! Broadly in‐line: Anantraj reported revenues of Rs1.7bn, growth of 88% YoY &
34% QoQ, slightly ahead of our estimates on account of a land sale worth
Rs126m. Besides, the quarter also witnessed the ‘Sector 63’, Gurgaon project
crossing the revenue threshold this quarter.
EBITDA margins stood at 42% as against 53% in Q3FY12 as well as a similar
number in Q2FY13. The lower margins would also be on lower margin land sales
during the quarter. PAT stood at Rs531m, growth of 68% YoY & 7% QoQ, in-line
with our estimates.
! Sales & Revenue Break‐up: Sales during the quarter was largely contributed by
Sector 63, Gurgaon (~80%) and the remaining by ‘Neemrana’ and ‘Maceo’
(Sector 91, Gurgaon) projects. With regards to revenue recognition, 16.8% was
contributed by Maceo, 20.7% by Manesar, 12% by Neemrana, 35.5% by Sector
63, Gurgaon and 15% together by rentals and land sales.
! Rentals witnessed a sequential decline: Rentals declined from Rs153m in
Q2FY13 to Rs130m due to the expiry of the management contract on one of its
hotels. The shift from one operator to another led to a lag of three months.
Besides, some leases also expired at Manesar IT Park which has not yet been
renewed.
! Valuations: The company’s net assets are valued at Rs44.3bn, of which, we
deduct debt of Rs12.8bn which gives us a value of Rs31.5bn, translating to
Rs107/share. To arrive at our target price, we have valued the company at 15%
discount to NAV which gives a value of Rs91. We maintain ‘Accumulate’.
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