Company Detail Report - Sobha Limited… · Sobha Limited is engaged in the construction and...

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SOBHA LIMITEDResult Update (CONSOLIDATED BASIS): Q3 FY18

CMP: 551.40 FEB 27th, 2018

Overweight ISIN:INE671H01015

Index DetailsSYNOPSIS

Sobha Limited is engaged in the construction anddevelopment of residential and commercial projects.During Q3 FY18, consolidated net profit jumps toRs.534.00 mn from Rs. 394.00 mn in Q3 FY17, anincrease of 35.53%.Consolidated revenue for the quarter increased by26.95% to Rs. 6919.00 mn from Rs. 5450.00 mn,when compared with the prior year period.During Q3 FY18, consolidated EBIDTA is Rs.1460.00 mn as against Rs. 1058.00 mn in Q3 FY17,grew by 38.00%.During Q3 FY18, consolidated PBT increased by53.63% to Rs. 825.00 mn from Rs. 537.00 mn in Q3FY17.EPS of the company stood at Rs. 5.63 a share duringthe quarter, as against Rs. 4.02 per share overprevious year period.For Q3 FY18 the collections of the companyincreased by 9% at Rs. 6744 mn as compared to Rs.6181 mn in the corresponding previous year.10th consecutive quarter of generating positiveoperational cash flow of Rs.553 mn for Q3 FY 18after meeting interest and tax expenses.Company is planning to launch 5-7 new projects inBangalore, Chennai, Mysore and Cochin in comingquarters.Bangalore contributes 69% of overall sales volumeduring Q3-18 and 71% during 9M-18.The Revenue for 9M FY18 the company registered arevenue of Rs. 20174.00 mn as compared to Rs.16582.00 mn in the corresponding previous year.PAT during the 9M FY 18 the company registered agrowth of 33.16% at Rs. 1514.00 mn as compared toRs. 1137.00 mn in the corresponding period ofprevious year.Net Sales and PAT of the company are expected togrow at a CAGR of 19% and 22% over 2016 to2019E, respectively.

Stock DataSector RealtyBSE Code 532784Face Value 10.0052wk. High / Low (Rs.) 687.00/286.00Volume (2wk. Avg.) 15000Market Cap (Rs. in mn.) 52272.72

Annual Estimated Results(A*: Actual / E*: Estimated)Years (Rs. in mn) FY17A FY18E FY19ENet Sales 22461.00 27646.52 32622.89EBITDA 4583.00 5700.62 6642.63Net Profit 1607.00 2110.98 2423.17EPS 16.69 22.27 25.56P/E 33.04 24.76 21.57

Shareholding Pattern (%)

As on Dec 2017 As on Sep 2017

Promoter 55.94 56.08

Public 44.06 43.92

Others -- --

1 Year Comparative Graph

SOBHA LIMITED S&P BSE SENSEX

PEER GROUPS CMP MARKET CAP EPS(TTM) P/E (X)(TTM) P/BV(X) DIVIDEND

Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

Sobha Ltd 551.40 52272.72 20.93 26.34 2.01 25.00Brigade Enterprises Ltd 279.60 38046.50 14.68 19.05 1.96 25.00Prestige Estates Projects Ltd 316.10 118537.50 11.27 28.05 2.54 12.00Godrej Properties Ltd 781.70 169221.10 7.21 108.42 8.45 0.00


QUARTERLY HIGHLIGHTS (CONSOLIDATED BASIS)

Results updates- Q3 FY18,

(Rs. in millions) Dec-17 Dec-16 % Change

Revenue 6919.00 5450.00 26.95%

Net Profit 534.00 394.00 35.53%

EPS 5.63 4.02 40.25%

EBIDTA 1460.00 1058.00 38.00%

Sobha Ltd’s consolidated net profit increased by 35.53% to Rs. 534.00 million from Rs. 394.00 million in the

corresponding quarter ending of previous year. Revenue for the quarter stood at Rs. 6919.00 million as against Rs.

