Stock views on Sadbhav Engineering, Mahindra Lifespace

KR Choksey on Mahindra Lifespace

Mahindra Lifespace (MLS) posted a strong standalone Q3 revenue of Rs 55.7 crore (84% growth y-o-y and 28% q-o-q) and a net profit of Rs 11.3 crore (1.3% growth y-o-y and 1% q-o-q). The company has a very comfortable balance sheet compared to its peers and is cash positive. We expect revenues from SEZs to increase.


Angel Broking on SADBHAV ENGINEERING


Sadbhav Engineering reported topline growth, which was much below our expectations. The company registered 20% y-o-y growth in net sales at Rs 276.7cr (Rs 230.1 crore) against our expectation of Rs341cr. The company’s current outstanding order book ensures revenue visibility for the next few years.

Motilal Oswal Securities on Puravankara Projects, Indiabulls Real Estate

Motilal Oswal Securities on INDIABULLS REAL ESTATE

IBREL had gross cash of around Rs 36,000 cr, including Rs 865 cr investment in ICDs/FMPs. Indiabulls Power Services (IPS), a 71.5% subsidiary of IBREL, is currently working on power project pipeline of 6,772MW. IPS has built a top technical team of 300, having drawn talent from NTPC, SEBs, Tata Power and Reliance Infra.


Motilal Oswal Securities on PURAVANKARA PROJECTS

PPL has disclosed plans to enter the lower mid income housing segment through its 100% subsidiary Provident Housing and Infrastructure (PHIL). In Phase 1, PHIL plans to launch around 65,000 flats at price brackets of Rs 10 lakh to Rs 20 lakh in key cities such as Bangalore, Chennai and Hyderabad.

Stock Views on HDIL, DLF

Motilal Oswal Securities on DLF

WE view DLF as the best managed realty company in India with a robust business model. DLF Assets is close to finalising fund raising of around $450m. This would lower DLF’s receivables and improve liquidity. DAL is also likely to have around 10 mn sq ft of rental portfolio by March 2009, which could yield about Rs 3,000-cr cash flow.


Emkay Research on HDIL


HDIL has ample floor space index and transfer development rights (TDR) avail-able, which ensures better churn of liquidity. The airport slum rehabilitation project is on track and the company has sold 2.3 MSF of TDR generated from the project. HDIL intends to generate another 2 MSF of TDR by March 2009.