Results     17-Feb-16
Analysis
Housing Development & Infrastructure
Net up 38% thanks to tax write-back
Related Tables
 Housing Development and Infrastructure : Consolidated Financial Results
Housing Development & Infrastructure (HDIL), the Mumbai based real estate player has registered 8% fall in consolidated sales for the quarter ended December 2015 to Rs 322.67 crore. However with operating profit margin expand by 200 bps to 27.6%, the de-growth at operating profit level was just 1% to Rs 89.18 crore. While depreciation stand lower by 53% to RS 1.45 crore, the other income was down by 26% to Rs 6.42 crore and the interest cost was up by 31% to Rs 11.15 crore there by leaving PBT down by 4% to Rs 83 crore. Taxation was a write back of Rs 9.94 crore compared to a provision of Rs 19.43 crore. Thus the PAT was up by 38% to Rs 92.94 crore. With share of loss of minority interest lower by 50% to Rs 0.01 crore, the net profit (after minority interest) was up by 38% to Rs 92.95 crore.
  • Sales for the quarter were largely from revenue recognition from Metropolis, a residential project as well as TDR sale of about 4.5 lakh sft. However in corresponding previous period the sales are largely made out of revenue recognition from sales of commercial projects at Kurla West and Goregaon West.
  • Given change in revenue/project mix, the operating margin expanded by 200 bps to 27.6%. Thus the de-growth at operating profit was minimized to 1% to Rs 89.18 crore.

Nine month performance

Sales were down by 5% to Rs 826.10 crore. But with OPM contract by marginal 10 bps to 29.5%, the operating profit was down by 5% to Rs 243.72 crore. After accounting for lower other income, lower interest cost, lower depreciation, the PBT was down by 12% to Rs 221.18 crore. Taxation was lower by 83% to Rs 11.29 crore and thus spurred the PAT was up by 12% to Rs 209.89 crore.

Other developments

  • Sold about 4.5 lakh sft of TDR during the quarter. TDR prices currently range between Rs 4000 per sft. The company expects 6.05 million sft of TDR over next 18 months.
  • Company expects TDR sales range of approx 400000 to 500000 sq ft every quarter.
  • Planet HDIL : In advanced stage to close first large FSI sale transaction
  • During the quarter, the company sold approx. 359230 sq ft of saleable area amounting to approx. Rs 38919 crore increase of approx. 12.23% compared to quarter ending September 2015.
  • During the quarter ended Dec 2015, the company repaid debt aggregating Rs 113.72 crore.

The stock hovers around Rs 60.95.

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