5450.00 million in the corresponding period of the previous year, up by 26.95%. Reported earnings per share of the

company stood at Rs. 5.63 share during the quarter, as against Rs. 4.02 per share over previous year period. Profit before

interest, depreciation and tax is Rs. 1460.00 million as against Rs. 1058.00 million in the corresponding period of the

previous year.

Break up of Expenditure

Break up ofExpenditure

Value in Rs. Million

Q3 FY18 Q3 FY17 %Change

Land Purchase Cost 316.00 1873.00 -83%

Cost of Raw Materialsand componentsConsumed

637.00 528.00 21%

Purchase of ProjectMaterials 1605.00 1343.00 20%

Excise Duty 0.00 50.00 --

Subcontract and othercharges 1755.00 1536.00 14%

Employee BenefitExpenses 473.00 432.00 9%

Depreciation andAmortization Expenses 137.00 157.00 -13%

Other Expenses 821.00 822.00 0%


Segment Revenue:

Q3 FY-18 HIGHLIGHTS:

Sales Performance(standalone) :

Best quarterly sales performance in the last 11 quarters shown by Shobha Ltd.

Achieved total standalone sales value of Rs.7.51 Billion (Sobha Share of sales value at Rs.6.11 Billion) –Highest ever

quarterly sales value.

92% Y-o-Y growth in total sales value on standalone basis. (Higher sales growth primarily on account of lower sales

due to demonetization during Q3-17).

Total Collections:

For Q3 FY 18 the collections of the company increased by 9% at Rs. 6744 mn as compared to Rs. 6181 mn in the

corresponding previous year.

For 9M FY 18 the collections of the company up by 12% at Rs. 20975 mn as compared to Rs. 18714 mn in the

correspondind previous year 9 months period.

Cash Flow :

10th consecutive quarter of generating positive operational cash flow of Rs.553 mn for Q3 FY 18 after meeting interest

and tax expenses.

For 9M FY 18 the company registered a positive cashflow of Rs. 2146 mn.

Cost of Debt :

Average interest cost brought down to 9.74% - Trend continues for the 12th consecutive quarter.

276 bps reduction of average borrowing cost since Q1-2016.


Sobha had brought down its average cost of borrowing cumulatively to 2.76% since Q1-2016, which is better than

RBI repo rate cut during the same period.

New Launches :

Company is planning to launch 5-7 new projects in Bangalore, Chennai, Mysore and Cochin in coming quarters.

2 projects launched (one each in Bangalore and Thrissur) during Q3-18 measuring total saleable area of 0.98 Mn.sqft.

9M FY -18 : SALES HIGHLIGHTS:

Bangalore contributes 69% of overall sales volume during Q3-18 and 71% during 9M-18.

The Revenue for 9M FY 18 the company registered a revenue of Rs. 20174.00 mn as compared to Rs. 16582.00 mn in

the corresponding period of previous year.

PAT during the 9M FY 18 the company registered a growth of 33.16% at Rs. 1514.00 mn as compared to Rs. 1137.00

mn in the corresponding nine months of previous year.

9 months Sales Volume increased to 2.61 mn.sqft in FY 18 as against to 2.28 mn.sqft. in corresponding previous year

9 months period.

Sales Value of Sobha Share for 9M FY 18 increased to Rs. 17659 per sqft. as compared to Rs. 13612 per sqft. in the

corresponding previous year 9 months period.

Average Realization (Sobha Share) reached to Rs. 6767 per sqft for 9M FY 18 as against Rs. 5974 per sqft in the

previous 9 months period of FY 17.

SEGMENTS:

Real Estate:

Projects Portfolio:

Real Estate ongoing projects measuring total Developable area of about approx 41.37 mn.sqft and Total Saleable area

of 28.48 mn.sqft, located at 8 cities in India.

Status of Rera Registration:

40 ongoing projects measuring total saleable area of 9.51 mn sqft registered under RERA. (Details of RERA

registered projects shared in annexure slide nos 32,33)

In addition to above, 3 projects, consist of 2 wings in Sobha Arena and 1 wing in Sobha HRC Pristine projects,

received approval from RERA authority, which are yet to released for sale.


COMPANY PROFILE

Sobha Limited is engaged in the construction and development of residential and commercial projects. SOBHA's superior

execution capability is its core strength. Since inception, SOBHA has completed about 88.93 million square feet of area.

