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Last Updated : Jan 28, 2013 12:57 PM IST | Source: Moneycontrol.com

Accumulate Peninsula Land; target of Rs 79: PLilladher

Prabhudas Lilladher is bullish on Peninsula Land and has recommended accumulate rating on the stock with a target of Rs 79 in its January 24, 2013 research report.

 
 
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Prabhudas Lilladher is bullish on Peninsula Land and has recommended accumulate rating on the stock with a target of Rs 79 in its January 24, 2013 research report.
 
“Although sales at the company’s commercial project ‘Peninsula Business Park (PBP)’ at Lower Parel were strong, corresponding revenue recognition lagged as the sales process in several cases had not achieved the milestones at the end of the quarter. The company’s revenues stood at Rs1.38bn, 52% sequential decline. Margins stood at 31% and PAT stood at Rs365m, down 56% QoQ. The company sold 120K sq.ft of space at PBP, of which, 89K came in for revenue recognition. The remaining is likely to get recognized in the next quarter. The project has an unsold area of 120K sq.ft at the end of Q3FY13.”
 
“The company is likely to launch three new projects over the next two quarters. This includes, a project at Warden Road, Bishop Gate, a project at Carmichael Road as well the Bhattad Project at Sewri. All three, being at excellent locations, are likely to generate a strong response. The company has four on-going projects - Nashik, Lonavala, Hinjewadi at Pune as well as Goa. Other than its Goa project, the other three are moving along well. However, with the upcoming launches in Mumbai, the company’s offering shall get diversified in terms of Tier 1 & 2 mix.”
 
“With good visibility in terms of launches as well as good cash generation from PBP sales, we are maintaining our positive stance on the stock. We maintain ‘Accumulate’ with a price target of Rs79,” says Prabhudas Lilladher research report.


Institutional holding more than 40% in Indian cos


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To read the full report click on the attachment



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First Published on Jan 28, 2013 12:57 pm
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