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May 08, 2024
Prestige Estates Projects Limited: Ratings withdrawn for non-convertible debentures of
Rs. 250.0 crore and rating outstanding for the existing facilities
Summary of rating action
Instrument*
Previous Rated Amount
(Rs. crore)
Current Rated Amount
(Rs. crore)
Rating Action
Long-term – Fund-based – Term
loan
1,069.91
1,069.91
[ICRA]A+(Stable); Outstanding
Long-term – Non-fund based
549.20
549.20
[ICRA]A+(Stable); Outstanding
Non-convertible debenture
500.00
500.00
[ICRA]A+(Stable); Outstanding
Non-convertible debenture
250.00
0.00
[ICRA]A+(Stable); Withdrawn
Long-term – Fund-based
50.00
50.00
[ICRA]A+(Stable); Outstanding
Commercial paper
230.00
230.00
[ICRA]A1; Outstanding
Total
2,649.11
2,399.11
*Instrument details are provided in Annexure I
Rationale
ICRA has withdrawn the ratings assigned to the non-convertible debentures of Rs. 250 crore of Prestige Estates Projects
Limited, as the same are fully redeemed , and is in accordance with ICRA’s policy on withdrawal of ratings.
The key rating drivers and their description, liquidity position, rating sensitivities, key financial indicator and environmental
and social risks have not been captured as the rated instruments are being withdrawn. The previous detailed rating rationale
is available at the following link: Click here.
Analytical approach
Analytical Approach
Applicable rating methodologies
Parent/Group support
Consolidation/Standalone
About the company
PEPL is the flagship company of the Prestige Group. It started operations as Prestige Estates and Properties, a partnership firm,
in 1986. It was subsequently converted into a private limited company in 1997 and to a public company in 2009. The company
is promoted by Mr. Irfan Razack and his brothers, together holding 65.48% of shares. The remaining shares are held by
institutional investors and other public shareholders as on December 31, 2023.
The Prestige Group has over 37 years of experience in real estate development and is one of the leading real estate developers
in South India. It has completed 291 real estate projects covering 176 msf of area and is currently developing 56 projects
encompassing an area of 96 msf as on December 31, 2023. It has developed a diversified portfolio of real estate projects
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focusing on the residential, commercial, hospitality and retail segments. Besides, Prestige offers a variety of services, such as
property management services, sub-leasing and fit-out services.
Status of non-cooperation with previous CRA: Not applicable
Any other information: None
Rating history for past three years
Instrument
Current rating (FY2025)
Chronology of rating history
for the past 3 years
Type
Amount
rated
(Rs.
crore)
Amount
outstanding
As on
September 30,
2023 (Rs. crore)
Date & rating in
FY2025
Date & rating in FY2024
Date & rating
in FY2023
Date & rating
in FY2022
May 08, 2024
Feb 6, 2024
Jul 28, 2023
Nov 16, 2022
Nov 16, 2021
1
Term loans
Long
term
1,069.9
1069.9
[ICRA]A+
(Stable)
[ICRA]A+
(Stable)
[ICRA]A+
(Stable)
[ICRA]A+
(Stable)
[ICRA]A+
(Stable)
2
Non-fund
based
facility
Long
term
549.2
549.2
[ICRA]A+
(Stable)
[ICRA]A+
(Stable)
[ICRA]A+
(Stable)
[ICRA]A+
(Stable)
[ICRA]A+
(Stable)
3
NCD
Long
term
500.0
500.0
[ICRA]A+
(Stable)
[ICRA]A+
(Stable)
[ICRA]A+
(Stable)
[ICRA]A+
(Stable)
[ICRA]A+
(Stable)
4
NCD
Long
term
250.0
-
[ICRA]A+(Stable);
withdrawn
[ICRA]A+
(Stable)
[ICRA]A+
(Stable)
[ICRA]A+
(Stable)
[ICRA]A+
(Stable)
5
Proposed
NCD
Long
term
-
-
-
-
-
[ICRA]A+
(Stable)
[ICRA]A+
(Stable)
6
Fund-based
facility
Long
term
50.0
50.0
[ICRA]A+
(Stable)
[ICRA]A+
(Stable)
[ICRA]A+
(Stable)
[ICRA]A+
(Stable)
-
7
Commercial
paper
Short
term
230.0
230.0
[ICRA]A1
[ICRA]A1
[ICRA]A1
-
-
Complexity level of the rated instruments
Instrument
Complexity Indicator
Long-term Fund-based – Term loan
Simple
Long-term Non-fund based
Simple
Non-convertible debenture
Simple
Long-term Fund-based
Simple
Commercial paper
Very simple
The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated.
