Feb 20, 2013, 06.14 PM | Source: Moneycontrol.com
Prabhudas Lilladher is bullish on Anant Raj Industries and has recommended accumulate rating on the stock with a target price of Rs 91 in its February 08, 2013 research report.
, Prabhudas Lilladher |
"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 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 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.
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 Rs 91. We maintain accumulate with a target price of Rs 91," says Prabhudas Lilladher research report.
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