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Result Preview – 3QFY2011
Anant Raj
Anant Raj (ARIL) is scheduled to announce its 3QFY2011 results. We expect ARIL to report a
48.5% yoy increase (7.7% qoq decline) in revenue to `123cr, driven by sales proceeds from
its new residential launches and rental income. Since 2QFY2011, ARIL changed its
accounting method for booking revenue to gross-sales method from net-of-costs method as
a result of which OPM is expected to be lower on a yoy basis at 51.0% (92.4% in 3QFY2010)
but higher by 379bp qoq. Consequently, we expect PAT to grow by 2.4% qoq (down 27.0%
yoy) to `49.0cr. At the CMP, the stock is trading at 51% discount to our one-year forward
NAV of `210. We maintain Buy on the stock with a Target Price of `178
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Result Preview – 3QFY2011
Anant Raj
Anant Raj (ARIL) is scheduled to announce its 3QFY2011 results. We expect ARIL to report a
48.5% yoy increase (7.7% qoq decline) in revenue to `123cr, driven by sales proceeds from
its new residential launches and rental income. Since 2QFY2011, ARIL changed its
accounting method for booking revenue to gross-sales method from net-of-costs method as
a result of which OPM is expected to be lower on a yoy basis at 51.0% (92.4% in 3QFY2010)
but higher by 379bp qoq. Consequently, we expect PAT to grow by 2.4% qoq (down 27.0%
yoy) to `49.0cr. At the CMP, the stock is trading at 51% discount to our one-year forward
NAV of `210. We maintain Buy on the stock with a Target Price of `178
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