 8 acres and is engaged in development of commercial space. During the financial year ended 31 March 2017 Prestige Estate Projects undertook a restructuring exercise by which the Prestige brand's four verticals have been incorporated as separate holding companies (100% held by listed company Prestige Estates Projects Limited) formed for each segment. The restructuring was done with an objective to better each vertical (Residential Commercial Retail and Hospitality) in terms of performance and competency. On 26 December 2017 Prestige Estates Projects announced that the company through a wholly owned special purpose vehicle (SPV) is the process of acquisition of the entire remaining 66.66% equity stake in Prestige Projects Private Limited (PPPL) from the investors and land owners for a consideration of about Rs 324 crore. PPPL owns a land parcel admeasuring over 180 acres in Sarjapur Road Bengaluru. Prestige Estates Projects is proposing to develop a large scale affordable and mid income housing project in this land. On 1 January 2018 the Management Sub Committee of Prestige Estates Projects approved acquisition of CapitaLand stake in various retail mall entities for an aggregate consideration of approximately Rs 342 crore.On 9 January 2018 Prestige Estates Projects announced the completion and opening of Forum Centre City Mall in Mysore with 96% leasing and occupancy. The mall has leasable area of 0.32 million sq. ft and is situated in the heart of Mysore City. The mall is owned by Prestige Retail Ventures Limited a wholly owned subsidiary of Prestige Estates Projects.On 7 February 2018 Prestige Estates Projects announced that it has entered into a strategic partnership with HDFC Capital Advisors Limited for furthering its business in the Mid-Income/Affordable Housing sector. This dedicated real estate platform shall have a capital to the tune of Rs 2500 crore which shall be a blend of equity and debt. The primary focus will be on expanding Prestige's residential business by identifying strategic land parcels with the potential of developing large-scale residential projects in the mid-income segment. HDFC Capital Advisors Limited a wholly owned subsidiary of HDFC provides investment advisory services for real estate private equity financing. On 26 February 2018 Prestige Estates Projects announced that its wholly owned subsidiary Prestige Exora Business Parks Limited (Exora) and Reco Jade Ind Private Limited (Reco) a subsidiary of GIC (Realty) Pte Limited Singapore have entered into a preliminary term sheet in relation to a possible significant minority investment by Reco in Exora which owns directly/indirectly multiple office properties both operating and under construction. On 8 March 2018 Prestige Estates Projects announced that it has entered into binding agreement for acquisition of 80% stake held by investors and its affiliates in Sterling Urban Infraprojects. Sterling Urban Infraprojects owns land parcels of around 59 acres at Outer Ring Road - Sarjapur Bangalore. Prestige Estates Projects intends to develop state of the art commercial office space with over 6 million sq. ft of developable area in this land.During FY 2019-20 the Company had sold 3424 Residential units and 1.47 million square feet of commercial space which translated to sales of Rs. 45607 million. During the year it has launched 17.12 million square feet. During the financial year 2019-20 the Company signed second platform deal with HDFC Capital Affordable Real Estate Fund I (HCARE) to develop a housing project Prestige Finsbury Park owned by Apex Realty Ventures LLP. During the FY 2020-21 the Company has sold 4893 Residential units and 0.38 million square feet of commercial space which translates to sales of Rs. 54608 million. It completed development of 2 million Sq. ft. across all its segments and launched projects spanning 11.85 million Sq. ft. across 5 cities. During year 2020-21 the Company divested 100% of its stake in Prestige Amusement Private Limited Cessna Garden Developers Private Limited and 85% of its stake in Prestige Hyderabad Retail Ventures Private Limited Prestige Shantiniketan Leisures Private Limited Prestige Garden Constructions Private Limited Prestige Mangalore Retail Ventures Private Limited Prestige Mysore Retail Ventures Private Limited and Flicker Projects Private Limited.During the year 2022 Company has launched 16.77 million Sq. ft. It completed 16 projects with Built up Area of 14.26 million sq. ft. acrosssegments & geographies during the year. During the FY 2021-22 the Company has sold 8883 residential units and 0.67 million Sq. Ft. of commercial space which translates to sales of Rs. 103822 million.During FY 2021-22 the Company acquired 100% equity share capital of Ariisto Developers Private Limited in Mumbai which got approved by National Company Law Tribunal on 23 March 2021. It acquired 45% stake in two partnership firms M/s. Prestige Century Megacity and 55% stake in M/s. Prestige Century Landmark which hold land in North Bangalore. The Company through its subsidiary acquired 70% equity stake in Shipco Infrastructure Private Limited to create logistics and warehousing space.During year 2021-22 the Company divested 100% of its stake in Dashanya Tech Parkz Private Limited 85% of its stake in Vijaya Productions Private Limited and 50% of its stake in Prestige Beta Projects Private Limited. It divested entire stake in Prestige City Estates Private Limited to CPP Investment Board Private Holdings (4) Inc. an affiliate of Canada Pension Plan Investment Board and Prestige City Estates Pvt. Ltd. owns Commercial project viz. Prestige RMZ Star Tech.During the year ended 31 March 2022 the Group has received approvals from NCLT for Scheme of Arrangement for Demerger of certain business undertakings held in subsidiaries of the Company effective from March 10 2021.In 2022-23 the Company acquired 10% equity stake in Prestige Sterling Infraprojects Private Limited on July 29 2022 and held 90% equity shares in it. The Company through its wholly owned subsidiary Prestige Retail Ventures Limited (PRVL) acquired 30% stake in Prestige OMR Ventures LLP. With the acquisition LLP became a wholly owned subsidiary of the Company.In 2022-23 the Company came with 2 new launches Ocean Towers in Marine Lines and Prestige Nautilus in Worli. Thereafter it launched 26 Mn sft of projects including 16 Mn sft of residential projects and 10 Mn sft of capex projects. 15 projects with Built up Area of 15.68 Mn. sq. ft. across segments & geographies were completed during the year 2023.

