Result Update Prestige Estates Projects
Prestige Estates Projects : Record Collections; Revenue to Follow
Reco : Hold Cmp : 149 Target : 162
Record collections: Prestige Estates Projects Ltd (PEPL) collected ~Rs 5 bn in Q2FY13 its best quarter yet. The company booked new sales of 1.6 msf in Q2 (vs. 2 msf in Q1) totaling ~Rs 8 bn.
Debtors declined marginally to Rs 7.6 bn as collections of ~Rs 1.1 bn from completed projects was offset by increase in debtors from new sales. Management re-iterated its guidance to reduce debtors from completed projects to Rs 2 bn by FY13.
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