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Results in‐line: The company reported revenues of Rs883m, YoY decline of
33.5% and a sequential increase of 6.9%. Margins were steady at 58% as
against 59% in 1Q FY12. PAT remained flat on a sequential basis at Rs346m
while the decline on a YoY basis stood at 28%. In terms of revenue breakup, the
Sector 91 Gurgaon project was the major contributor at 87% while the
Kapashera and Manesar project contributed the remaining.
Sales during the quarter: Phase 1 of the ‘Neem Rana project’ in Rajasthan,
which consisted of 758 units, was launched this quarter, where it sold about
one-third of the area launched during the quarter and almost two-thirds till
date. However, revenue recognition for this project is expected to commence
from Q3 onwards. Sales at Sector-91, Gurgaon, remained stable with almost
two-thirds of the project being sold out.
Launches going forward; The Company is looking at launched plots at its newly
acquired Sector 63 project in Gurgaon. Besides, it also has approvals in place for
its five villa project on Bhagwandas road in Delhi.
Valuations: As per our estimates, ARIL’s NAV stands at Rs133. Our target price is
based on a 50% discount to the NAV. We maintain ‘Accumulate’, with a target
price of Rs66.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Results in‐line: The company reported revenues of Rs883m, YoY decline of
33.5% and a sequential increase of 6.9%. Margins were steady at 58% as
against 59% in 1Q FY12. PAT remained flat on a sequential basis at Rs346m
while the decline on a YoY basis stood at 28%. In terms of revenue breakup, the
Sector 91 Gurgaon project was the major contributor at 87% while the
Kapashera and Manesar project contributed the remaining.
Sales during the quarter: Phase 1 of the ‘Neem Rana project’ in Rajasthan,
which consisted of 758 units, was launched this quarter, where it sold about
one-third of the area launched during the quarter and almost two-thirds till
date. However, revenue recognition for this project is expected to commence
from Q3 onwards. Sales at Sector-91, Gurgaon, remained stable with almost
two-thirds of the project being sold out.
Launches going forward; The Company is looking at launched plots at its newly
acquired Sector 63 project in Gurgaon. Besides, it also has approvals in place for
its five villa project on Bhagwandas road in Delhi.
Valuations: As per our estimates, ARIL’s NAV stands at Rs133. Our target price is
based on a 50% discount to the NAV. We maintain ‘Accumulate’, with a target
price of Rs66.
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