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IBREL Q3FY11:
Q3 revenues were significantly higher on a QoQ basis (up 33%) and IN LINE with our expectations. With itshigh volume Panvel project having crossed the threshold last quarter, revenues was expected to show stronggrowth in Q3.Indiabulls Real Estate Ltd (IBREL) reported consolidated revenues of Rs 4.0 bn, operating profit of Rs 1.2bn and net profit (after minority interest) of Rs 766 mn for Q3FY11. Post acquisition of Bharat and Poddar Mills, IBREL now has cash/ liquid investments worth Rs 27 bn (Realty biz: Rs 8 bn & Power biz: Rs 19 bn). However, debt has also gone up for the company to Rs 26 bn(realty biz) from Rs 16 bn last quarter. IBREL sold2.27 mn of residential space totaling Rs 8.7 bn in Q3 and also leased0.25 msf of additional area at its Jupiter Mills property. Total IPIT leased portfolio now stands at 1.41 mn sq. ft. IBREL has 60 msf (49.97 mn resi & 9.55 mn commercial) under development of which 17.19 msf (15.4msf residential and 1.79 msf commercial) is under construction. IBREL has also recd. Board approval for restructuring of the power biz. - de-merger of the power biz by transfer of IBREL’s shares in Indiabulls Power (1.2 bn shares) to IBREL’s shareholders (402 mn) resultingin an issue of 2.95 shares for every 1 in IBREL. At CMP of Rs 123, the stock trades at a discount of 30% to our fair value. We maintain our TP of Rs 175 with a 43% upside.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
IBREL Q3FY11:
Q3 revenues were significantly higher on a QoQ basis (up 33%) and IN LINE with our expectations. With itshigh volume Panvel project having crossed the threshold last quarter, revenues was expected to show stronggrowth in Q3.Indiabulls Real Estate Ltd (IBREL) reported consolidated revenues of Rs 4.0 bn, operating profit of Rs 1.2bn and net profit (after minority interest) of Rs 766 mn for Q3FY11. Post acquisition of Bharat and Poddar Mills, IBREL now has cash/ liquid investments worth Rs 27 bn (Realty biz: Rs 8 bn & Power biz: Rs 19 bn). However, debt has also gone up for the company to Rs 26 bn(realty biz) from Rs 16 bn last quarter. IBREL sold2.27 mn of residential space totaling Rs 8.7 bn in Q3 and also leased0.25 msf of additional area at its Jupiter Mills property. Total IPIT leased portfolio now stands at 1.41 mn sq. ft. IBREL has 60 msf (49.97 mn resi & 9.55 mn commercial) under development of which 17.19 msf (15.4msf residential and 1.79 msf commercial) is under construction. IBREL has also recd. Board approval for restructuring of the power biz. - de-merger of the power biz by transfer of IBREL’s shares in Indiabulls Power (1.2 bn shares) to IBREL’s shareholders (402 mn) resultingin an issue of 2.95 shares for every 1 in IBREL. At CMP of Rs 123, the stock trades at a discount of 30% to our fair value. We maintain our TP of Rs 175 with a 43% upside.
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