Expect mix result for real estate in Q1FY13: Emkay

Emkay Global Financial Services has come with its June quarterly earning estimates for real estate sector. According to the research firm, Real Estate Q1FY13 results are expected to be mix.

The Real Estate Q1FY13 results are expected to be mix. Sobha Developers (SDL) and Prestige Estates (PEPL) will show jump in revenue with strong sales bookings in last 4 quauters. DLF may again have some one-offs as sale of hotel subsidiary will be accounted, while on core operations it would be subdued. Phoenix Mills’ standalone nos, will continue to be subdued as High Street Phoenix is operating at peak capacity. Oberoi Realty (OBRE) is expected post growth in topline YoY while QoQ there will be marginal fall.

Sales bookings of Sobha Developers and Prestige Estates are expected to be strong on back of continuing healthy demand in Bangalore residential market with further rupee depreciation fueling the demand from NRIs. DLF is expected to have much lower sales booking in the quarter due to no new launches. We expect Oberoi Realty sales booking to be lower on back of increased prices in April 2012

The debt of Sobha Developers and DLF are expected to come down marginally QoQ due to higher operating cashflows for former and sale of non-core assets for latter. Debt of Prestige Estates is expected to increase marginally due to on-going capex towards commercial properties.

Company Name	Net Sales (Rs mn)			Growth (%)		APAT (Rs mn)			Growth (%)
	Q1FY13	Q4FY12	Q1FY12	YoY	QoQ	Q1FY13	Q4FY12	Q1FY12	YoY	QoQ
DLF	24364	26168	24458	0%	-7%	2413	1705	3771	-36%	42%
Oberoi Realty	2211	2548	1609	37%	-13%	1236	1436	1063	16%	-14%
Phoenix Mills	534	531	471	13%	1%	263	273	272	-3%	-4%
Prestige Estates	2629	2021	2484	6%	30%	420	383	364	16%	10%
Sobha Developers	3669	4769	3179	15%	-23%	459	890	304	51%	-48%