It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument's
credit rating. It also does not indicate the complexity associated with analysing an entity's financial, business, industry risks or
complexity related to the structural, transactional or legal aspects. Details on the complexity levels of the instruments are
available on ICRA’s website: Click Here.
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Annexure I: Instrument details
ISIN
Instrument Name
Date of Issuance
Coupon
Rate
Maturity
Amount Rated
(Rs. crore)
Current Rating and Outlook
NA
Term loan
FY2013-FY2022
NA
Jan 2036
1,069.91
[ICRA]A+(Stable)
NA
Non-fund based
-
-
-
549.20
[ICRA]A+(Stable)
INE811K07067
NCD
Aug 10, 2018
10.5%
Aug 10,
2023*
250.00
[ICRA]A+(Stable); Withdrawn
INE811K07075
NCD
Nov 29, 2021
8.9%
Nov 29, 2024
240.00
[ICRA]A+(Stable)
INE811K07083
NCD
Nov 29, 2021
8.9%
Nov 29, 2026
260.00
[ICRA]A+(Stable)
NA
Fund-based
-
-
-
50.00
[ICRA]A+(Stable)
INE811K14022
Commercial
Paper
Aug, 2023
-
Aug, 2024
230.00
[ICRA]A1
Source: Company; * redeemed fully
Annexure II: List of entities considered for consolidated analysis:
Company Name
PEPL Ownership
Consolidation Approach
Avyakth Cold Storages Private Limited
100.00%
Full Consolidation
Dollars Hotel & Resorts Private Limited
65.92%
Full Consolidation
ICBI (India) Private Limited
82.57%
Full Consolidation
K2K Infrastructure (India) Private Limited
75.00%
Full Consolidation
Northland Holding Company Private Limited
100.00%
Full Consolidation
Prestige Bidadi Holdings Private Limited
99.94%
Full Consolidation
Prestige Builders and Developers Private Limited
100.00%
Full Consolidation
Prestige Construction Ventures Private Limited
100.00%
Full Consolidation
Prestige Exora Business Parks Limited
100.00%
Full Consolidation
Prestige Falcon Realty Ventures Private Limited
100.00%
Full Consolidation
Prestige Garden Resorts Private Limited
100.00%
Full Consolidation
Prestige Hospitality Ventures Limited
100.00%
Full Consolidation
Prestige Leisure Resorts Private Limited
57.45%
Full Consolidation
Prestige Retail Ventures Limited
100.00%
Full Consolidation
Sai Chakra Hotels Private Limited
100.00%
Full Consolidation
Shipco Infrastructure Private Limited (w.e.f August 23, 2021)
70.00%
Full Consolidation
Prestige Sterling Infra Projects Private Limited
90.00%
Full Consolidation
Prestige Mall Management Private Limited
100.00%
Full Consolidation
Prestige Garden Estates Private Limited
73.00%
Full Consolidation
Village-De-Nandi Private Limited
100.00%
Full Consolidation
Kochi Cyber Greens Private Limited
100.00%
Full Consolidation
Prestige Projects Private Limited (w.e.f September 02, 2021)
59.99%
Full Consolidation
Prestige Mulund Realty Private Limited (formerly known as Ariisto
Developers Private Limited) (w.e.f June 29, 2021)
100.00%
Full Consolidation
Prestige Acres Private Limited (w.e.f October 25, 2021)
51.00%
Full Consolidation
Prestige Warehousing & Cold Storage Services Private Limited
92.36%
Full Consolidation
Apex Realty Management Private Limited (w.e.f June 24, 2022)
60.00%
Full Consolidation
Prestige Falcon Malls Private Limited
100.00%
Full Consolidation
Prestige Falcon Mumbai Realty Private Limited
51.00%
Full Consolidation
Prestige Estates Projects Corp.
