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Third straight quarter with revenue above Rs.500cr and this looks certain to continue as the development project revenue contribution was 74.4% compared to 79% in Q2FY19. Contribution from rent has picked up to 16% from 13% in Q2FY19.


Reason for continuity of higher revenues -


The main revenue contribution in quarter has come from SKY CITY project that has contributed to 62% of development project revenue. This project has booked 1000th unit and started booking for fifth tower.


The Commerze II occupancy has increased to 63.66% from 63.44% which does not reflect as certain tenancy have not started in revenue stream but have been signed giving it 96% occupancy. This makes revenue stream of Rs.350 per year consistently.





EBITDA has come below at 42.67% for Q3FY19 compares to 54.61% Q3FY18 after the drop in EBITDA of development projects due to change in accounting.


Development project calculation has changed post adaptation for IND AS 115 which has resulted in reduction of EBITDA to 33.59% from 51.53% which is not comparable.


Rental segment has picked up and is going to higher contributor to the revenue and this would result in more predictability to overall EBITDA and cash flow since EBITDA margin is 95% compared to 91% as compared last year.



Profit After Tax –


PAT has come at Rs.138cr which is slightly above last year same quarter.


This is was lower as the development project recognition of revenue and cost change this quarter due to IND AS 115 application. 


Finance costs reduced to Rs.4.85cr compared to 5.83cr in Q2FY19.


Tax rate is at 28.4% compared to 30% in Q2FY19 and 35% in Q3FY18.





Cash levels are at Rs.973.79cr compared to Rs.109.64cr in Q3FY18 this has reduced from Q2FY19 levels since construction costs and reduction of debt are being done.


Debt levels have reduced to 850cr in Q3FY19 compared to Rs.964cr in Q2FY19.


ROCE increased to 10.55% 9MFY19 compared to 6.05% 9MFY18.



We have a BUY recommendation with 5% of portfolio, on the company as we believe there is a lot of certainty in terms growth of revenue and profitability ahead.

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