Prestige Estates Projects Ltd - Key Fundamentals

PARAMETER VALUES
Market Cap (₹ Cr)

49267

EPS - TTM (₹) [S]

5.60

P/E Ratio (X) [S]

7.29

Face Value (₹) 10
Latest Dividend (%)15.00
Latest Dividend Date 14 Sep 2023
Dividend Yield (%) 0.12
Book Value Share (₹) [S]168.56
P/B Ratio (₹) [S]7.29
[*C] Consolidated [*S] Standalone

Funds Owing this Stock

Scheme Name Amount Invested ( ₹ Cr ) No Of Shares Net Asset (%)
Nippon India Retirement Fund-IG (G) 0.57 5000 0.34
Nippon India Retirement Fund-IG (B) 0.57 5000 0.34
Nippon India Retirement Fund-IG (IDCW) 0.57 5000 0.34
Nippon India Retirement Fund-IG - Dir (G) 0.57 5000 0.34
Nippon India Retirement Fund-IG - Dir (B) 0.57 5000 0.34
Nippon India Retirement Fund-IG - Dir (IDCW) 0.57 5000 0.34
Groww Nifty Total Market Index Fund-Regular (G) 0.10 885 0.10
Groww Nifty Total Market Index Fund-Direct (G) 0.10 885 0.10
ICICI Pru Regular Savings Fund (G) 59.33 600 1.75
ICICI Pru Regular Savings Fund (IDCW-M) 59.33 600 1.75

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Research Reports

Date BrokerActionPrices(Rs)Report
Data Not Found

Stock Strength

Today's Low/High

1162.00

1246.70

Week Low/High

1162.00

1267.00

Month Low/High

1043.30

1303.00

Year Low/High

392.00

1440.00

All time Low/High

57.55

1440.00

Share Price Returns

Period BSENSE SENSEXNIFTY
1 Week3.66%3.26%-0.44-0.47%
1 Month1.92%2.02%2.272.80%
3 Month28.17%28.47%9.2610.36%
6 Month116.12%115.58%11.2413.70%
1 Year202.87%202.76%22.6326.86%
3 Year311.88%312.29%47.2651.08%

Company Info

Company Information

Chairman & Managing Director : Irfan Razack

Joint Managing Director : Rezwan Razack

Independent Director : Jagdeesh K Reddy

Independent Director : B G Koshy

Independent Director : Noor Ahmed Jaffer

Independent Director : Pangal Ranganath Nayak

Whole-time Director : Noaman Razack

Director : Uzma Irfan

Company Secretary : M Sridhar.

Registered Office: Prestige Falcon Tower, No 19 Brunton Road,Bengaluru,Karnataka-560025 Ph: 91-80-25591080

Email:investors@prestigeconstructions.com

URL:http://www.prestigeconstructions.com