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Thematic (Sector/Industry)

<ul><li>Housing demand continues to surprise positively: After a strong Q4FY24, we expect a sequentially flattish presale growth in Q1FY24 (on a high Q4FY23 base, driven by sustenance sales)</li><li>In the absence of major new launches, sustenance sales are likely to remain robust</li><li>We expect new project launches to come to market in H2FY24</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Housing demand continues to surprise positively: After a strong Q4FY24, we expect a sequentially flattish presale growth in Q1FY24 (on a high Q4FY23 base, driven by sustenance sales)In the absence of major new launches, sustenance sales are likely to remain robustWe expect new project launches to come to market in H2FY24Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Prestige Estates: Prestige Estates (PEPL) registered the highest-ever annual presales of INR 129bn (+24% YoY) on the back of 16msf of launches and robust presales in MMR at INR 27bn</li><li>On the back of this, non-Bengaluru sales increased to 41%, from 20% in FY22</li><li>For FY24, it expects to achieve 25% growth in annual presales over FY23</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prestige Estates: Prestige Estates (PEPL) registered the highest-ever annual presales of INR 129bn (+24% YoY) on the back of 16msf of launches and robust presales in MMR at INR 27bnOn the back of this, non-Bengaluru sales increased to 41%, from 20% in FY22For FY24, it expects to achieve 25% growth in annual presales over FY23Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Prestige Estates, V-Guard Industries

<ul><li>Record FY23 presales expected for most of the players: Going by the numbers for FY23 reported to date by top developers, we expect annual presales for most of them to surpass their previous highs</li><li>Godrej, Macrotech and Sobha, all reported their lifetime high in residential sales with INR 122/120/52bn respectively</li><li>The annual growth also has been substantial with Godrej growing by 55%, Macrotech by 34% and Sobha by 34%</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Record FY23 presales expected for most of the players: Going by the numbers for FY23 reported to date by top developers, we expect annual presales for most of them to surpass their previous highsGodrej, Macrotech and Sobha, all reported their lifetime high in residential sales with INR 122/120/52bn respectivelyThe annual growth also has been substantial with Godrej growing by 55%, Macrotech by 34% and Sobha by 34%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Bottom-Up

Prestige Estates Projects / Equity Bottom-Up

<ul><li>We attended the Prestige Estates (PEPL) analyst meet in Mumbai where it showcased its roadmap for the next five years</li><li>PEPL has achieved INR 90bn presales as of 9MFY23 and has guided for INR 120bn of presales by FY23 and INR 250bn by FY26</li><li>This is expected to be achieved on the back of a strong launch pipeline of 73msf for the next two years across geographies with 55/15% (incl)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We attended the Prestige Estates (PEPL) analyst meet in Mumbai where it showcased its roadmap for the next five yearsPEPL has achieved INR 90bn presales as of 9MFY23 and has guided for INR 120bn of presales by FY23 and INR 250bn by FY26This is expected to be achieved on the back of a strong launch pipeline of 73msf for the next two years across geographies with 55/15% (incl)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prestige Estates: Strong Visibility on Launches and Rental Ramp Up.

<ul><li>ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 170, based on (1) an increase in crude price realisation and (2) an improvement in domestic gas price realisation</li><li>Q3FY23 revenue/EBITDA at INR 386/204bn, came in marginally above our estimates but APAT, at INR 110bn, came below estimates due to higher-than-expected DD&amp;A and finance costs and lower-than-expected other income</li><li>Crude oil and gas production came broadly in line</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 170, based on (1) an increase in crude price realisation and (2) an improvement in domestic gas price realisationQ3FY23 revenue/EBITDA at INR 386/204bn, came in marginally above our estimates but APAT, at INR 110bn, came below estimates due to higher-than-expected DD&amp;A and finance costs and lower-than-expected other incomeCrude oil and gas production came broadly in lineContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: ONGC, Bata India, Prestige Estates, Radico Khaitan

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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Prestige Estates Projects (PEPL IN)

Real Estate: Presale momentum continues

After a strong Q4FY24, we expect a sequentially flattish presale growth in Q1FY24 (on a high Q4FY23 base, driven by sustenance sales)

HDFC Securities

HSIE Results Daily: Prestige Estates, V-Guard Industries

Prestige Estates: Prestige Estates (PEPL) registered the highest-ever annual presales of INR 129bn (+24% YoY) on the back of 16msf of launches and...

HDFC Securities

Real Estate - Stable Performance

Going by the numbers for FY23 reported to date by top developers, we expect annual presales for most of them to surpass their previous highs

HDFC Securities

Prestige Estates: Strong Visibility on Launches and Rental Ramp Up.

We attended the Prestige Estates (PEPL) analyst meet in Mumbai where it showcased its roadmap for the next five years. PEPL has achieved INR 90bn...

HDFC Securities

HSIE Results Daily: ONGC, Bata India, Prestige Estates, Radico Khaitan

We maintain our BUY recommendation on ONGC with a target price of INR 170, based on (1) an increase in crude price realisation and (2) an...

HDFC Securities

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