SOBHA DEVELOPERS LIMITED
 |
| RAVI MENON, Chairman |
 |
| P N C. MENON, Chairman Emeritus |
FIRST QTR (Q FY 3) RESULTS
Sobha
Developers was founded in 1955 and is one of the fastest growing and backward
integrated real estate company – capable of delivering a project from
conceptualization to completion. It is primarily focused on residential and
contractual projects.
The
company says – that during the quarter, the Guidance note on accounting for
Real Estate transactions (revised 2012) has become applicable to the Group .
This has resulted in lower revenue recognition and lower profits (by 24 mln, 16
mln respectively).
The
company has acquired balance economic interest in “Sobha City”, thereby making
it wholly owned subsidiary.
Sobha
Developers has been clocking turnovers in the range of Rs.1400 Cr p.a. for last
5 years and around Rs.320- 400 Cr per quarter.
The
annual Net Profits has also been around Rs.200 Cr. The quarterly profit depends
on various factors – and has been generally around Rs.40+ cr. The EPS is around
Rs.20 p.a. and around Rs.4.5 per quarter.
The
Equity is at Rs.98.1 cr steadily and the Book value has been growing slowly.
The last 5 years results (summarized)
are in the Annual
Results Table below :
|
Mar '12
|
Mar '11
|
Mar '10
|
Mar '09
|
Mar '08
|
|
|
12
mths
|
12
mths
|
12
mths
|
12
mths
|
12
mths
|
|
Income
|
||||||
Sales Turnover
|
1,413.41
|
1,477.12
|
1,133.26
|
983.16
|
1,444.91
|
|
Excise Duty
|
5.51
|
3.24
|
3.39
|
9.13
|
13.84
|
|
Net Sales
|
1,407.90
|
1,473.88
|
1,129.87
|
974.03
|
1,431.07
|
|
Other Income
|
6.47
|
7.45
|
3.86
|
5.28
|
5.33
|
|
Stock Adjustments
|
485.24
|
-43.55
|
-28.11
|
308.43
|
444.76
|
|
Total Income
|
1,899.61
|
1,437.78
|
1,105.62
|
1,287.74
|
1,881.16
|
|
Expenditure
|
||||||
Raw Materials
|
101.1
|
70.07
|
66.59
|
95.77
|
122.91
|
|
Power & Fuel Cost
|
18.21
|
7
|
1.7
|
1.91
|
2.61
|
|
Employee Cost
|
126.75
|
124.24
|
95.71
|
126.09
|
126.21
|
|
Other Manufacturing
Expenses
|
828.8
|
728.5
|
522.34
|
626.25
|
1,060.48
|
|
Selling and Admin
Expenses
|
0
|
136.23
|
110.89
|
106.93
|
146.42
|
|
Miscellaneous Expenses
|
351.73
|
48.2
|
40.93
|
46.68
|
46.89
|
|
|
1,426.59
|
1,114.24
|
838.16
|
1,003.63
|
1,505.52
|
|
Operating Profit
|
466.55
|
316.09
|
263.6
|
278.83
|
370.31
|
|
Interest
|
116.54
|
44.35
|
69.34
|
107.41
|
61.46
|
|
Depreciation
|
38.42
|
27.77
|
32.31
|
36.03
|
35.04
|
|
Profit Before Tax
|
317.7
|
251.42
|
165.81
|
140.67
|
279.14
|
|
Tax
|
107.66
|
66.86
|
27.48
|
40.23
|
48.27
|
|
Net Profit
|
210.05
|
184.56
|
138.31
|
109.9
|
230.88
|
|
Minority Interest
|
4.1
|
3.29
|
4.22
|
2.12
|
2.77
|
|
Consol.Net P/L
|
205.95
|
181.29
|
134.1
|
98.29
|
228.1
|
|
Dividend
|
49.03
|
29.42
|
24.52
|
7.29
|
47.4
|
|
EPS (Rs)
|
21.42
|
18.82
|
14.1
|
15.07
|
31.67
|
|
Book Value (Rs)
|
203.92
|
188.73
|
173.74
|
149.16
|
135.54
|
|
For the first Quarter
( Q1 FY 13) results – the company has given following Info :
KEY HIGH LIGHTS
·
Registers New sales
Volume of 0.84 mln SFT, up 25% YoY.
·
Registers New Sales
Volume of Rs.4.79 Bln, up 58% YoY.
·
Achieved Average
Price Realization of Rs.5537 Per SFT, up 26% YoY.
·
Revenues of Rs.4.35
Bln, on consolidated basis, up 57% YoY.
·
PBT at Rs.696 Mln,
up 67% YoY.
·
PAT at Rs.449 Mln,
up 73% YoY.
·
Launched a villa
project at Coimbatore –“Sobha West Hill”
·
D : E Ratio is at
0.58
·
Completed Projects
measuring 1.18 Mln SFT
·
Targets Sales Volume
of Rs.20 Bln for FY 2012-13
·
The company says – it
has clear visibility for next 3 years and hopes to maintain this momentum in
this vertical.
The company has REAL ESTATE PRESENCE in 7 cities :-
Bangalore, Gurgaon, Chennai, Pune, Coimbatore, Thrissur, and Mysore.
GENERAL INDUSTRY SCENARIO :- While Housing Demand in the country remains steady
and Growing, many factors are affecting the Healthy Growth of this sector.
(i)
The Industry lacks a
strong RREGULATOR, which can ensure healthy Growth – like in Telecom, Insurance
and other sectors.
(ii)
The High Interest
Rate regime is affecting both the developers and the Buyers.
(iii)
The High Prices of
Real Estate in certain cities is resulting in Huge Unsold Inventory (Like
Mumbai etc), which is not a Healthy sign for Realtors in those cities.
(iv)
The Huge increase in
raw material prices and Land prices also affects general purchase capability,
in the absence of Growth in other sectors.
(v)
The instability and
indecision in Governance is also a Big negative factor.
(vi)
If these adverse
factors are taken care of, this Industry has a HUGE, almost unlimited POTENTIAL in India.
QUARTERLY RESULTS TABLE
|
Jun '12
|
Mar '12
|
Dec '11
|
Sep '11
|
Jun '11
|
|
|
424.7
|
476.9
|
313.7
|
329.4
|
317.9
|
|
Other Income
|
1.5
|
1.3
|
2.3
|
0.9
|
0.5
|
|
Total Income
|
426.2
|
478.2
|
316
|
330.3
|
318.4
|
|
Total Expenses
|
311.5
|
296.3
|
238.4
|
253.9
|
255.6
|
|
Operating Profit
|
113.2
|
180.6
|
75.3
|
75.5
|
62.3
|
|
Gross Profit
|
114.7
|
181.9
|
77.6
|
76.4
|
62.8
|
|
Interest
|
34.1
|
37.1
|
9.3
|
8.1
|
10.1
|
|
Depreciation
|
12.6
|
11.7
|
10.6
|
9.1
|
7.4
|
|
PBT
|
68
|
133.1
|
57.7
|
59.2
|
45.3
|
|
Tax
|
22
|
44.1
|
17.6
|
18.3
|
14.4
|
|
Net Profit
|
46
|
89
|
40.1
|
40.9
|
30.9
|
|
EPS
|
4.69
|
9.07
|
4.09
|
4.17
|
3.15
|
|
Equity
|
98.1
|
98.1
|
98.1
|
98.1
|
98.1
|
|
Face Value
|
10
|
10
|
10
|
10
|
10
|
* * * E
N D * * *
No comments:
Post a Comment