HDIL Q2 PAT seen down 6% at Rs 201 cr

Real estate developer Housing Development and Infrastructure (HDIL) is expected to report a profit after tax of Rs 201 crore in the second quarter of FY12, a fall of 6% as compared to Rs 213.8 crore in the corresponding quarter of last fiscal.

Net sales are seen going up 33% to Rs 495.5 crore from Rs 372.7 crore during the same period.          
EBITDA is likely to go up 4% to Rs 247.8 crore in the July-September quarter of FY12 versus Rs 237.2 crore in a year ago period.
EBITDA margins are expected to be at 50% versus 63.6% year-on-year.
On quarter-on-quarter basis, net sales are likely to fall 3% while PAT is seen going up 6%. Factors to watch:
TDR volumes likely to come in lower:
Over the past couple of quarters HDIL has consistently booked revenues from asset sales
Likely to recognize approximately Rs 340 crore from asset sale in this quarter as well
TDR volume is likely to decline, given low inventory and lower construction velocity during Q2
TDR volumes will be marginally lower sequentially for Q2FY12 on account of monsoons and a difficult demand environment as the TDR market continues to remain weak and likely to start reflecting in the prices going ahead
HDIL is expected to report 0.6 mn sqft of TDR sales at Rs 2,500/sq ft as versus 0.65 mn sq ft at Rs 2,500/sq ft in Q1FY12 and 1 msf in Q2FY11; average price - Rs 2,400psf
HDIL