Please Share:: 
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Indiabulls Real Estate (IBREL)
Property
Sales i ncrease qoq drives EBITDA margin expansion. IBREL sold 1.2 mn sq. ft in
2QFY12 versus 0.78 mn sq. ft in 1QFY12 and 1.8 mn sq. ft in 2QFY11 while realization
dropped 18% qoq and 76% yoy, indicating sales are moving in mid-income projects.
Revenues of Rs3.3 bn in 2QFY12 are up 37% qoq and 11% yoy and EBITDA of Rs1 bn
is up 230% qoq and 26% yoy. Net profit at Rs0.4 bn, however, has declined by 40%
qoq and 23% yoy led by higher interest costs.
Interest expenses negate EBITDA margin expansion
IBREL reported revenues of Rs3.3 bn (+37% qoq, +11% yoy) and EBITDA of Rs1 bn (+230% qoq,
+26% yoy) with EBITDA margin expanding to 30.9% versus 12.8% in 1QFY12 and 27.1% in
2QFY11. EBITDA margin jumped in 2QFY12 as cost of construction and development as a
percentage of sales declined to 53% in 2QFY12 versus 67% in 1QFY12 and 62% in 2QFY11. PAT
came in at Rs0.4 bn (-40% qoq, -23% yoy) and PAT margin declined to 11.9% versus 27.3% in
1QFY12 (due to high other income) and 16.9% in 2QFY11 (due to lower interest costs).
Sales volume improves qoq; delivers 0.1 mn sq. ft in Ahmedabad
IBREL sold 1.2 mn sq. ft (value of Rs4.9 bn) in 2QFY12 versus 0.8 mn sq. ft (value of Rs3.8 bn) in
1QFY12 and 1.8 mn sq. ft (value of Rs31 bn) in 2QFY11 while realizations declined by 18% qoq
and 76% yoy to Rs3,967/sq.ft, indicating that sales are taking place in mid-income projects. The
company has now sold 71% of residential area under construction (63% at end-1QFY12) and
incremental qoq growth will have to come from revenue recognition in the balance 29% as they
get booked as sales. The company leased an additional 0.2 mn sq. ft in 2QFY12 (same as in
1QFY12) bringing the total are under lease to 2.0 mn sq. ft at end-2QFY12. The company has also
handed over 0.1 mn sq. ft area in Ahmedabad.
Area under construction increased due to addition in commercial segment
While area under construction in residential segment remained stagnant qoq at 14.6 mn sq. ft
(stagnant for the past three quarters), commercial area under construction increased to 2.9 mn sq.
ft (2.6 mn sq. ft at end-1QFY12) as the company added 0.3 mn sq. ft of projects in the midincome
segment.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Indiabulls Real Estate (IBREL)
Property
Sales i ncrease qoq drives EBITDA margin expansion. IBREL sold 1.2 mn sq. ft in
2QFY12 versus 0.78 mn sq. ft in 1QFY12 and 1.8 mn sq. ft in 2QFY11 while realization
dropped 18% qoq and 76% yoy, indicating sales are moving in mid-income projects.
Revenues of Rs3.3 bn in 2QFY12 are up 37% qoq and 11% yoy and EBITDA of Rs1 bn
is up 230% qoq and 26% yoy. Net profit at Rs0.4 bn, however, has declined by 40%
qoq and 23% yoy led by higher interest costs.
Interest expenses negate EBITDA margin expansion
IBREL reported revenues of Rs3.3 bn (+37% qoq, +11% yoy) and EBITDA of Rs1 bn (+230% qoq,
+26% yoy) with EBITDA margin expanding to 30.9% versus 12.8% in 1QFY12 and 27.1% in
2QFY11. EBITDA margin jumped in 2QFY12 as cost of construction and development as a
percentage of sales declined to 53% in 2QFY12 versus 67% in 1QFY12 and 62% in 2QFY11. PAT
came in at Rs0.4 bn (-40% qoq, -23% yoy) and PAT margin declined to 11.9% versus 27.3% in
1QFY12 (due to high other income) and 16.9% in 2QFY11 (due to lower interest costs).
Sales volume improves qoq; delivers 0.1 mn sq. ft in Ahmedabad
IBREL sold 1.2 mn sq. ft (value of Rs4.9 bn) in 2QFY12 versus 0.8 mn sq. ft (value of Rs3.8 bn) in
1QFY12 and 1.8 mn sq. ft (value of Rs31 bn) in 2QFY11 while realizations declined by 18% qoq
and 76% yoy to Rs3,967/sq.ft, indicating that sales are taking place in mid-income projects. The
company has now sold 71% of residential area under construction (63% at end-1QFY12) and
incremental qoq growth will have to come from revenue recognition in the balance 29% as they
get booked as sales. The company leased an additional 0.2 mn sq. ft in 2QFY12 (same as in
1QFY12) bringing the total are under lease to 2.0 mn sq. ft at end-2QFY12. The company has also
handed over 0.1 mn sq. ft area in Ahmedabad.
Area under construction increased due to addition in commercial segment
While area under construction in residential segment remained stagnant qoq at 14.6 mn sq. ft
(stagnant for the past three quarters), commercial area under construction increased to 2.9 mn sq.
ft (2.6 mn sq. ft at end-1QFY12) as the company added 0.3 mn sq. ft of projects in the midincome
segment.
No comments:
Post a Comment