Jaypee Infratech Q4 PAT seen up 36% at Rs 340 cr

Jaypee Infratech, a special purpose vehicle for implementation of 165 km long 6-lane access-controlled Yamuna expressway in the state of Uttar Pradesh connecting Noida and Agra, is expected to report a growth of 36% year-on-year in its profit after tax of Rs 340 crore for the fourth quarter of FY12, according to CNBC-TV18 poll.

Net sales are seen going up by 12% YoY to Rs 804 crore in the quarter ended March 31, 2012.

EBITDA is likely to jump 22% to Rs 430 crore during the same period.

Operating profit margin is seen improving at 53.45% for January-March quarter of 2012 as against 49.11% in a year ago period.

Revenue expected to rise YoY

- Sales growth YoY led by plotted launch in Greater Noida parcel

- Company’s revenue recognition is now catching up with booking trends registered over the last two years
*** Q3 revenues were the highest quarterly revenues reported by the company in the last two years

Margins too are likely to remain strong
*** Q3 margins at 53.45% are tracking higher than management guidance of 40-50%

Pre sale trend at Noida has also been impressive

- Q3 booking stood at around Rs 1,640 crore, up 3 times QoQ --- driven by high launch activity

- Average realizations largely stable --- at Rs 4465 per sqft

However, commissioning of the Yamuna Expressway project remains a key trigger for the company
*** The project was expected to commence operations on conclusion of state elections by March-end; however the project commissioning is still pending

As per management, work on the project has largely been completed

Of the total project outlay, 87%, that is Rs 1,160 crore has already been spent as of December 2011 end