100.00%
Full Consolidation
Ace Realty Ventures
51.00%
Full Consolidation
Albert Properties
88.00%
Full Consolidation
Eden Investments & Estates
77.50%
Full Consolidation
Morph*
40.00%
Equity Method
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Prestige AAA Investments
51.00%
Full Consolidation
Prestige AltaVista Holdings
99.00%
Full Consolidation
Prestige Habitat Ventures
99.00%
Full Consolidation
Prestige Hi-Tech Projects
-
-
Prestige Kammanahalli Investments
75.00%
Full Consolidation
Prestige Nottinghill Investments
51.00%
Full Consolidation
Prestige Office Ventures
99.99%
Full Consolidation
Prestige Ozone Properties*
47.00%
Equity Method
Prestige Pallavaram Ventures
99.95%
Full Consolidation
Prestige Property Management & Services
97.00%
Full Consolidation
Prestige Southcity Holdings
51.00%
Full Consolidation
Prestige Sunrise Investments
99.99%
Full Consolidation
Prestige Whitefield Developers*
47.00%
Equity Method
PSN Property Management and Services*
50.00%
Equity Method
Silver Oak Projects
99.99%
Full Consolidation
The QS Company
98.00%
Full Consolidation
Prestige Century Landmark (w.e.f April 07, 2021)
55.00%
Full Consolidation
Prestige Century Megacity* (w.e.f April 07, 2021)
45.00%
Equity Method
Southeast Realty Ventures (w.e.f. March 20, 2023)
99.99%
Full Consolidation
Prestige Falcon Business Parks (w.e.f July 14, 2021)
99.00%
Full Consolidation
Villaland Developers LLP
99.00%
Full Consolidation
West Palm Developments LLP
61.00%
Full Consolidation
Prestige Valley View Estates LLP
51.05%
Full Consolidation
Prestige Whitefield Investment and Developers LLP
99.99%
Full Consolidation
Prestige OMR Ventures LLP
100.00%
Full Consolidation
Apex Realty Ventures LLP (w.e.f. June, 24 2022)
59.94%
Full Consolidation
Prestige Devenahalli Developers LLP*
45.00%
Equity Method
Prestige Beta Projects Private Limited (w.e.f. March 24, 2022)
40.00%
Equity Method
Dashanya Tech Parkz Private Limited* (w.e.f. February 09, 2022)
-
-
Thomsun Realtors Private Limited
50.00%
Equity Method
Bamboo Hotel and Global Centre (Delhi) Private Limited
50.00%
Full Consolidation
Pandora Projects Private Limited
50.00%
Equity Method
Prestige (BKC) Realtors Private Limited*
59.20%
Full Consolidation
Apex Realty Management Private Limited* (Upto June 23, 2022)
-
-
Prestige Realty Ventures
49.90%
Equity Method
Prestige City Properties* (upto February 02, 2022)
-
-
Prestige MRG Eco Ventures (w.e.f. March 29, 2023)
50.00%
Equity Method
Apex Realty Ventures LLP * (Upto June 23, 2022)
-
-
Lokhandwala DB Realty LLP
50.00%
Equity Method
Turf Estate Joint Venture LLP**
50.00%
Equity Method
Source: Company, ICRA Research
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ANALYST CONTACTS
Rajeshwar Burla
+91 40 6939 6443
rajeshwar.burla@icraindia.com
Anupama Reddy
+91 40 6939 6427
anupama.reddy@icraindia.com
Pulkit K Varshney
+91 80 432 6427
pulkit.varshney@icraindia.com
Sonali Agarwal
+91 80 4332 6418
t sonali.agarwal@icraindia.com
RELATIONSHIP CONTACT
L Shivakumar
+91 22 6114 3406
shivakumar@icraindia.com
MEDIA AND PUBLIC RELATIONS CONTACT
Ms. Naznin Prodhani
Tel: +91 124 4545 860
[email protected]
Helpline for business queries
+91-9354738909 (open Monday to Friday, from 9:30 am to 6 pm)
[email protected]
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