Ashiana Housing Ltd.|Q2FY15 Result Update | Strong execution led to robust performance| Maintain BUY with TP of Rs.202 :: India Nivesh

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Strong execution led to robust performance| Maintain BUY with
TP of Rs.202
 Ashiana Housing Ltd (AHL) Q2FY15 revenues grew by 133.7% Q/Q to Rs.264
mn led by increase in area booked (6.34 lsf v/s 4.51 lsf in Q1FY15) and rise in
average realization (Rs.2,999/sqft v/s Rs.2,893/sqft in Q1FY15).
 On back of strong revenue performance, EBITDA turned positive to Rs.104
mn (v/s negative EBITDA of Rs.25 mn in Q1FY15). As a result, EBITDA margin
expanded to 39.3% (v/s -21.9% in Q1FY15). On Year-over-year basis also
EBITDA margin expanded by 17.7% points (to 39.3% v/s 21.7% in Q2FY14).
Area constructed during the quarter increased to 5.63 lsf from 5.16 lsf in
Q1FY15.
 Other income went down 3.2% Q/Q to Rs.39 mn (v/s Rs.41 mn in Q1FY15).
Depreciation and finance expenditure stood at Rs.19 mn/Rs.5 mn (v/s Rs.22
mn/Rs.5 mn in Q1FY15).
 During the quarter, the company reported tax benefit of Rs.19 mn relative to
tax expenditure of Rs.11 mn in Q1FY15. On back of higher EBITDA base, net
profit also turned positive to Rs.138 mn (v/s net loss of Rs.22 mn in Q1Fy15).
At CMP of Rs. 182, AHL is trading at P/E multiple of 23.3x FY15E and 9.1x
FY16E earnings estimate. We maintain BUY on the stock with SoTP based PT
of Rs. 202.

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