Unitech Q2 PAT seen down 40% at Rs 104.6cr

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Unitech Q2 PAT seen down 40% at Rs 104.6cr

Unitech is to announce its second quarter results. According to CNBC-TV18's estimates, the company's Q2FY12 net sales seen flat at Rs 645 crore versus Rs 644.5 crore, year-on-year, Y-o-Y.

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Unitech is to announce its second quarter results. According to CNBC-TV18's estimates, the company's Q2FY12 net sales seen flat at Rs 645 crore versus Rs 644.5 crore, year-on-year, Y-o-Y.

Its EBITDA is seen down 30% at Rs 177 crore versus Rs 252.8 crore.

The company's EBITDA margins is expected at 27.4% versus 39.2%

Its PAT is seen down 40% at Rs 104.6 crore versus Rs 173.8 crore.

Q2FY12 vs Q1FY12 (q-o-q):

Its net sales are seen up 8% at Rs 645 crore versus Rs 595.9 crore, quarter-on-quarter (Q-o-Q).

The company's EBITDA is seen up 47% at Rs 177 crore versus Rs 119.8 crore.

EBITDA margins is seen at 27.4% versus 20.1%.

The company's PAT is seen up 6% at Rs 104.6 crore versus Rs 98.4 crore.

Factors To Watch:

Unitech continued on its aggressive launch strategy in 2Q as well and likely to manage another ~2mn sq ft of bookings

However End market sales to remain relatively steady though none of these will be due for revenue recognition

Earnings to remains muted given execution challenges, slowing construction pace and completion of revenue recognition on older projects

Margins are expected to but fall y-y on increased construction costs on low priced projects launched in FY10

Unitech has been steadily releasing area at its existing launches and expects to launch a couple of projects in Gurgaon shortly

Land acquisition issue has had an impact on Noida sales; however, Gurgaon has remained largely unaffected

Management has guided steady sales response in Gurgaon and Chennai, while Noida market remained sluggish due to the farmers' protest

Q1FY12 witnessed low margins, largely to do with the company's non-real estate business and is expected to see a slight recovery this quarter.

Management is hopeful of re-financing over next few months