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Future captal holdings (FCH) (a 54% subsidiary of pantaloon) is slated to
increase its loan book to INR 30 bn by June 2011. This would imply loans
and advances amounting to 30-35% of Pantaloons consolidated FY11 balance
sheet. This would imply continued pressure of relatively higher debt
and consequently higher interest cost in FY11. The restructuring of
Pantaloon's financial, real estate, insurance , Telecom and media subsidiaries
is still a work in progress and will likely be completed in 18-24
months. Pantaloon's interest cost for the first 6 months is INR 2431mn and
our estimates factor in an interest cost of INR 5222mn for the full year FY11.
We maintain our net earning estimate of INR 1.76 bn (13% below consensus)
and INR 2.37 bn for FY12E (20% below consensus).
Additionally, Future Ventures India had filled for an IPO last year to raise INR
7500 mn; however, the IPO proceeds would flow into Future Ventures only
and Pantaloon is not divesting its 18% stake in the company.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Future captal holdings (FCH) (a 54% subsidiary of pantaloon) is slated to
increase its loan book to INR 30 bn by June 2011. This would imply loans
and advances amounting to 30-35% of Pantaloons consolidated FY11 balance
sheet. This would imply continued pressure of relatively higher debt
and consequently higher interest cost in FY11. The restructuring of
Pantaloon's financial, real estate, insurance , Telecom and media subsidiaries
is still a work in progress and will likely be completed in 18-24
months. Pantaloon's interest cost for the first 6 months is INR 2431mn and
our estimates factor in an interest cost of INR 5222mn for the full year FY11.
We maintain our net earning estimate of INR 1.76 bn (13% below consensus)
and INR 2.37 bn for FY12E (20% below consensus).
Additionally, Future Ventures India had filled for an IPO last year to raise INR
7500 mn; however, the IPO proceeds would flow into Future Ventures only
and Pantaloon is not divesting its 18% stake in the company.
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