Results 12-Sep-16
Analysis
Housing Development & Infrastructure
Net down 30% on higher one off expenses
Related Tables
Housing Development and Infrastructure : Consolidated Financial Results
Consolidated sales of Housing Development & Infrastructure (HDIL), the Mumbai based real estate player has dipped by 2% to Rs 260.71 crore for the quarter ended June 2016. However with operating profit margin crash by 860 bps to 20.8%, the operating profit was lower by 31% to Rs 54.35 crore. Other income was down by 23% to Rs 4.50 crore. While the interest cost was down by 10% to Rs 11.76 crore, the depreciation was lower by 7% to Rs 1.97 crore. Thus the PBT was down by 35% to Rs 45.12 crore. Taxation was lower by 60% to Rs 4.30 crore and thus the PAT was down by 30% to Rs 40.82 crore. The minority interest was a share of loss of Rs 0.7 crore, up 17%. Thus the net profit after MI was down by 30% to Rs 40.89 crore. Other comprehensive income (net of tax) was down by 13% to Rs 0.07 crore. Thus the total comprehensive income was down by 30% to Rs 40.96 crore.
Sales for the quarter comprise income recognized from Metropolis residential project. While the revenue for the corresponding previous quarter is on account of recognisation of revenue from residential project ‘Residency Park Virar Phase II' under project completion method as well as TDR sales of approximately 2 lakh square feet. The company though has sold 2.5 lakh square feet of TDR during the quarter it has not recognized the revenue during the quarter. This has resulted in lower revenue.
Sharp 860 bps contraction in operating profit margin is largely due to change in revenue/project mix as well as one off expenses. As per IND AS compliance, the company has written off certain receivables, project costs, amortization and advances paid amounting Rs 25 crore during the quarter. This one off item has impacted the profits of the company during the quarter.
Other developments
The company is in advance stage to close first large FSI sale transaction in case of Planet HDIL. Similarly the company has entered into agreement for sale of 5 msft of FSI in Palghar project and initiated process to sell FSI in Pantnagar project.
TDR prices range at 4000 per sq ft.
Consolidated net debt stands at Rs 2726.52 crore. The stock hovers around Rs 97.75.
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