The Company currently has ongoing real estate projects aggregating to 41.37 million square feet of developable area and

28.48 million square feet of saleable area, and ongoing contractual projects aggregating to 7.17 million square feet under

various stages of construction. The Company has a real estate presence in 9 cities, viz. Bangalore, Gurgaon, Chennai,

Pune, Coimbatore, Thrissur, Calicut, Cochin and Mysore. Overall, SOBHA has footprint in 26 cities and 13 states across

India.

Recognition:

Recognized as the as Number 1 choice of homebuyers nationally in Track2Realty's Consumer Confidence Report

20:20, making it an exceptional and a rare feat achieved by any real estate brand in the country.

This is the 4th consecutive year that SOBHA has won top rank in consumer confidence survey.

The report also places SOBHA on top of the chart of real estate developers in South India for the 4th time.


FINANCIAL HIGHLIGHT (CONSOLIDATED BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)

Balance Sheet as of March 31, 2016 -2019E

FY16A FY17A FY18E FY19EASSETS1) Non-Current Assets

a) Property, plant and equipment 3725.00 3172.00 3425.76 3699.82b) Capital Work in Progress 454.00 799.00 998.75 1198.50c) Investment Property 1997.00 1979.00 2018.58 2038.77d) Intangible Assets 5.00 2.00 1.50 1.20e) Financial Assets

i) Investments 294.00 0.00 0.00 0.00ii) Trade Receivables 265.00 143.00 178.75 214.50iii) Other non-current financial assets 608.00 537.00 510.15 494.85

f) Other non-current assets 4002.00 4159.00 4283.77 4455.12g) Current Tax Assets 13.00 21.00 28.35 36.29h) Deferred Tax Assets 63.00 0.00 0.00 0.00Sub - Total Non- Current assets 11426.00 10812.00 11445.61 12139.04

2) Current Assetsa) Inventories 42649.00 50960.00 56056.00 61101.04b) Financial assets

i) Trade receivables 2522.00 2267.00 2357.68 2475.56ii) Cash and Cash equivalents 1135.00 1243.00 1392.16 1531.38iii) Bank Balance other than cash and cash equivalents 50.00 226.00 289.28 361.60iv) Other Current Financial Assets 6740.00 8457.00 9979.26 11476.15

c) Other current assets 16165.00 14966.00 14367.36 13936.34Sub - Total current assets 69261.00 78119.00 84441.74 90882.07

Total Assets (1+2) 80687.00 88931.00 95887.35 103021.11EQUITY AND LIABILITIES1) EQUITY

a) Equity Share Capital 981.00 963.00 963.00 963.00b) Other equity 24666.00 25482.00 27592.98 30016.15

Total Equity 25647.00 26445.00 28555.98 30979.152) Non Current Liabilitiesa) Financial Liabilities

i) Long Term Borrowings 4771.00 4423.00 4246.08 4076.24ii) Other Financial liabilities 102.00 2.00 1.70 1.53

b) Long Term provisions 147.00 161.00 173.88 184.31c) Deferred Tax Liabilities (net) 2274.00 2283.00 2397.15 2493.04

Sub - Total Non Current liabilities 7294.00 6869.00 6818.81 6755.123) Current Liabilities

a) Financial liabilitiesi) Short Term Borrowings 16207.00 17372.00 18414.32 19028.09ii) Trade Payables 3182.00 7693.00 10385.55 13293.50iii) Other Current financial liabilities 3355.00 3922.00 4510.30 5096.64

b) Other Current liabilities 24741.00 26087.00 26523.64 27054.11c) Liabilities for Current Tax 151.00 401.00 501.25 601.50d) Provisions 110.00 142.00 177.50 213.00Sub - Total current liabilities 47746.00 55617.00 60512.56 65286.85

