Prestige Estates Projects Ltd’s Shares Surge to Record High on Strong Q2 FY24 Sales
Shares Hit New Highs Following Robust Q2 FY24 Sales
Shares of Prestige Estates Projects Ltd skyrocketed by 4.97% to reach a new high of Rs 700.95 each on Monday, driven by the release of its Q2 FY24 business update. The company reported record-breaking sales for the first half of FY24, leading to a significant increase in the stock’s value from Rs 679.55 in early trading.
Strong Investor Interest Drives Market Cap Growth
Prestige Estates Projects Ltd’s market capitalization stood at Rs 27,282.64 crore, reflecting the strong investor interest in the firm. This positive response was fueled by robust residential property demand, resulting in a two-fold jump in sales bookings at Rs 7,092 crore in Q2. The company also reported sales of Rs 7,092.6 crore for the period, with customer collections rising by 1% to Rs 2,639.8 crore and sales bookings increasing 50% YoY to 6.84 million square feet.
Prominent Player in Real Estate Management & Development Industry
According to InvestingPro data, Prestige Estates Projects Ltd has emerged as a prominent player in the Real Estate Management & Development industry, delivering strong returns over the last three months. This aligns with the company’s significant return over the past week, further supported by the substantial price uptick over the last six months. The information provided by InvestingPro suggests a promising future for the company.
Market Players Endorse Buying Shares
Following these outstanding results, market players including Anil Singhvi and brokerages CLSA and Systematix have recommended buying shares of Prestige Estates Projects Ltd. They cited the company’s strong execution track record and sizable presence across various sectors as reasons for their endorsement. Existing investors were also advised to hold their shares.
Potential Revision of Pre-Sales Guidance for FY24
A potential revision of pre-sales guidance for FY24 was also mentioned due to the company’s exceptional performance. In 2023, Prestige Estates Projects Ltd’s shares gained nearly 47%, significantly outperforming the Nifty50’s rise of over 8.1%.
Target Prices Reflect Confidence in Continued Growth
Brokerages CLSA and Systematix have set target prices at Rs 750 and Rs 699, respectively, for Prestige Estates Projects Ltd’s shares, indicating confidence in the company’s continued growth potential.
This article provides a comprehensive overview of Prestige Estates Projects Ltd’s robust Q2 FY24 sales and the subsequent surge in its share price. With record-breaking sales and strong investor interest, the company’s future looks promising. Market players recommend buying shares of Prestige Estates Projects Ltd, recognizing its execution track record and substantial presence across various sectors. The potential revision of pre-sales guidance for FY24 and the company’s impressive performance in 2023 further contribute to its positive outlook. With target prices reflecting confidence in continued growth, Prestige Estates Projects Ltd is poised for further success in the real estate market.
