威望地产项目（PEPL IN）：买入：第一季度开局强劲

Issuer of report:HSBC Securities and CapitalMarkets (India)Private LimitedView HSBC Global Research at:https://www.research.hsbc.comListen to our insightsHSBC Global Research PodcastsMAINTAIN BUYTARGET PRICE(INR)1650.00SHARE PRICE(INR)1466.60(as of30 May 2025)MARKET DATAMarket cap(INRm)Market cap(USDm)3m ADTV (USDm)FINANCIALS AND RATIOS(INR)Year toHSBC EPSHSBC EPS (prev)Change (%)Consensus EPSPE (x)Dividend yield (%)Acct'g prof rtn (%)52-WEEK PRICE(INR)Source:LSEGIBES, HSBC estimatesPuneet Gulati*, CFAAnalyst, India Energy Transition, Property & InfraHSBC Securities and Capital Markets (India) Private Limitedpuneetgulati@hsbc.co.in+91 82 9189 7591Akshay Malhotra*Analyst, India Power and Real EstateHSBC Securities and Capital Markets (India) Private Limitedakshay.malhotra@hsbc.co.in+91 22 2268 2007* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and isnot registered/ qualified pursuant to FINRA regulationsEquitiesREMDIndia05/24Target price: 1650.00High: 2056.80 Low: 1060.30 Current: 1466.60 Find out morePREVIOUS TARGET(INR)1650.00UPSIDE/DOWNSIDE+12.5%631,709Free float7,386BBG12RIC03/2025a03/2026e10.8551.5628.1549.73-61.422.0033.60135.10.13.211/24 30%PEPL INPREG.BO03/2027e03/2028e102.8581.8796.733.76.348.8128.414.317.90.10.14.97.0930.001565.002200.0005/25 2Financial statementsYear to03/2025a03/2026e03/2027e03/2028eProfit & loss summary(INRm)Revenue73,494133,050202,785181,304EBITDA25,58847,90677,23867,645Depreciation & amortisation-8,123-9,725-10,025-10,325Operatingprofit/EBIT17,46538,18167,21357,320Net interest-13,338-7,840-8,184-10,029PBT7,55830,91159,59947,861HSBC PBT7,55830,91159,59947,861Taxation-1,389-7,208-13,807-11,107Net profit4,67522,20944,29835,260HSBC net profit4,67522,20944,29835,260Cash flow summary(INRm)Cash flow from operations18,17073,19985,83164,018Capex-15,829-38,743-38,524-43,371FCF enterprise-12,471-5,180-21,317-36,539Cash flow from investment-15,864-38,743-38,524-43,371Dividends-775-775-646-646Change in net debt-1,28714,22530,57847,644FCF equity3,19434,45647,30620,647Balance sheet summary(INRm)Tangible fixed assets119,029148,047176,546209,593Current assets454,926558,660711,395913,651Cash & others32,50060,27571,69764,053Total assets587,192719,944901,1791,136,480Gross debt131,799173,799215,799255,799Net debt99,299113,524144,102191,746Shareholders' funds154,230175,663219,315253,930Invested capital256,011292,164366,887449,640Ratio, growth and per share analysisYear to03/2025a03/2026e03/2027e03/2028eY-o-y % changeRevenue-6.781.052.4-10.6EBITDA2.487.261.2-12.4EBIT-2.0118.676.0-14.7PBT-64.4309.092.8-19.7HSBC EPS-68.3375.199.5-20.4Ratios (%)Revenue/IC (x)0.30.50.60.4ROIC6.010.715.710.8ROE3.513.522.414.9ROA3.24.97.04.9EBITDA margin34.836.038.137.3Operating profit margin23.828.733.131.6EBITDA/net interest (x)1.96.19.46.7Net debt/equity62.462.463.472.8Net debt/EBITDA (x)3.92.41.92.8CF from operations/net debt18.364.559.633.4Per share data(INR)EPS Rep (diluted)10.8551.56102.8581.87HSBC EPS10.8551.56102.8581.87DPS1.801.501.501.50NAV (Book Value)358.09407.86509.21589.57Valuation dataYear toPrice to NAV (BV)Price to NAV (adj)PE*FCFyield (%)Dividend yield (%)* Based on HSBC EPS (diluted)ESG metricsEnvironmental IndicatorsGHG emission intensityEnergy intensityCO2reduction policySocial IndicatorsEmployee costs as % of revenuesEmployee turnover (%)Diversity policySource: Company data, HSBC* GHG intensity and energy intensity are measured in kg and kWh respectively against revenue in USD ‘000sIssuer informationShare price(INR)Target price(INR)RIC(Equity)Bloomberg (Equity)Market cap (USDm)Price relativeSource: HSBCNote:Priced at close of 30 May 2025180.00680.001180.001680.002180.00Financials & valuation:Prestige Estates Projects Quarterly trendPre-sales (INRm)Source: Company data, HSBCKey metricsArea sold (msf)-saleableareaGrowth (YoY)Growth (QoY)Sales (INRm)Growth (YoY)Growth (QoQ)New launch (msf)–dev.areaGrowth (YoY)Growth (QoQ)Collections (INRm)Growth (YoY)Collections/sales (%)Units sold (nos.)Averageticketsize (INRm)Netdebt (INRm)Source: Company Data, HSBCCashflow(INRm)Cashflow fromoperationsInflowsResi.collection /commercialrentals /othersOutflowsConstructioncost-residentialLOpayments-sales/marketing/admin O/HNet cash flow from operationsCashflow to/frominvestmentsConstructioncost (retail/comm/hospitality)Inv.inland / TDR/deposits/ buybackFixedassetsNet cash flow from investmentsCashflow to/fromfinancingDebt drawdownFinance costQIPproceedsOthersNet cash flow from financingSource: Company Data, HSBC00000000000000000000000000 Source: Company data, HSBCQ3FY23Q4FY23Q1FY24Q2FY24Q3FY24Q4FY24Q1FY25Q2FY25Q3FY25Q4FY256.845.464.1150%88%3%79%-20%-25%25,19038,888 39,147 70,926 53,261 47,070 30,295 40,226 31,135 69,574102%111%21%81%-25%-12%13.0814.629.3777%260%78%319%12%-36%22,92927,633 27,408 26,398 31,163 34,740 29,162 27,372 32,575 31,5511%36%26%37%59%74%3,6592,4671,66619.421.628.341,69955,657 64,804 69,610 69,808 77,880 81,799 35,921 59,603 67,165Q4FY24Q1FY2540,92134,36012,96014,0859,6088,52018