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Delay in booking revenues at Peninsula Business Park (PBP) impacts results:
Peninsula Land (PLL) reported weak results, with revenues declining by 60% YoY
and 53% QoQ to Rs496m and margins subdued at 31% as against 41% in Q2FY11
and 51% in Q1FY12. Profits, too, declined by 79% YoY and 73% QoQ to Rs137m.
Revenues, on account of certain delays with regards to documentation of sales
at the company’s PBP project, were subdued at Rs260m, corresponding to sales
of 15k sq.ft. The remaining sales, where documentation is still pending, shall
reflect in Q3. Besides this project, PLL booked Rs120m from Peninsula Techno
Park and Rs45m from Ashok Gardens.
Strong launches lined up, but delayed: PLL plans to launch 5-6 projects in
H2FY12. However, there seems to be a delay in these plans, since with the large
part of the festive season already concluded, we have not seen any major
launches. Projects such as Lonavala, Hinjewadi (Pune), Hyderabad and Goa are
all still in queue.
PLL also acquired an additional 45k sq.ft project in South Mumbai called Bishop
Gate located at Breach Candy for Rs2.72bn which translates to ~Rs60k/sq.ft.
Although the acquisition cost of the same seems steep, with the location being
extremely prime, the company expects to fetch a decent value. PLL plans to
launch this project within six months as the title for the project is clear.
Debt inching up with project acquisitions: As compared to March 2011, PLL’s
net debt has increased by Rs 1.6bn on account of new project acquisitions, while
its DER stands at 0.65. The company swapped one of its loans of Rs2.5bn with a
foreign currency loan, which led to MTM loss of Rs146m this quarter.
Valuations: Our estimate of the PLL’s NAV stands at Rs70/share. We are
applying a 30% discount to the NAV to arrive at our target price of Rs49/share.
We maintain ‘Accumulate’ on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Delay in booking revenues at Peninsula Business Park (PBP) impacts results:
Peninsula Land (PLL) reported weak results, with revenues declining by 60% YoY
and 53% QoQ to Rs496m and margins subdued at 31% as against 41% in Q2FY11
and 51% in Q1FY12. Profits, too, declined by 79% YoY and 73% QoQ to Rs137m.
Revenues, on account of certain delays with regards to documentation of sales
at the company’s PBP project, were subdued at Rs260m, corresponding to sales
of 15k sq.ft. The remaining sales, where documentation is still pending, shall
reflect in Q3. Besides this project, PLL booked Rs120m from Peninsula Techno
Park and Rs45m from Ashok Gardens.
Strong launches lined up, but delayed: PLL plans to launch 5-6 projects in
H2FY12. However, there seems to be a delay in these plans, since with the large
part of the festive season already concluded, we have not seen any major
launches. Projects such as Lonavala, Hinjewadi (Pune), Hyderabad and Goa are
all still in queue.
PLL also acquired an additional 45k sq.ft project in South Mumbai called Bishop
Gate located at Breach Candy for Rs2.72bn which translates to ~Rs60k/sq.ft.
Although the acquisition cost of the same seems steep, with the location being
extremely prime, the company expects to fetch a decent value. PLL plans to
launch this project within six months as the title for the project is clear.
Debt inching up with project acquisitions: As compared to March 2011, PLL’s
net debt has increased by Rs 1.6bn on account of new project acquisitions, while
its DER stands at 0.65. The company swapped one of its loans of Rs2.5bn with a
foreign currency loan, which led to MTM loss of Rs146m this quarter.
Valuations: Our estimate of the PLL’s NAV stands at Rs70/share. We are
applying a 30% discount to the NAV to arrive at our target price of Rs49/share.
We maintain ‘Accumulate’ on the stock.
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