Key takeaways of the conference call

Revenue (Sales and other Income ) for the quarter ended Sep 2011 has increased by 96% YoY to Rs 57.73 crore and the EBITDA for the same stood higher by 90% to Rs 18.64 crore as the EBITDA margin contract by 100 bps to 32.3s%. Evenutally the PAT was higher by 84% YoY Rs 14.60 crore.

On sequential basis the growth in revenue for the quarter ended Sep 2011 stood at 36% QoQ and EBITDA margin crashed to 32.3% for the quarter from about 38.5% in sequential previous quarter ended June 2011. The growth at PAT level finally was 12% QoQ.

Area Booked increased by 42% YoY to 4.82 lsf in Q2FY12 compared to 3.40 lsf in corresponding previous period. On sequential basis the area booked has increased by 27% QoQ from 3.81 lsf in Q1FY12. Of the area booked for the quarter nearly half of it came from Jaipur (47%), 37% Bhiwadi, 10% Jamshedpur, 5% Jodhpur and 1% Lavasa.

Equivalent Area Constructed (EAC) has increased by 39% YoY to 3.27 lsf in Q2FY12 from 2.36 lsf in corresponding previous period. On sequential basis the EAC increased by 21% QoQ from 2.70 lsf in Q1FY12.

Average realisation (per sft ) stood at Rs 2075/ sft for Q2FY12 compared to Rs 2187/sft in Q1FY12 and Rs 2050/sft in Q2FY11.

The Land bank of the company currently stands at 101.55 acres with a saleable area of 67.70 lakh sft. It has acquired 10 Acres of Land for Utsav in Uttarpara, Kolkata during the quarter. The company has also acquired about 40 acres of land in Thada in Bhiwadi at a cost of Rs 25 crore during Q1FY12 and propose to acquire another 20 acres at the same place at same price. Post the company's acquisition the land price in that area have increased by 25%. However the price of Uttarpara land can't be revealed right now. Barring Uttarpara, the cost of balance 91.55 acres works out to Rs 50 crore.

The company still has cash of around Rs 70 crore which will be used for acquisition of land.

Currently ongoing projects numbers 7 in total. Salesable area and area launched in the ongoing projects of the company stands at 68.26 lakh sft and 48.22 lakh sft. Of the total area launched area sold as end of Sep 2011 was 34.99 lakh sft.

Of the 62.26 lakh sft of saleable area under ongoing projects majority is group housing with a share of 81% and 3% retail and balance are active senior living. Similarly 30% of the saleable area is Bhiwadi, 42% is Jaipur, 10% is jamshedpur, 8% is jodhpur and balance are Lavasa.

Booking has opened for Phase III of Rangoli Gardens at Jaipur, Phase V of Ashiana Amarbagh at Jodhpur, Phase VI of Ashiana Amarbagh in Jodhpur, Phase III of Ashiana Brahmananda in Jamshedpur.

Having booked an area of about 8.63 lsf till Sep11, the company is on tract to achieve the target of 16 lakh sft for the full year ending March 2012.

The construction on Lavasa project continue to be stalled due to environment reasons, the company has revised down its FY12 Equivalent Area Construction target to 12.50 lakh sft from earlier guided 14.00 lakhs sft, as the later also factors in the contribution of about 16000 sft from Lavasa.

If the verdict is not in favour the company will contemplate returning money for those booked space in Lavasa project or give alternate property in any of its projects or a new project in Pune for which it is in lookout for land.

The company has recognized about Rs 27.9 crore of revenue so far in its project in Lavasa.