The views of Mr.Viral Shah (Senior Research Analyst - Infrastructure, Angel Broking) on Mahindra Lifespace Developers
“For 1Q FY 2014, Mahindra Lifespace Developers (MLIFE) posted disappointing set of numbers which were below consensus estimates, both on the revenue and profitability fronts. MLIFE’s standalone revenue reported a decline of 35.6 % yoy to Rs. 67 cr in 1Q FY 2014; which was lower than consensus estimate of Rs. 104.4 cr. Standalone EBITDA decreased by 71 % y o y to Rs.9 cr, owing to lower-than-expected revenue recognition and increase in staff cost during the quarter.
On earnings front, MLIFE’s PAT decreased by 46.2 % year on year to Rs. 16 cr (consensus estimate was Rs. 22.8 cr).
On a consolidated level, MLIFE reported a revenue of Rs. 176.1 cr and PAT of Rs. 21.8 cr, suggesting a profit for its subsidiaries at net level. During the quarter, the company has acquired two land parcels one in Boisar, MMR – affordable housing (~0.5mn square feet) and Gurgaon, Haryana region (0.92 mn square feet). The company has also launch its maiden luxury housing project in Pune during the quarter. Currently, the target price and rating is under review. We shall revise our estimates post earnings conference call with the management schedule on 25th July 2013 at 11.00 am.”
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