Accumulate Anant Raj Ind; target of Rs 83: PLilladher

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Accumulate Anant Raj Ind; target of Rs 83: PLilladher

Prabhudas Lilladher is bullish on Anant Raj Industries and has recommended accumulate rating on the stock with a target of Rs 83 in its February 10, 2012 research report.

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Prabhudas Lilladher is bullish on Anant Raj Industries and has recommended accumulate rating on the stock with a target of Rs 83 in its February 10, 2012 research report.

"Anant Raj Industries (ARCP) reported a top-line of Rs921.5m, sequentially up 4%. The POCM revenues witnessed a decline of 23% sequentially. However, land sales of Rs164m propped up revenues. Margins were lower by 500bps sequentially at 53%, on account of project mix; however, in-line with estimates. PAT was down 2% sequentially at Rs315m."

"Although ARCP did not launch any new project in Q3, execution and sales at its previously launched projects at Gurgaon, Manesar and Kapashera continued to be on target. Besides, in the month of January 2012, the company launched a large township project in Sector 63A Gurgaon which comprises of Luxury Villas, Plots, Residential Flats and Independent Floors. This phase of the project is spread over 100acres. The company's project trajectory looks quite strong with the launch of this project as we expect it to drive sales over the next few quarters. Besides, a couple of other launches like Bhagwandas Road and Sonepat are also lined up. The company's rental income witnessed a 17% increase sequentially on account of rentals from the Kirtinagar mall. We expect rentals to further strengthen to a run-rate of ~Rs340m by FY13 onwards on account of incremental revenues from the mall."

"The company's NAV stands at Rs150. On account of better visibility of project launches, we are reducing the discount to NAV from 50% to 45%, thereby, giving us a TP of Rs83. We maintain 'Accumulate' on the stock," says Prabhudas Lilladher research report.  

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