Please Share:: 
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Unitech Limited
F3Q11 – Down Quarter, De-leveraging Continues
Quick Comment – 3Q results – Unitech reported 15%
yoy drop in sales (up 2.4% qoq, 75% contribution from
new projects) and 7.7 ppts yoy expansion (due to low
base) in operating margins to 32% (7.6 ppts qoq
compression). Excluding Rs370 mln loss on sale of
non-operating asset (aircraft), the operating margins
were 37%. Net profits were Rs1.5 bln (excluding aircraft
losses), down 16% yoy (down 15% qoq). UT continues
to capitalize 70% of its interest cost (~ Rs1.1 bln). UT’s
last six quarter average net profits were Rs1.74 bln.
Balance Sheet – Sequentially, UT’s net gearing
improved to 45% (52% in Sep’10) to Rs51.5 bln net debt
(40% net gearing and Rs46 bln net debt - excl
accounting entry of Rs5.3 bln telecom debt which should
be shifted post de-merger of infrastructure business).
Gross debt reduced by Rs3.2 bln to Rs64 bln. In effect,
net debt was reduced by Rs5.55 bln during F3Q11
funded by – Rs3.75 bln warrants inflows, Rs500 mln
aircraft sales and Rs1.3 bln surplus from operations.
Operating Performance – UT launched 1.6 msf new
projects (6.2 msf in F9M11) and pre-sold 2.2 msf (7.2
msf in F9M11 – F11 company target of 10 msf). In value
terms, the company locked in Rs10.4 bln during the
quarter taking the F9M11 tally to Rs33.5 bln (F11
company target of Rs50 bln). Leasing has picked up
since Sep’10 in UCP assets (roughly 40% owned by UT
at SPV level) – 4 msf in Feb’11 versus 3.3 msf in Sep’10.
Labour count at the site has risen to 22.5k (Dec’10)
versus 19.4k in Sep’10.
Going forward – UT targets to launch an impressive
10msf projects across several locations – Gurgaon,
Noida, Chennai, Bangalore, Mohali, Rewari, Ambala
and possibly in Hyderabad and Bhubaneshwar. UT
acquired a 50 acre plot (6msf of saleable area) in Noida
(along the Expressway for mid income housing) from the
government at roughly Rs5 bln with deferred payment
plan (over 2-3 years).
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Unitech Limited
F3Q11 – Down Quarter, De-leveraging Continues
Quick Comment – 3Q results – Unitech reported 15%
yoy drop in sales (up 2.4% qoq, 75% contribution from
new projects) and 7.7 ppts yoy expansion (due to low
base) in operating margins to 32% (7.6 ppts qoq
compression). Excluding Rs370 mln loss on sale of
non-operating asset (aircraft), the operating margins
were 37%. Net profits were Rs1.5 bln (excluding aircraft
losses), down 16% yoy (down 15% qoq). UT continues
to capitalize 70% of its interest cost (~ Rs1.1 bln). UT’s
last six quarter average net profits were Rs1.74 bln.
Balance Sheet – Sequentially, UT’s net gearing
improved to 45% (52% in Sep’10) to Rs51.5 bln net debt
(40% net gearing and Rs46 bln net debt - excl
accounting entry of Rs5.3 bln telecom debt which should
be shifted post de-merger of infrastructure business).
Gross debt reduced by Rs3.2 bln to Rs64 bln. In effect,
net debt was reduced by Rs5.55 bln during F3Q11
funded by – Rs3.75 bln warrants inflows, Rs500 mln
aircraft sales and Rs1.3 bln surplus from operations.
Operating Performance – UT launched 1.6 msf new
projects (6.2 msf in F9M11) and pre-sold 2.2 msf (7.2
msf in F9M11 – F11 company target of 10 msf). In value
terms, the company locked in Rs10.4 bln during the
quarter taking the F9M11 tally to Rs33.5 bln (F11
company target of Rs50 bln). Leasing has picked up
since Sep’10 in UCP assets (roughly 40% owned by UT
at SPV level) – 4 msf in Feb’11 versus 3.3 msf in Sep’10.
Labour count at the site has risen to 22.5k (Dec’10)
versus 19.4k in Sep’10.
Going forward – UT targets to launch an impressive
10msf projects across several locations – Gurgaon,
Noida, Chennai, Bangalore, Mohali, Rewari, Ambala
and possibly in Hyderabad and Bhubaneshwar. UT
acquired a 50 acre plot (6msf of saleable area) in Noida
(along the Expressway for mid income housing) from the
government at roughly Rs5 bln with deferred payment
plan (over 2-3 years).
No comments:
Post a Comment