Uptick in annuity cash flows key for Prestige Estates projects

The Prestige Estates Projects stock has shed about 15 per cent since its results last week on disappointing March quarter (Q4) and a muted near-term outlook. Prior to the recent correction, the stock was the best performer among realty stocks since mid-May, gaining 65 per cent.  Given its steady annuity income, the Bengaluru-based realty player was expected to be less impacted than listed players who are primarily in the residential space. While the company ended FY20 with rental income of over Rs 1,000 crore and has seen a gradual uptick in residential collections, it could see an .....

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