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Ashiana Housing Limited Construction – Housing CARE IndependentEQUITY Equity Research RESEARCH ASHIANA HOUSING LTD. ASHIANA HOUSING LIMITED CONSTRUCTION – HOUSING BSE Scrip Code: 523716 CMP Rs. 137.05 1 7th Feb 2011 st Update for Quarter ended 31 December, 2010 Top-line growth reported flat Ashiana Housing Ltd (Ashiana) reported flat numbers in the top- st line with de-growth of 0.2% y-o-y in the third quarter ended 31 December 2010. The company reported total income of Rs 26.38 crore during the quarter compared to Rs 26.44 crore in Q3 FY10. For the first 9 months of FY11, Ashiana reported 21.9% y- o-y growth in total income to Rs 98.64 crore compared to Rs 80.93 crore during the same period last year. EBITDA margin growth significant EBITDA margin for Q3 FY11 grew by 598 bps year-on-year to 34.7% given adjustments in closing stock which recorded a 4x growth to Rs 8.60 crore from Rs 2.02 crore in the same quarter last year. EPS grows 21% in Q3 FY11 Diluted EPS for Q3 FY11 increased by 20.9% y-o-y to Rs 3.93 from Rs 3.25. Diluted EPS for the first 9 months of FY11 grew by 23.2% y-o-y to Rs 17.58 compared to Rs 22.68 during the same period last year. Valuations Ashiana is currently trading at trailing P/E and EV/EBITDA multiples of 6.7x and 5.3x, respectively. Quarterly Performance Snapshot (Rs Crore) Q3 FY11 Q3 FY10 Growth (%) Total Income 26.38 26.44 -0.2% EBITDA 9.15 7.59 20.6% EBITDA Margin (%) 34.7% 28.7% 598 bps PAT 7.24 5.87 23.3% Net margin (%) 27.4% 22.2% 524 bps Fully Diluted EPS* (Rs.) 3.93 3.25 20.9% * Calculated on Current Face Value of Rs. 10/- per share 1 www.careratings.com CARE EQUITY ASHIANA HOUSING LTD. RESEARCH INTERIM FINANCIAL PERFORMANCE ANALYSIS Top-line growth reported flat in Q3 FY11 Ashiana Housing Ltd (Ashiana) reported flat numbers in top-line with a de-growth of 0.2% y-o-y in total income to Rs 26.38 crore in Q3 FY11 compared to Rs 26.44 crore in Q3 FY10. Total Area Booked in Q3 FY11 increased by 67% y-o-y to 3.05 lsf (lakh square feet) from 1.83 lsf in corresponding quarter last year. Also, construction momentum picked up during the quarter raising Equivalent Area Constructed by 34% y-o-y to 3.17 lsf as compared to the 2.36 lsf previous quarter (Q3 FY10). Average price realisation remained at sustainable levels of Rs 1,954 per square feet in Q3 FY11 and variations if any were due to varying weights of different projects in different quarters. For the first 9 months of FY11, Ashiana reported 21.9% y-o-y growth in total income to Rs 98.64 crore compared to Rs 80.93 crore during the same period last year. EBITDA growth robust as margins expand The company reported 20.6% y-o-y growth in EBITDA to Rs 9.15 crore during Q3 FY11 compared to Rs 7.59 crore in Q3 FY10 while margins grew by 598 bps y-o-y to 34.7% during the same period. The increase in EBITDA was primarily due to adjustments in closing stock which recorded a 4x growth to Rs 8.60 crore from Rs 2.02 crore in the same quarter last year. Ashiana reported total EBITDA of Rs 33.86 crore during the first 9 months of FY11, a growth of 23.6% y-o-y and averaging an EBITDA margin of 34.3% during the same period. EPS for Q3 FY11 grows 21% Profit after Tax (PAT) for the company gained by 23.3% y-o-y in Q3 FY11 to Rs 7.24 crore compared to Rs 5.87 crore in Q3 FY10. PAT increased significantly in Q3 FY11 given lower operating expenses. Diluted EPS for the third quarter also increased by 20.9% y-o-y to Rs 3.93 compared to Rs 3.25 in Q3 FY10. Diluted EPS for the 9 months of FY11 is Rs 14.61 compared to Rs 11.86 during the same period last year. Ashiana: Snapshot of Interim Financial Performance Q3 FY11 Q3 FY10 Growth Total Income (Rs crore) 26.38 26.44 -0.2% EBITDA (Rs crore) 9.15 7.59 20.6% EBITDA margin (%) 34.7% 28.7% 598 bps PAT (Rs crore) 7.24 5.87 23.3% Net margins (%) 27.4% 22.2% 524 bps EPS (diluted) 3.93 3.25 20.9% Source: Company and CARE Research www.careratings.com 2 CARE EQUITY RESEARCH ASHIANA HOUSING LTD. Management Guidance •The company has booked 9.70 lsf till December 2010 and have set the target of 12.5 lsf of bookings in FY2011E. FY2011 In lsf FY2007 FY2008 FY2009 FY2010 E Area Booked 4.23 