Godrej Properties Q3 PAT seen up 85.8% at Rs 28.8 cr

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Godrej Properties Q3 PAT seen up 85.8% at Rs 28.8 cr

Godrej Properties is expected to report a profit after tax of Rs 28.8 crore in the third quarter of FY12, a stupendous growth of Rs 85.8% as compared to Rs 15.5 crore in the corresponding quarter of last fiscal and growth of 47.7% as compared to Rs 19.5% in the previous quarter.

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Godrej Properties is expected to report a profit after tax of Rs 28.8 crore in the third quarter of FY12, a stupendous growth of Rs 85.8% as compared to Rs 15.5 crore in the corresponding quarter of last fiscal and growth of 47.7% as compared to Rs 19.5% in the previous quarter.

(In Q3FY12, results were taken into account the boast of Rs 18.3 crore on account of stake sale. Even other income included roughly of Rs 15 crore via stake sales)

Revenues are seen going up by 3.2 times to Rs 156.8 crore versus Rs 48.2 crore year-on-year.

EBITDA is likely to go up 5.5 times to Rs 36.4 crore in the quarter ended December FY12 versus Rs 6.6 crore in a year ago quarter. EBITDA is expected to be at 23.2% versus 13.7% YoY and 22.9% QoQ.

On quarter-on-quarter basis, the company's revenues are seen going up by 12.4% and EBITDA up by 13.6%.

Volumes:

>Expected to register marginal growth of 4% QoQ in 3QFY12 and should come in at roughly 0.6 million sq.ft on account of subdued new project launch

>Key project to watch out for - are the volumes from its Garden City project Phase 3 in Ahmedabad (Alert: Last quarter, it increased the residential portion of this project from 65% to 90%)

>Also volumes from their NCR as well as Vikhroli projects will be keenly watched

>Lower base effect will aid its cause and revenue recognition will be positive on QoQ basis but with no new launches expected to cross recognition threshold

>Profits to jump as they sold 49% stake in one of its subsidiaries for Rs 45 crore (Alert: Rs 18.3 crore has been realized). This is inline with GPL's strategy in FY11 where they received Rs 45 crore on account of stake sale in Godrej Woodsman Estate II in Bangalore

During Q3FY12, company sold 49% stake in subsidiary to Sun-Apollo for Rs 45 crore:
>Rs 18.3 crore has been paid to Godrej Properties for sale of stake
>Rs 26.7 crore has been invested in GPBPL (Godrej Premium Builders Private Limited)