Religare Institutional Research has maintained 'Buy' on Prestige Estates Projects (PEPL) with target price of Rs 195 in its report.

Commenting on the investment rationale, the stock broker said, "PEPL reported yet another good quarter, with Q4FY14 sales and collections at 0.9msf/Rs 6.1 billion (11% YoY) and Rs 6.6 billion (23% YoY) respectively. For FY14, the operational performance met expectations, with sales/collections/ leases hitting 98%/108%/104% of their respective targets. Management maintained a high launch target for FY15, which implies steady volumes and improved cash flows.

We like PEPL for the improvement in its scale of business and comfortable cash flows, though we did expect a moderation in new launches and volumes. However, with management indicating a strong launch pipeline of mid-income projects, we could see continued performance on this front as well. A sustained visibility to volumes and a pick-up in delivery starting H2FY15 remain the key stock triggers."

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