Parsvnath Developers Ltd: Buy
CMP: Rs.7.35
With a pan-India presence in over 13 states and 37 cities, Parsvnath Developers Ltd is growing steadily, building dreamscapes - be it beautiful residential spaces, state-of-the-art commercial complexes, budget housing, luxurious shopping malls and hypermarkets, etc.
Meanwhile, Parsvnath Realcon (PRPL), a wholly owned subsidiary of Parsvnath Developers, had started construction of its project Parsvnath Paramount situated at Subhash Nagar, New Delhi last year and it plans to complete the project within FY23.
Parsvnath Paramount consists of five towers including one separate Tower of EWS, having total 87 residential units in four towers and 45 units in EWS Tower.
The company now owns 100% stake in its subsidiary Parsvnath Estate Developers, which is developing this office building project.
Parsvnath had raised funds from a NBFC through lease rental discounting (LRD) to provide exits to few PE firms.
The company has a sizable land bank of size Rs.7,000 - 10,000 Cr. The proceeds from sale of land, Joint Development Agreements and joint ventures would be used to pay off debt, resulting in better credit rating.
The revenues (net sales) of the company is continuously increasing during the last few quarters.
They have their presence in Delhi, Haryana, Jammu & Kashmir, Uttar Pradesh, etc.
Buy the shares of Parsvnath Developers Ltd near the CMP of Rs.7.35, for targets of Rs.11/12. SL: Rs.6.60.
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