What does the business do?
- Ashiana Housing Limited (AHL) is engaged in development of residential real‐ estate for middle income and senior living group in upcoming industrial areas and towns in India.
- Has presence in 10 Indian cities
- FY16 booking to grow by 22% from 1.8 mnsqft to 2.2 msn
- In FY 16/17 management expects to book revenues of 4.04/4.08 mnsqft
- Successfully raised 200 crores in QIP @ 213
- We expect a revenue/PAT CAGR of 78%/58% over FY15-FY18.
- Given sluggish market conditions and a comfortable cash position, ASFI is well placed to scoop up value-accretive land and projects to fuel mid-to-long term growth. Management has indicated a strong acquisition pipeline, which will be a key stock trigger once profitability improves.
- Estimate revenue ~193% revenue CAGR during FY15‐17E (to ~Rs 8.9 bn), on the back of higher deliveries from Ashiana Town Beta, Rangoli Gardens, Ashiana Anantara, Ashiana Navrang, Ashiana Utsav (Lavasa) and Gulmohar Gardens.
- Expect AHL to report ~195% net profit CAGR during FY15‐17E (to ~Rs 2.9 bn with average margins of 32.7% (32.4% in FY15E).
- They earn maintenance income from all their projects
Number
| Rs. in million | 2013A | 2014A | 2015A | 2016E |
| Net Sales |
1486
|
1106
|
1427
|
6384
|
| Growth % |
-25.6%
|
29%
|
347%
|
|
| EBITDA |
349
|
205
|
373
|
|
| Growth % |
-41.2%
|
81.6%
|
||
| PAT |
330
|
223
|
464
|
2090
|
-32.3%
|
107
|
351%
|
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