6.53 5.26 7.07 12.5 • With the commencement of new construction activity the company has set a target to construct 12 lsf during the current financial year (FY11E). In lsf FY2007 FY2008 FY2009 FY2010 FY2011E Equivalent Area Constructed 5.48 7.20 9.40 10.22 12.00 • New project under approval Expected Name of Project Location Saleable Area Completion Time Marine Plaza Jamshedpur 1.7 lsf 3 years 3 www.careratings.com CARE EQUITY ASHIANA HOUSING LTD. RESEARCH INTERIM FINANCIAL SUMMARY Rs (crore) Q3 FY11 Q3 FY10 Growth ytd FY11 ytd FY10 Growth Net sales 26.38 26.44 -0.2% 98.64 80.93 21.9% EBITDA 9.15 7.59 20.6% 33.86 27.39 23.6% Depreciation and Amortization 0.59 0.42 40.5% 1.42 1.26 12.7% EBIT 8.56 7.17 19.4% 32.44 26.13 24.1% Interest and financial expenses 0.14 0.28 -50.0% 0.56 0.80 -30.0% PBT 8.42 6.89 22.2% 31.88 25.33 25.9% PAT 7.24 5.87 23.3% 26.90 21.45 25.4% EPS (diluted) 3.93 3.25 20.9% 14.61 11.86 23.2% Ratios Q3 FY11 Q3 FY10 Growth ytd FY11 ytd FY10 Growth EBITDA margin 34.7% 28.7% 598 bps 34.3% 33.8% 48 bps PAT margin 27.4% 22.2% 524 bps 27.3% 26.5% 77 bps Source: Company, CARE Equity Research www.careratings.com 4 CARE EQUITY RESEARCH ASHIANA HOUSING LTD. DISCLAIMER DISCLOSURES Each member of the team involved in the preparation of this grading report, hereby affirms that there exists no conflict of interest that can bias the grading recommendation of the company. This report has been sponsored by the Bombay Stock Exchange (BSE). DISCLAIMER This BSE sponsored report is prepared by CARE Research, a division of Credit Analysis & REsearch Limited [CARE]. CARE Research has taken utmost care to ensure accuracy and objectivity while developing this report based on information available in public domain or from sources considered reliable. However, neither the accuracy nor completeness of information contained in this report is guaranteed. CARE Research opera tes independently of ratings division and this report does not contain any confidential information obtained by ratings division, which they may have obtained in the regular course of operations. Opinions expressed herein are our current opinions as on the date of this report. Nothing in this report can be construed as either investment or any other advice or any solicitation, whatsoever. The subscriber / user assumes the entire risk of any use made of this report or data herein. CARE specifically states that it or any of its divisions or employees have any financial liabilities whatsoever to the subscribers / users of this report. This report is for personal information only of the authorised recipient in India only. This report or part of it should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person or published or copied for any purpose. Published by Credit Analysis & REsearch Ltd., 4th Floor Godrej Coliseum, Off Eastern Express Highway, Somaiya Hospital Road, Sion East, Mumbai – 400 022. CARE Research is not responsible for any errors or omissions in analysis/inferences/views or for results obtained from the use of information contained in this report and especially states that CARE (including all divisions) has no financial liability whatsoever to the user of this product. This report is for the information of the intended recipients only and no part of this report may be published or reproduced in any form or manner without prior written permission of CARE Research. 5 www.careratings.com CARE EQUITY ASHIANA HOUSING LTD. RESEARCH ABOUT US Credit Analysis & REsearch Ltd. (CARE) is a full service rating company that offers a wide range of rating and grading services across sectors. CARE has an unparallel depth of expertise. CARE Ratings methodologies are in line with the best international practices. CARE Research CARE Research is an independent research division of CARE Ratings, a full service rating company. CARE Research is involved in preparing detailed industry research reports with 5 year demand and 2 year profitability outlook on the industry besides providing comprehensive trend analysis and the current state of the industry. CARE Research also offers research that is customised to client requirements. 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