Indiabulls Real Estate - 4QFY12 Results Update - Motilal Oswal

Revenue booking healthy; New launches key to augment RoCE - Indiabulls Real Estate (IBREL) has reported in-line results for 4QFY12. Growth in revenue booking was healthy at 22% QoQ, largely backed by stronger execution progress, as incremental sales during the quarter were muted. EBITDA declined 6% YoY to ~INR1.1b, while EBITDA margin declined to 24% from 29% in 3QFY12. Despite decline in EBITDA, PAT jumped 1.6x YoY due to lower tax rate. - For the full year, revenue declined 3% to INR13.9b. However, EBITDA grew 20% to INR3.9b, driven by higher revenue contribution from Mumbai (Panvel) and Gurgaon projects. - During 4QFY12, sales volume declined sharply, though sale of commercial space in Mumbai (Worli) drove up average realization and sales value QoQ. It sold 0.6msf (INR6.7b) v/s 0.9msf (INR4.5b) in 3QFY12. For the full year, sales were 3.5msf (INR19.8b) v/s 5.9msf (INR48.4b) in FY11, almost 60% de-growth in value terms. - Leasing volume in IPIT commercial deteriorated QoQ to 0.06msf (v/s historical run rate of 0.18msf), taking the total area under lease at IFC and Indiabulls One to 2.21msf. - Net debt was stable at INR18.6b, implying a net DER of 0.25x. However, considering the effective stake of IBREL in IPIT's debt, net debt works out to ~INR30.3b. Valuation and view: Recent developments such as (a) continuous stake increase by promoters, also with the announcement of buyback, (b) warrant conversion at a high price, etc render positive sentiment for the stock, especially due to prolonged valuation discount compared to peers. However, (a) approval hurdles and regulatory headwinds, (b) slowdown in Central Mumbai market (IPIT and Worli projects account for ~45% of NAV), and (c) delay in new launches would remain key concerns. IBREL's continuous land acquisitions over the last couple of years have raised concerns over effective utilization of surplus cash. The monetization of these land parcels over FY13 would be a key factor to watch to augment RoCE. The stock trades at 0.4x FY13E BV, 14.6x FY13E EPS, and at ~40% discount to our NAV estimate. Buy.

Source: Equity Bulls http://www.****.com/admin/news2006/news_det.asp?id=104089

Posted On: 2012-05-02 21:40:19

,louboutin
What do you think about?this colorway of the Nike Hyperdunk 2014? Also who is your pick to win this year’s Foot Locker 3 Point Contest?
Available Now on Kixify & eBay
There is only a handful of NBA athletes that get to wear their own signature sneaker that they can actually call their own,Talon Louboutin. For the rest of the NBA ballers they either wear some sneakers that are provided by the team and if they’,Louboutin Paris;re lucky they get some special PE colorways.
Last year Marco Belinelli of the San Antonio Spurs won the 3 Point Contest during NBA All Star Weekend and this year he will be returning to the festivities in NYC to defend his title. When Belinelli takes on the elite competition at the 3 Point Contest he will be wearing this special PE colorway of the Nike Hyperdunk 2014. Since Belinelli is Italian you can see where the color inspiration comes from with the combination of red, white and green. “IT” is written on the tongue for Italy as well as “FAMILY” and “FIRST” on the insides of the tongues.
via: SC