will government's massive surge in investment ... - Myiris.com

Apr-Jun 2013 Earnings Preview
Unitech
Rating
Reduce
Price (Rs) 20
Target Price (Rs) 19
M/Cap (Rs bn) 52.8
Shares o/s (m) 2,616.3
Key Figures (Rs m)
Y/e March FY13 FY14E FY15E
Net Sales 24,405 26,830 29,231
EBITDA 3,270 5,060 4,432
Margin (%) 13.4 18.9 15.2
PAT 3,130 3,116 2,669
EPS (Rs) 1.2 1.2 1.0
Growth (%) 31.9 (0.5) (14.3)
RoE (%) 2.7 2.7 2.3
PE (x) 16.9 17.0 19.8
P / BV (x) 0.5 0.5 0.4
EV / E (x) 28.6 19.9 23.1
The company had 4 launches during the quarter which have done pretty well for
them. We expect sales in value and volume terms to witness strong sequential;
growth and remain flat on YoY basis. Further, Prestige acquired two new projects;
one in Bangalore and one in Hyderabad, both through the JD model. The company
remains confident of two large Chennai launches in the upcoming quarter. Revenue
recognition during the quarter is also expected to remain strong.
Quarterly Table (Rs m)
Y/e March
Q1
FY14E
Q1
FY13
YoY gr.
(%)
Q4
FY13
12M
FY14E
12M
FY13
YoY gr.
(%)
Net Sales 6,852 4,077 68.0 8,483 26,830 24,405 9.9
EBITDA 878 547 60.4 797 5,060 3,270 54.7
Margin (%) 12.8 13.4 (61)bps 9.4 18.9 13.4 546 bps
Reported PAT 744 459 62.2 303 3,116 4,166 (25.2)
PAT (Excl. Ex Items) 745 459 62.1 1,070 3,116 3,130 (0.5)
Operating Metrics
Sale (m.sq.ft)
Residential 1.5 1.4 0.7 0.9 5.5 5.5 0.0
Non-Residential 0.3 0.1 275.0 0.1 2.8 0.6 358.3
Avg. Real. (Rs / sq. ft.)
Residential 4,700 4,232 11.1 4,745 4,250 4,650 (8.6)
Non-Residential 10,900 11,961 (8.9) 11,308 6,700 10,000 (33.0)
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