Sales volume grew 11% YoY to 0.14msf (our estimate: 0.17msf), while sales value increased 21% YoY to INR3.2b in 4QFY19. Overall collections declined 26% YoY to INR4b. Revenue grew 66% YoY to INR5.7b (our estimate: INR5.4b). EBITDA margin shrank 1,650bp YoY to 36.6% (our estimate: 41.8%), reflecting a higher contribution from Skycity.
OutlookThus, we reiterate our Buy rating on the stock with an SOTP-based TP of INR628/share. Our calculation captures the value emerging from the company’s existing development potential. Maintain Buy.
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