Anant Raj Limited (515055) Q4 07/08 earnings summary

Executive summary

• FY07/08 delivered consolidated total income of Rs 633.43 crore and PAT of Rs 436.36 crore; results reflect completion of the third phase of group-company mergers.

• Strategy centers on NCR land, disciplined pricing, in-house execution and a build-and-lease model, with management expecting above-average growth in a tougher industry phase.

• Land bank stood at 982 acres, with over 90% within 50 km of Delhi and approximately 525 acres in Delhi.

Financial highlights

• Consolidated total income was Rs 633.43 crore versus Rs 212.54 crore in FY06/07; PAT was Rs 436.36 crore versus Rs 125.46 crore.

• Consolidated PBDIT reached Rs 591.57 crore; depreciation was Rs 8.20 crore and financial expenses Rs 3.33 crore.

• Consolidated EPS was Rs 16.15 basic and diluted, versus Rs 6.09 basic and Rs 5.99 diluted in FY06/07.

• Board recommended a 75% equity dividend for FY07/08, subject to shareholder approval.

Outlook and guidance

• Construction of 79.36 million sq. ft. is planned over the next five years; planned area mix is 64% IT, 23% residential, 10% hospitality and 3% commercial.

• Romano Retreat was scheduled to open by July 2008 and Romano Exotica by September 2008; Manesar IT Park was expected to operate by September 2008.

• Rai IT SEZ construction phase one was targeted for January 2009 and full site completion for December 2009, with estimated project cost of Rs 1,000 crore.

• Management projected approximately 6,000 hotel rooms operational in Delhi by 2013 and planned USD 1 billion of investment in IT and hospitality over the next few years.