Prime Property Development Corporation Ltd. (Code: 530695) (Rs.61.55) is a small real estate developer based in Mumbai which boasts of constructing landmark residential and commercial buildings for high end customers in Mumbai. Prime Avenue, Prime Centre, Prime Beach & Prime Plaza are few of its prestigious residential & commercial developments in prime areas like Santacruz (West) & Vile Parle (West) in suburban Mumbai. Presently, the company is focusing to complete its two ongoing projects in Mumbai namely ‘Prime Down Town Mall’ - a 270,000 sq. ft. luxurious composite mall with multiplexes and ‘Prime Tech Park’, which is 90,000 sq. ft. commercial building. Besides these, the company has started construction work on two more shopping malls called ‘Prime Square’ - 70,000 sq. ft. mall in Goregaon Mumbai and ‘Prime Pune Mall’ - gigantic 430,000 sq. ft. state-of-the-art mall with an anchor shop, multiplex, food court, entertainment area and a hotel in Pune. For FY08, it clocked an EPS of Rs.16 and declared a dividend of Rs.1.50. It has announced excellent results for Q1FY09 and considering the company’s current projects in hand in prime locations, it may report total revenue of Rs.150 cr. with net profit of Rs.40 cr. for FY09 i.e. an EPS of Rs.20 on its current equity. Only aggressive investors are advised to buy at current levels.
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