Puravankara (PURVA) Q4 12/13 earnings summary

Executive summary

• FY13 consolidated revenue reached ₹12,484.80 million, up 53.08% YoY; net profit rose 79.35% to ₹2,434.35 million.

• Record property sales of 3.96 mn sq. ft versus 2.44 mn sq. ft in FY12; average realizations were ₹3,822 per sq. ft.

• Apartment sales increased to 3,043 units from 1,748, with growth across premium and premium-affordable offerings.

Financial highlights

• Consolidated total income was ₹12,484.80 million versus ₹8,155.68 million; revenue from projects was ₹12,319.55 million, up 52.16% YoY.

• Consolidated profit before tax was ₹3,558.36 million versus ₹1,961.55 million; net profit was ₹2,434.35 million versus ₹1,357.30 million.

• Consolidated EPS was ₹11.41 versus ₹6.36; EBITDA margin was 46% for FY13.

• Standalone revenue rose 54.72% to ₹8,178.43 million; standalone PAT increased 136.90% to ₹1,122.81 million.

• Operating cash flow was positive at ₹399.09 million; cash and bank balances were ₹2,333.58 million at 31 March 2013.

Outlook and guidance

• FY14 topline target was ₹1,500–1,600 crore, with sustained EBITDA margins targeted.

• Planned launches included nearly 9 mn sq. ft of saleable development space; Provident projected 2.5 mn sq. ft of sales in FY14.

• Planned Puravankara realizations were about ₹5,000 per sq. ft, with sales of slightly over 2 mn sq. ft in FY14.

• Provident expected to hand over 2,000 apartments in FY14; Starworth targeted an order book of around ₹800 crore.