Total Equity and Liabilities (1+2+3) 80687.00 88931.00 95887.35 103021.11


Annual Profit & Loss Statement for the period of 2016 to 2019E

Value(Rs.in.mn) FY16A FY17A FY18E FY19E

Description 12m 12m 12m 12mNet Sales 19566.00 22461.00 27646.52 32622.89Other Income 343.00 386.00 400.25 444.28Total Income 19909.00 22847.00 28046.77 33067.17Expenditure -15136.00 -18264.00 -22346.15 -26424.54Operating Profit 4773.00 4583.00 5700.62 6642.63Interest -1637.00 -1497.00 -1972.94 -2268.88Gross profit 3136.00 3086.00 3727.68 4373.75Depreciation -597.00 -638.00 -552.85 -608.14Profit Before Tax 2539.00 2448.00 3174.83 3765.61Tax -1188.00 -970.00 -1063.86 -1342.44Profit After Tax 1351.00 1478.00 2110.98 2423.17Share of Profit & Loss Assoc. 30.00 129.00 0.00 0.00Net Profit 1381.00 1607.00 2110.98 2423.17Equity capital 981.00 963.00 948.00 948.00Reserves 24666.00 25482.00 27592.98 30016.15Face value 10.00 10.00 10.00 10.00EPS 14.08 16.69 22.27 25.56

Quarterly Profit & Loss Statement for the period of 30th June, 2017 to 31st Mar, 2018E

Value(Rs.in.mn) 30-Jun-17 30-Sep-17 31-Dec-17 31-Mar-18E

Description 3m 3m 3m 3mNet sales 6789.00 6466.00 6919.00 7472.52

Other income 97.00 112.00 85.00 106.25

Total Income 6886.00 6578.00 7004.00 7578.77

Expenditure -5574.00 -5218.00 -5544.00 -6010.15

Operating profit 1312.00 1360.00 1460.00 1568.62

Interest -449.00 -513.00 -498.00 -512.94

Gross profit 863.00 847.00 962.00 1055.68

Depreciation -135.00 -137.00 -137.00 -143.85

Profit Before Tax 728.00 710.00 825.00 911.83

Tax -251.00 -207.00 -291.00 -314.86

Net Profit 477.00 503.00 534.00 596.98

Equity capital 963.00 963.00 948.00 948.00

Face value 10.00 10.00 10.00 10.00

EPS 4.88 4.95 5.63 6.30


Ratio Analysis

Particulars FY16A FY17A FY18E FY19E

EPS (Rs.) 14.08 16.69 22.27 25.56EBITDA Margin (%) 24.39% 20.40% 20.62% 20.36%PBT Margin (%) 12.98% 10.90% 11.48% 11.54%PAT Margin (%) 6.90% 6.58% 7.64% 7.43%P/E Ratio (x) 39.17 33.04 24.76 21.57ROE (%) 5.27% 5.59% 7.40% 7.83%ROCE (%) 8.96% 8.18% 10.05% 11.16%Debt Equity Ratio 0.82 0.82 0.79 0.75EV/EBITDA (x) 15.48 16.02 12.85 11.06Book Value (Rs.) 261.44 274.61 301.07 326.63P/BV 2.11 2.01 1.83 1.69

Charts


OUTLOOK AND CONCLUSION

At the current market price of Rs. 551.40, the stock P/E ratio is at 24.76 x FY18E and 21.57 x FY19E respectively.

Earnings per share (EPS) of the company for the earnings for FY18E and FY19E are seen at Rs. 22.27 and Rs. 25.56

respectively.

Net Sales and PAT of the company are expected to grow at a CAGR of 19% and 22% over 2016 to 2019E,

respectively.

On the basis of EV/EBITDA, the stock trades at 12.85 x for FY18E and 11.06 x for FY19E.

Price to Book Value of the stock is expected to be at 1.83 x and 1.69 x for FY18E and FY19E respectively.

Hence, we say that, we are Overweight in this particular scrip for Medium to Long term investment.

INDUSTRY OVERVIEW

The real estate sector is one of the most globally recognized sectors. In India, real estate is the second largest employer

after agriculture and is slated to grow at 30 per cent over the next decade. The real estate sector comprises four sub sectors

- housing, retail, hospitality, and commercial. The growth of this sector is well complemented by the growth of the

corporate environment and the demand for office space as well as urban and semi-urban accommodations. The

construction industry ranks third among the 14 major sectors in terms of direct, indirect and induced effects in all sectors

of the economy.

