Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>Company Update</p>
<h2>Prestige Estates Projects</h2>
<h3>PEPL completes Phase 1 of Rs91,600mn asset sale deal</h3>
<p>As per disclosures made by Prestige Estates Projects Ltd (PEPL), the definitive documents have been signed, concluding Phase 1 of the Rs91,600mn deal for which term sheet had been signed between PEPL and the Blackstone group on 9th November 2020. Phase 1 deal is worth Rs74,670mn. Phase 1 includes 100% stake in 6.2mn sq. ft. of operational commercial assets, 85% stake in 2.9mn sq. ft. of retail assets…</p>

<p>3QFY21 Result Update</p>
<h2>Prestige Estates Projects</h2>
<h3>Declining net debt to equity but still remains high</h3>
<p>Prestige Estates Projects’ (PEPL) net profit for 3QFY21 declined by 63.7% YoY to Rs587mn while EBITDA declined by 37.7% YoY. EBITDA margin at 24.2% decreased by 259bps YoY. Revenue declined by 31.1% YoY to Rs18,476mn. Decline in net profit was mainly due to the drop in EBITDA, which was due to higher costs towards the purchase of completed units’ land cost and the purchase of materials.</p>
<p>Net…</p>

<p>2QFY21 Result Update</p>
<h2>Prestige Estates Projects</h2>
<h3>Rising debt remains a concern</h3>
<p>Prestige Estates Projects’ (PEPL) profit declined by 46% YoY to Rs596mn and EBITDA declined by 12% YoY. EBITDA margin at 28.5% decreased by 318bps YoY. Revenue declined by 2.5% YoY to Rs18,750mn. Decline in profit was mainly due to a decline in EBITDA, which was due to an increase in land cost by 69% YoY in 2QFY21.</p>
<p>Net debt-to-equity ratio improved to 1.54x in 2QFY21 from 1.91x in 2QFY20. The improvement in the ratio…</p>

<p>Company Update</p>
<h2>Prestige Estates Projects</h2>
<h3>Blackstone group to acquire partial annuity assets</h3>
<p>As per disclosures made by the company, the Blackstone group will buy Prestige Estates Projects Limited’s (PEPL) rental income assets for Rs91,600mn. The transaction involves ready, income-producing and under-construction properties in key cities of India, including Bengaluru, Chennai, Hyderabad, Ahmedabad, Kochi, Mangalore, Udaipur and Mysore. PEPL had debt of Rs93,165mn and cash balance of Rs9,508mn as…</p>

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<p>1QFY21 Result Update</p>
<h2>Prestige Estates Projects</h2>
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<p><strong>Strong annuity portfolio</strong></p>
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<p>Prestige Estates Projects’ (PEPL) profit declined by 99% YoY to Rs16mn and EBITDA declined by 17% YoY despite EBITDA margin increasing by 18bps to 34.5%. Revenue declined by 17% YoY to Rs12,737mn. Decline in profit is mainly due to: (1) Rise in interest expenses by 2% YoY (2) Decline in other income by 21% YoY (3) In 1QFY20, the company had booked an extraordinary item of Rs380nmn relating to fair value gain…</p>
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India

Prestige Estates Projects Ltd. develops real estate.  The Company builds residential projects including apartments, villas, plotted developments and integrated townships; commercial projects including corporate office buildings and technology parks; hotels and resorts; and retail buildings.

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