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IBREL ---------------------------------------------------------------------------- Maintain OUTPERFORM
Key takeaways from IPIT 3Q11 results
● IPIT’s 3Q11 rental income increased 8% QoQ to S$17 mn (Rs588
mn), while net property income declined 7% QoQ to S$6.7 mn
(Rs231 mn) on account of higher advertising expenses. PAT
stood at S$2.9 mn (Rs101 mn), rising 58% QoQ, while the
adjusted distributable surplus was almost zero.
● Average area yielding rent during the quarter stood at 1.12 mn sq
ft against 1.41 mn sq ft leased as of Dec-10. Occupancy levels of
the three completed buildings stands at 65%. Towers 2 and 3 of
Indiabulls Finance Centre are expected to be complete in 2011.
● IPIT has received only S$80.2 mn (35% of total sales) from
customers against total consideration of S$230 mn in residential
projects, which appears low as most properties were sold on 20-
80 scheme where it should have received 85-90% of total money.
● Net debt as of Dec-10 stood at S$526 mn (Rs18 bn), increasing
S$175 mn QoQ primarily on account of advances given to
vendors under construction contracts. Net gearing (to assets) was
0.20x against a voluntary cap of 0.35x incorporated by IPIT.
3Q11: Net property income declined 7% QoQ
IPIT’s 3Q11 rental income increased 8% QoQ to S$17 mn (Rs588
mn), while net property income declined 7% QoQ to S$6.7 mn (Rs231
mn) primarily on account of higher advertising expenses. PAT stood at
S$2.9 mn (Rs101 mn), up 58%QoQ, while the distributable surplus
was almost zero after the adjustment for non-cash items.
Assuming average rental of Rs175/sq ft/month (as disclosed by the
company), the average area yielding rent during the quarter stood at
1.12 mn sq ft against 1.41 mn sq ft leased as of Dec-10. The
occupancy levels of the three completed buildings (Tower 1, 2 of One
Indiabulls Centre and Tower 1 of Indiabulls Finance Centre) is 65%.
Implied residential sales lower than 1.05 mn sq ft claimed
IPIT pays 2% commission to IBREL on the sale of residential
properties and in 9MFY11, total S$5.3 mn was paid by IPIT to IBREL.
This translates to a total sale value of ~Rs9.6 bn (S$230 mn).
Assuming an average effective selling price of Rs20,000/sq ft, implied
area sold from residential properties stands at 0.48 mn sq ft out of a
total of 3.3 mn sq ft and appears quite low against the 1.05 mn sq ft of
bookings claimed by IBREL in these projects in 2QFY11. Further, as
per IPIT's balance sheet, only S$80.2mn has been received from
customers against total sale value of S$230 mn. Therefore, only 30%
of sales price has been received despite most properties being sold
on 20-80 scheme where 85-90% of the money should be received.
Gross debt as of Dec-10 was S$566 mn while net debt at S$526 mn
(Rs18 bn) increased S$175 mn QoQ primarily on account of advances
given to vendors under construction contracts. Net gearing (to assets)
was 0.20x against a voluntary cap of 0.35x incorporated by IPIT.
Towers 2 and 3 of Indiabulls Finance Centre are expected to be
complete in 2011. Design work and engineering plans over an
additional 0.5 mn sq ft of commercial space have been finalised. Work
is progressing steadily on residential projects and Indiabulls Sky is
expected to be complete within the next three years. Sky Forest and
Sky Suites are expected to be complete in the next four years.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
IBREL ---------------------------------------------------------------------------- Maintain OUTPERFORM
Key takeaways from IPIT 3Q11 results
● IPIT’s 3Q11 rental income increased 8% QoQ to S$17 mn (Rs588
mn), while net property income declined 7% QoQ to S$6.7 mn
(Rs231 mn) on account of higher advertising expenses. PAT
stood at S$2.9 mn (Rs101 mn), rising 58% QoQ, while the
adjusted distributable surplus was almost zero.
● Average area yielding rent during the quarter stood at 1.12 mn sq
ft against 1.41 mn sq ft leased as of Dec-10. Occupancy levels of
the three completed buildings stands at 65%. Towers 2 and 3 of
Indiabulls Finance Centre are expected to be complete in 2011.
● IPIT has received only S$80.2 mn (35% of total sales) from
customers against total consideration of S$230 mn in residential
projects, which appears low as most properties were sold on 20-
80 scheme where it should have received 85-90% of total money.
● Net debt as of Dec-10 stood at S$526 mn (Rs18 bn), increasing
S$175 mn QoQ primarily on account of advances given to
vendors under construction contracts. Net gearing (to assets) was
0.20x against a voluntary cap of 0.35x incorporated by IPIT.
3Q11: Net property income declined 7% QoQ
IPIT’s 3Q11 rental income increased 8% QoQ to S$17 mn (Rs588
mn), while net property income declined 7% QoQ to S$6.7 mn (Rs231
mn) primarily on account of higher advertising expenses. PAT stood at
S$2.9 mn (Rs101 mn), up 58%QoQ, while the distributable surplus
was almost zero after the adjustment for non-cash items.
Assuming average rental of Rs175/sq ft/month (as disclosed by the
company), the average area yielding rent during the quarter stood at
1.12 mn sq ft against 1.41 mn sq ft leased as of Dec-10. The
occupancy levels of the three completed buildings (Tower 1, 2 of One
Indiabulls Centre and Tower 1 of Indiabulls Finance Centre) is 65%.
Implied residential sales lower than 1.05 mn sq ft claimed
IPIT pays 2% commission to IBREL on the sale of residential
properties and in 9MFY11, total S$5.3 mn was paid by IPIT to IBREL.
This translates to a total sale value of ~Rs9.6 bn (S$230 mn).
Assuming an average effective selling price of Rs20,000/sq ft, implied
area sold from residential properties stands at 0.48 mn sq ft out of a
total of 3.3 mn sq ft and appears quite low against the 1.05 mn sq ft of
bookings claimed by IBREL in these projects in 2QFY11. Further, as
per IPIT's balance sheet, only S$80.2mn has been received from
customers against total sale value of S$230 mn. Therefore, only 30%
of sales price has been received despite most properties being sold
on 20-80 scheme where 85-90% of the money should be received.
Gross debt as of Dec-10 was S$566 mn while net debt at S$526 mn
(Rs18 bn) increased S$175 mn QoQ primarily on account of advances
given to vendors under construction contracts. Net gearing (to assets)
was 0.20x against a voluntary cap of 0.35x incorporated by IPIT.
Towers 2 and 3 of Indiabulls Finance Centre are expected to be
complete in 2011. Design work and engineering plans over an
additional 0.5 mn sq ft of commercial space have been finalised. Work
is progressing steadily on residential projects and Indiabulls Sky is
expected to be complete within the next three years. Sky Forest and
Sky Suites are expected to be complete in the next four years.
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