Sobha Developers Q3 PAT seen down 7.3% at Rs 45.44 cr

Sobha Developers is likely to post a profit after tax of Rs 45.44 crore in the third quarter of FY12, degrowth of 7.3% as compared to Rs 49 crore in a year ago quarter.

Revenues are seen going down by 2% to Rs 355.68 crore from Rs 362.9 crore year-on-year.

EBITDA is likely to go down by 2% to Rs 80 crore in the quarter ended December FY12 versus Rs 82 crore in the corresponding quarter of last fiscal.

EBITDA is expected to be at 22.5% versus 22.6% during the same period.

On quarter-on-quarter basis, Sobha Developers' revenues are seen going up by 8.6%, EBITDA seen up by 8.8% and its PAT is likely to jump 11.1%.

Factors:

Delivered a strong operational quarter (0.82msf sold)

Revenues will get a boost from this operational performance (excluding land sales in Q3FY11 amounting to roughly Rs 30 crore)

Debt Levels:

Total loans at Rs 1,406 crore as on September 30, 2011 and debt expected to remain flat given further outflow due to acquisition of stake in the Bangalore project from the private equity investor

Stable margin as new projects with higher margin enter the revenue recognition stage leading to strong growth in earnings

Promoters holding pledged:

Total promoters holding at 60.55%; Out of this 18.02% is pledged