HDIL sold 0.9m sqft in 4Q (lowest in past two years), although cash from under-construction residential projects was buoyant, marginally reducing debt. Key triggers are clarity on the policy for MIAL project, fresh acquisitions and the Goregaon project.
n Results review. Excluding part-recognition of the Andheri (E) deal, HDIL's 4Q results were broadly in line with our estimate (0.9m sqft of TDR sold vs. our estimate of 1.1m sqft) at `2,600/sqft. 4Q margin was low due to: i) lower TDR realization; ii) high cost recognised in the Andheri (E) FSI sales, for which HDIL paid full tax in 4Q. Standalone net debt-to-equity was slightly down, reflecting healthy cash flows from current offerings.
n Operations update. Excluding shifting of families at MIAL, other ongoing projects continue to witness strong construction, hence resulting in healthy operational cash flows (+`12bn collected in FY11) and +`14bn from TDR and FSI sales. HDIL invested +`20bn in various projects during FY11.
n Trying times. Policy/legal issues for HDIL are taking a toll on certain key projects - MIAL, Malad (E), Goregaon. Despite HDIL's investment in these, we have taken them at BV/discounted BV as against development value.
Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.
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