HDIL Q4 PAT seen down 19% at Rs 160cr

Its EBITDA is seen down 17% at Rs 213 crore versus Rs 255.6 crore.

Its EBITDA margins at 41.4% versus 48.8%.

The company’s PAT is seen down 19% at Rs 160 crore versus Rs 197.3 crore.

Q4FY12 vs Q3FY12 (q-o-q):

The company’s Q4 sales are seen up 22% at Rs 515 crore versus Rs 422.6 crore.

Its EBITDA is seen up 35% at Rs 213 crore versus Rs 157.2 crore.

Its EBITDA margins at is seen up 41.4% versus 37.2%.

The company’s PAT is seen up 3% at Rs 160 crore versus Rs 155.8 crore.

Alert: In Q3FY12, PAT was aided by tax reversal of Rs.22cr

Factors:
TDR sales to remain muted due to lower outstanding inventory, revenue to come largely from land/FSI sale recognition

HDIL earnings will be substantially dependent on the completion of FSI sale as the transfer development rights (TDR) market continues to remain weak

FSI sales likely in Goregaon (Guru Ashish project), Vasai projects and also the Virar industrial project

Incremental revenue booked from Guru Ashish ((total sales value as on date is INR9b, recognized INR6.2b in 2/3QFY12)) based on approval milestones