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Large launch awaited
Anantraj continued with its quick churn strategy on newly acquired land
at Gurgaon with a new launch garnering Rs1.1bn in fresh sales. Rentals
are steady and expected to move up as two new properties come on
stream by 3Q. While the Delhi projects keep seeing multiple issues in
approval processes; Anatraj’s focus on building a land bank in Gurgaon
will truly pay-off from 3Q when a launch is expected at its large 160-acre
township project in the city. Low gearing and a steady rental stream add
to attractive valuations. Maintain BUY.
1QFY12 results inline
Anant Raj reported 1QFY12 net profit of Rs351m, +15% QoQ/down 23% YoY.
Revenues increased 32% QoQ/down 19% YoY to Rs838m. Real estate project
revenues rose 45% QoQ with Rs550m contribution coming from its new
launched project Maceo which was c.25% sold. Rental income was up 2%
QoQ/10% YoY to Rs198m. Contribution from Kirti Nagar mall (end 2Q) and
Tricolor hotel (3Q) should increase rental run-rate to c.Rs300m/qtr by 4Q.
Gurgaon township launch expected in 3Q
Anantraj maintained its quick churn strategy by launching Maceo, Gurgaon in
April11 (1.4m sf, 30% sold, land purchased Sep10) and Neemrana, Rajasthan
in July11 (1.8m sf, mass housing, project won 1H10). Focus though is on
launch of its Golf Course Extension Road, Gurgaon township project where it
has spent c.Rs6-7bn in purchasing 160 acres of land. A plotted development
(2.5m sf) is initially expected to be launched in 3QFY11 followed by
apartments (4.0m sf) in 1HFY13.
Delhi project progress a mixed bag
The much delayed Hauz Khas project has suffered a further delay with certain
height restriction issues now delaying FSI utilization. Matter is in court. With
multiple delays already, we now remove the project from our earnings (15-
30% cut to FY12-14 EPS) and NAV calculations (12% cut). Meanwhile, the
Bhagwan Das road project has received majority approvals for launch as a
villa project and the same is expected to be launched within a year.
Strong balance sheet; Attractive valuations
Anantraj added Rs0.4bn in net debt as it worked on completing its land
acquisitions. Gearing, remains comfortable at 0.23x. We continue to like
Anantraj due to low leverage and a healthy mix of commercial properties.
Township launch should also lead to near term excitement in the stock. Target
of Rs100/share is set at 30% discount to Mar’12 NAV of Rs143/share, implies
9x FY13 earnings, 0.8x Mar’11 book.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Large launch awaited
Anantraj continued with its quick churn strategy on newly acquired land
at Gurgaon with a new launch garnering Rs1.1bn in fresh sales. Rentals
are steady and expected to move up as two new properties come on
stream by 3Q. While the Delhi projects keep seeing multiple issues in
approval processes; Anatraj’s focus on building a land bank in Gurgaon
will truly pay-off from 3Q when a launch is expected at its large 160-acre
township project in the city. Low gearing and a steady rental stream add
to attractive valuations. Maintain BUY.
1QFY12 results inline
Anant Raj reported 1QFY12 net profit of Rs351m, +15% QoQ/down 23% YoY.
Revenues increased 32% QoQ/down 19% YoY to Rs838m. Real estate project
revenues rose 45% QoQ with Rs550m contribution coming from its new
launched project Maceo which was c.25% sold. Rental income was up 2%
QoQ/10% YoY to Rs198m. Contribution from Kirti Nagar mall (end 2Q) and
Tricolor hotel (3Q) should increase rental run-rate to c.Rs300m/qtr by 4Q.
Gurgaon township launch expected in 3Q
Anantraj maintained its quick churn strategy by launching Maceo, Gurgaon in
April11 (1.4m sf, 30% sold, land purchased Sep10) and Neemrana, Rajasthan
in July11 (1.8m sf, mass housing, project won 1H10). Focus though is on
launch of its Golf Course Extension Road, Gurgaon township project where it
has spent c.Rs6-7bn in purchasing 160 acres of land. A plotted development
(2.5m sf) is initially expected to be launched in 3QFY11 followed by
apartments (4.0m sf) in 1HFY13.
Delhi project progress a mixed bag
The much delayed Hauz Khas project has suffered a further delay with certain
height restriction issues now delaying FSI utilization. Matter is in court. With
multiple delays already, we now remove the project from our earnings (15-
30% cut to FY12-14 EPS) and NAV calculations (12% cut). Meanwhile, the
Bhagwan Das road project has received majority approvals for launch as a
villa project and the same is expected to be launched within a year.
Strong balance sheet; Attractive valuations
Anantraj added Rs0.4bn in net debt as it worked on completing its land
acquisitions. Gearing, remains comfortable at 0.23x. We continue to like
Anantraj due to low leverage and a healthy mix of commercial properties.
Township launch should also lead to near term excitement in the stock. Target
of Rs100/share is set at 30% discount to Mar’12 NAV of Rs143/share, implies
9x FY13 earnings, 0.8x Mar’11 book.
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