1) Anant Raj Industries reported a 203.4% quarter-over-quarter growth in net sales to Rs. 103 crore for the first quarter of FY2011, though sales were down 1.5% from the prior year. However, margins declined due to a change in accounting practices.
2) The company launched two residential projects during the quarter and has already sold all units in one project and 50% of units in the other.
3) Anant Raj maintains a strong balance sheet with a net cash position and fully paid land banks, providing flexibility for future growth.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...
Anant raj
1. 1QFY2011 Result Update | Real Estate
August 5, 2010
Anant Raj Industries BUY
CMP Rs120
Performance Highlights Target Price Rs178
Y/E March (Rs cr) 1QFY11 4QFY10 % qoq 1QFY10 % yoy Investment Period 12 Months
Net sales 103 34 203.4 105 (1.5)
Stock Info
EBITDA 57 26 117.0 76 (25.2)
Sector Real Estate
OPM margin (%) 55.0 76.9 (2,191bp) 72.4 (1,741bp)
Market Cap (Rs cr) 3,531
PAT 46 31 48.1 69 (33.5)
Beta 1.3
Source: Company, Angel Research
52 Week High / Low 164/99
Anant Raj Industries’ (ARIL) 1QFY2011 results were in line with our expectations. Avg. Daily Volume 290,753
ARIL’s net sales grew by 203.4% qoq (down 1.5% yoy) to Rs103cr. During the Face Value (Rs) 2
quarter, ARIL changed its accounting method for booking revenue to gross-sales
BSE Sensex 18,173
method from net-of-costs method, which resulted in lower OPM (55%). Thus, PAT
Nifty 5,447
grew by 48.1% qoq to Rs45.8cr. We maintain a Buy view on the stock.
Reuters Code ANRA.BO
1QFY2011 revenue driven by new residential launches
Bloomberg Code ARCP@IN
During 1QFY2011, ARIL launched two residential projects in NCR, Kapashera
(0.28mn sq. ft.) and Manesar (1mn sq. ft.) for Rs5,000/sq. ft. and Rs2,500/sq. ft.,
respectively. The Kapashera property has been entirely sold (112 flats) and ~50% Shareholding Pattern (%)
of the Manesar property (500 flats) has been sold out so far. During the quarter, Promoters 61.4
ARIL booked Rs82cr of revenue from its Kapashera property. MF / Banks / Indian Fls 5.8
Change in accounting method and revenue mix impact margins FII / NRIs / OCBs 29.0
Indian Public / Others 3.8
Historically, ARIL’s revenue has been driven by land/FSI sale and rental income,
where it booked revenue on net sales basis, excluding land cost. In 1QFY2011,
ARIL changed its accounting method to gross sales, resulting in lower OPM at Abs. (%) 3m 1yr 3yr
55%, from its high of 85–95%. We expect OPM to remain at the current level, with
Sensex 6.3 14.3 20.0
increasing share of residential projects.
Anant Raj (2.5) (12.8) (53.6)
Outlook
ARIL is trading at 42% discount to our one-year forward NAV, which gives a
margin of safety, given its low-cost land bank situated at prime locations and a
well-capitalised balance sheet. We maintain Buy on the stock with a Target Price
of Rs178, which is at 15% discount to our one-year forward NAV.
Key Financials (Consolidated)
Y/E March (Rs cr) FY2009 FY2010 FY2011E FY2012E
Net Sales 251 286 491 995
% chg (58.5) 14.2 71.5 102.7
Net Profit 207 238 209 434
% chg (52.5) 14.9 (12.1) 107.4
EBITDA (%) 88.0 90.3 52.7 58.2
EPS (Rs) 6.6 7.6 6.6 13.8
P/E (x) 18.2 15.8 18.0 8.7 Param Desai
P/BV (x) 1.1 1.0 1.0 0.9 022 – 4040 3800 Ext: 310
RoE (%) 6.7 6.9 5.6 10.6 paramv.desai@angeltrade.com
RoCE (%) 6.5 6.7 6.0 12.2
Mihir Salot
EV/Sales (x) 12.4 11.1 6.8 3.9
022 – 4040 3800 Ext: 307
EV/EBITDA (x) 14.1 12.3 13.0 6.7 mihirr.salot@angeltrade.com
Source: Company, Angel Research
Please refer to important disclosures at the end of this report 1
3. Anant Raj Industries |1QFY2011 Result Update
Improving visibility in rental income
ARIL’s rental revenue grew by 20.7% qoq to Rs18cr. The company earned Rs4.5cr
from the Manesar IT Park project, Rs8.1cr from three hotels, Rs1.2cr from Karol
Bagh Mall and Rs3.6cr from Jhandewalan and Faiz Road. Further, we expect
ARIL’s Manesar and Kirti Nagar properties to reach their peak occupancy levels in
6–9 months, as leasing activity improves. Management has indicated that its Kirti
Nagar property (0.75mn sq. ft.) has been pre-leased to the extent of 0.3mn sq. ft.
at Rs100/sq. ft. and expects tenants to move in by October 2010. Rentals at the
Kirti Nagar Mall have been renegotiated from Rs150/sq. ft., as indicated earlier by
the management.
