10 May 2012

First cut - Sobha Developers Ltd: Microsec

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Sobha Developers Ltd announced its Q4 FY12 and Annual results on 7th May 2012. Sobha Developers has posted Standalone net profit of Rs 89 Crore for the fourth quarter ended March 31, 2012 as compared to of Rs 40 Crore for the quarter ended March 31, 2011, representing an increase of 121%. Total income has increased from Rs 321 Crore for the quarter ended March 31, 2011 to Rs 477 Crore for the quarter ended March 31, 2012, representing an increase of 48%.

EBITDA Margin of the company increased from 24% to 37%, registering an improvement of 13%.

On a Yearly basis, its net sales increased by 1.4% to Rs 1396  crore and PAT increased by 10% to Rs 200 crore. EBITDA margin has improved from 25% to 31%.

Sobha Developers Ltd - Quarterly-Standalone - [INR-Crore]
Sobha Developers Ltd -Annual-  [INR-Crore]
DESCRIPTION
Q4 12
Q4 11
Q3 12
YOY
QOQ
DESCRIPTION
FY12
FY11
YOY


 Revenues
476.90
321.00
313.70
48.57%
52.02%
 Revenues
1396.50
1376.70
1.44%
Total Expenditure
296.30
243.10
238.40
21.88%
24.29%
Total Expenditure
962.60
1026.70
-6.24%
EBITDA
180.60
77.90
75.30
131.84%
139.84%
EBITDA
433.90
350.00
23.97%
 EBIDTA Margins
37.87%
24.27%
24.00%
   1,360.17 BPS
     1,386.57 BPS
 EBIDTA Margins
31.07%
25.42%
        564.74 BPS
Other Income
1.30
4.20
2.30


Other Income
6.30
5.90

Operating Profit
181.90
82.10
77.60


Operating Profit
440.20
355.90

Interest
37.10
21.60
9.30
71.76%
298.92%
Interest
106.20
84.50
25.68%
Exceptional Items

0.00



Exceptional Items
0.00
0.00

PBDT
144.80
60.50
68.30


PBDT
334.00
271.40

Depreciation
11.70
6.90
10.60


Depreciation
38.80
27.80

PBT
133.10
53.60
57.70


PBT
295.20
243.60

Tax
44.10
13.40
17.60


Tax
94.40
61.20

 Net Profit
89.00
40.20
40.10
121.39%
121.95%
 Net Profit
200.80
182.40
10.09%
PAT  Margins
18.66%
12.52%
12.78%
      613.88 BPS
         587.93 BPS
PAT  Margins
14.38%
13.25%
        112.97 BPS


Equity Capital
98.10
98.10
98.10


Equity Capital
98.10
98.10

Face Value (In Rs)
10.00
10.00
10.00


Face Value (In Rs)
10.00
10.00



Diluted EPS
9.08
4.10
4.09
121.46%
167.82%
Diluted EPS
20.48
18.61
10.05%



Regards,

Team Microsec Research

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