Maintain 'buy' on Prestige Estates - TP Rs.123 - Geojit BNP Paribas Financial Services

- Standalone revenue for 1QFY13 at 250 crore declined 5.6% yoy but increased 13.2% qoq.

- EBITDA margin expanded to 39.6% from 31.2% in 1QFY12 and 38.7% in 4QFY12.

- EBITDA expansion is mainly due to the increased contribution from high margin projects.

- Earnings momentum is expected to pick up further from 2HFY13.

- Sold 2 million sq ft in 1QFY13 against 0.45 million sq ft in 1QFY12 and 1.33 million sq ft in 4QFY12.

- Contracted sales value was Rs.1010 crore, many times higher than contracted sales in 1QFY12 and 56% above 4QFY12 sales.

- Net debt increased 180 crore due to acquisition of land in Chennai and stake purchase in the Cessna Business Park.

- Average sales price at Rs.4977/sq ft is up 7% yoy and 2% qoq.

- The company has achieved 40% of its FY13 contracted sales guidance of Rs.2500 crore.

- Launched 2 million sq ft versus FY13 guidance of 8 million sq ft.

Source : Equity Bulls

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