2026-07-09 07:09:02
Latest Post
Innovision Ltd receives LoA worth Rs. 9.23 crores
Actian Expands Data Management Portfolio with Jaspersoft Embedded Analytics and Reporting
Jayant Infratech Ltd receives order worth Rs. 13.31 crores
Uno Minda announces Greenfield Plant in Chhatrapati Sambhaiinagar with Rs. 320 Crore Investment
Siyaram Recycling Industries Ltd secures order worth Rs. 36.95 lakhs
Research
Mahindra Lifespaces - 4QFY13 Results Update - Motilal Oswal
Posted On : 2013-04-26 21:02:09( TIMEZONE : IST )
Mahindra Lifespaces (MLIFE) reported 4QFY13 standalone results below our estimate, while consolidated numbers surprised positively.
- MLIFE's standalone revenue for 4QFY13 stood at INR1b (-27% YoY, v/s est. of INR981m), while EBITDA declined 46% YoY to INR172m (est. of INR227m). EBITDA margin improved 2.1pp QoQ to 16.8%, but fell below our estimate due to weaker progress in Splendor II . PAT declined 28% YoY to INR232m (est. of INR290m), further impacted by lower other income, but offset by lower effective tax rate as well.
- 4QFY13 consolidated revenue stood at INR3.3b, +25% YoY, while PAT (pre minority) was at INR925m, +166% YoY. FY13 consolidated revenue stood at INR7.4b (+5% YoY, v/s est. of INR6.1b), EBITDA at INR2.4b (+26% YoY, v/s est. of INR1.5b) and PAT at INR1.4b (+19% YoY, v/s est of INR929m).
- Sharp increase in consolidated revenue in 4QFY13 is attributable to (1) multiple projects crossing 25% threshold: (a) three phases of Bloomdale (Nagpur), (b) Iris 2/3 (Chennai) and (c) Ashvita (Hyderabad, in standalone entity), and (2) uptick in new leasing at MWC Jaipur: leased out 73 acres (~INR1b) in 4QFY13, of a total 75 acres in FY13.
- MLIFE sold 0.38msf (INR1.5b) in 4QFY13, a stable run-rate against (0.39msf) INR1.5b in 3QFY13 and 0.2msf (INR0.5b) in 4QFY12. FY13 pre-sales stood at 1.1msf (INR4.4b) v/s our estimate of 1.3msf (INR4.8b) and FY12 sales of 1.2msf (INR5.9b). 4QFY13 pre-sales were driven by (1) Ashvita (Hyderabad) - 0.21msf and (2) MWC Chennai projects (Iris and Aqualily) 0.14msf. Incremental presales have been weak in Aura (Gurgaon) and phase I/II of Bloomdale (Nagpur).
- It acquired five projects (~2msf, with guided revenue potential of INR10b) in FY13, along with one more affordable housing project in Boisar, Mumbai (0.55msf) in Apr-13. 4QFY13 acquisitions include (1) a premium project in Andheri (0.37msf) and (2) Bangalore (0.67msf). Consolidated net debt increased by INR3.2b QoQ to INR7.1b (net DER of 0.55x).
- The stock trades at 1x FY15E BV, 10.2x FY15E EPS and 27% discount to our FY15E SOTP value of INR520/share. Maintain Buy with a target price of INR480.