It is also expected that this sector will incur more non-resident Indian (NRI) investments in both the short term and the

long term. Bengaluru is expected to be the most favoured property investment destination for NRIs, followed by

Ahmedabad, Pune, Chennai, Goa, Delhi and Dehradun.


The Indian real estate market is expected to touch US$ 180 billion by 2020. The housing sector alone contributes 5-6 per

cent to the country's Gross Domestic Product (GDP).

In the period FY2008-2020, the market size of this sector is expected to increase at a Compound Annual Growth Rate

(CAGR) of 11.2 per cent. Retail, hospitality and commercial real estate are also growing significantly, providing the

much-needed infrastructure for India's growing needs.

The private equity investments in real estate increased 26 per cent to a nine-year high of nearly Rs 40,000 crore (US$ 6.01

billion) in 2016.

Sectors such as IT and ITeS, retail, consulting and e-commerce have registered high demand for office space in recent

times. The office space absorption in 2016 across the top eight cities amounted to 34 million square feet (msf) with

Bengaluru recording the highest net absorption during the year. Information Technology and Business Process

Management sector led the total leasing table with 52 per cent of total space uptake in 2016. Mumbai is the best city in

India for commercial real estate investment, with returns of 12-19 per cent likely in the next five years, followed by

Bengaluru and Delhi-National Capital Region (NCR).

Government Initiatives:

The Government of India along with the governments of the respective states has taken several initiatives to encourage the

development in the sector. The Smart City Project, where there is a plan to build 100 smart cities, is a prime opportunity

for the real estate companies. Below are some of the other major Government Initiatives:

The Ministry of Housing and Urban Poverty Alleviation has sanctioned the construction of 84,460 more affordable

houses for urban poor in five states, namely West Bengal, Jharkhand, Punjab, Kerala and Manipur under the Pradhan

Mantri Awas Yojana (Urban) scheme with a total investment of Rs 3,073 crore (US$ 460 million).

The Cabinet Committee on Economic Affairs (CCEA) has approved various measures to revive the construction

sector, putting in place a mechanism to release funds stuck in arbitration awards to revive stalled projects.

Brihanmumbai Municipal Corporation (BMC) has introduced a single-window clearance for construction which will

cut the time taken for getting approvals for a building project and lead to correction in prices of residential property,

thereby giving a fillip to Mumbai realty.

The Securities and Exchange Board of India (Sebi) has proposed easier regulations for real estate investment trusts

(REITs), such as raising the cap of investment of REITs’ assets in under-construction projects from 10 per cent to 20

per cent, in order to attract the interest of developers, and also plans to relax the rules for foreign fund managers to

relocate to India.

SEBI has allowed Foreign Portfolio Investors (FPI) to invest in units of Real Estate Investment Trusts (REITs),

infrastructure investment trusts (InvITs), category III alternative investment funds (AIFs), and also permitted them to

acquire corporate bonds under default.


The Rajya Sabha or the upper house of the Parliament has passed the Real Estate (Regulation and Development) Bill,

2013, which aims to protect consumer interest, ensure efficiency in all property related transactions, improve

accountability of real estate developers, increase transparency and attract more investments into the realty sector in

India.

Road Ahead:

Responding to an increasingly well-informed consumer base and, bearing in mind the aspect of globalisation, Indian real

estate developers have shifted gears and accepted fresh challenges. The most marked change has been the shift from

family owned businesses to that of professionally managed ones. Real estate developers, in meeting the growing need for

managing multiple projects across cities, are also investing in centralised processes to source material and organise

manpower and hiring qualified professionals in areas like project management, architecture and engineering.

The growing flow of FDI into Indian real estate is encouraging increased transparency. Developers, in order to attract

funding, have revamped their accounting and management systems to meet due diligence standards.

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Name of the Analyst Qualifications SectorsCovered

Exposure/Interest tocompany/sector UnderCoverage in the CurrentReport

Dr.C.V.S.L. Kameswari M. Sc, PGDCA,M.B.A,Ph.D (Finance)

Pharma &Diversified

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