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Managing debt to be key for Prestige
February 16, 2024
|Mint Mumbai
Prestige Estates Projects Ltd put up a decent show in the December quarter (Q3FY24).
Pre-sales for the quarter was at 15,326 crore, taking the total for the first nine months of FY24 to ₹16,333 crore.
This was largely due to the launch of The Prestige City project in Hyderabad, which contributed a large chunk of Q3 pre-sales. The company is confident of closing FY24 with pre-sales of ₹20,000 crore and plans to launch housing projects with a gross development value of ₹42,000 crore by FY25-end.
Investors must keep tabs on its total unsold inventory, which inched up to ₹16,000 crore by the end of December. The pace of inventory exhaustion is crucial for earnings outlook and the stock price.
Debt and cash flow are crucial, given the company's big capital expenditure plans.
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