Exhibit 3: Rental income to grow 4x to Rs201cr by FY2012E
250
201
200
150
(Rs cr)
100 86
49
50
11 16
0
FY2008 FY2009 FY2010 FY2011E FY2012E
Source: Company, Angel Research
During the quarter, ARIL acquired 15.5 acres (FSI of 2) of land for Rs85cr
(Rs531/sq. ft.) at Gurgaon Sec 91. The company intends to launch it as a
mid-income residential project over the next six months. This is in line with the
company’s strategy to acquire land at a cheaper cost.
August 5, 2010 3
5. Anant Raj Industries |1QFY2011 Result Update
Investment arguments
Land acquisition at discounted price
Almost all of ARIL's land bank (872 acres) is exclusively located in NCR, within
50km of Delhi, with approximately 525 acres in Delhi. This land bank has been
acquired at an historical average cost of Rs300/sq. ft., with recent transactions by
ARIL executed at Rs531/sq. ft., Rs450/sq. ft. and Rs130/sq. ft. in high-growth
areas such as Gurgaon, Manesar and Sonepat, respectively. ARIL's successful land
acquisition strategy is attributed to its acquisition through the allocation route from
DDA at significantly lower prices compared to prevailing rates and its focus on
being an NCR player, which helps in identifying areas with high economic
potential in Delhi.
Residential projects to drive near-term visibility
ARIL recently launched two residential projects in NCR—Kapashera (0.28mn sq. ft.)
and Manesar (1mn sq. ft.) for Rs5,000/sq. ft. and Rs2,500/sq. ft., respectively.
Management has indicated that the entire property of Kapashera and ~50% of
Manesar property have been sold out so far. The Manesar property was acquired
at Rs450/sq. ft. in 2009. Going ahead, ARIL intends to launch its premium
residential project at Hauz Khas, Delhi, as it gets environmental clearance.
Management has guided for Rs500cr of revenue in FY2011E from the residential
segment. Further, we expect ARIL’s Manesar and Kirti Nagar properties to reach
their peak occupancy levels in 6–9 months as leasing activity improves. The
company will also have five hotels operational by FY2011E, with transfer of
occupancy risk to third party in return of fixed rentals. Consequently, we expect
ARIL to report rental income of Rs201cr in FY2012E as compared to Rs49cr
reported in FY2010.
Well-capitalised balance sheet
ARIL's land bank is fully paid and it has net cash balance of Rs190cr, with unpaid
land cost of Rs60cr. This augurs well for the company even in a downturn and
gives headroom to leverage at reasonable costs for the timely execution of
projects. Further, the recent issuance of 2cr warrants to promoters (Rs87/share) will
strengthen its cash balance by Rs130cr on conversion.
August 5, 2010 5
6. Anant Raj Industries |1QFY2011 Result Update
Outlook and valuation
ARIL is trading at 42% discount to our one-year forward NAV (much higher
than its peers), which gives a margin of safety given its low-cost land bank
situated at prime locations and well-capitalised balance sheet. This can be
primarily attributed to the company’s higher exposure to commercial assets
(67%). However, we believe near-term revenue visibility will be driven by ARIL's
residential projects. Further, we expect rental income to grow 4x by FY2012E
to Rs200cr as Manesar and Kirti Nagar properties should reach their peak
occupancy levels in 6–9 months coupled with five hotels getting operational by
FY2011E, which will improve ARIL’s rental visibility. We maintain a Buy view on
the stock with a Target Price of Rs178, which is at 15% discount to our one-
year forward NAV.
Exhibit 8: Key Assumptions
Figures in mn sq. ft. FY2011E FY2012E
Residential sales 0.96 1.01
Leasing 1.9 3.5
Commercial 1.41 2.89
Hotel 0.46 0.61
Retail 0.10
Pricing (%)
Residential 5 5
Commercial (5) 5
Retail (5) 5
Source: Angel Research
August 5, 2010 6
11. Anant Raj Industries |1QFY2011 Result Update
Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
DISCLAIMER
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Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
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Disclosure of Interest Statement (Company name) Anant Raj Industries
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock Yes
4. Broking relationship with company covered No
Note: We have not considered any Exposure below Rs 1 lakh for Angel, its Group companies and Directors.
Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)
August 5, 2010 11