HDIL – Bonus + Inline Results

Mumbai Realty major, HDIL declared bonus in the ration of 2:7. results for Fy2008-08 were inline with our expectations.

HDIL reported revenues of Rs9.8 bn (v/s our expectation of Rs9.7 bn) and PAT of Rs7.1 bn (v/s our expectation of Rs6.7 bn) for 4QFY08. HDIL booked revenues largely from the sale of commercial property in Andheri (Kaledonia) in 4QFY08 for a consideration of Rs9 bn. Also HDIL booked Rs0.5 bn from land development in Vasai-virar region. PAT was 6% higher than our estimates due to our higher construction cost assumptions for the commercial property.

HDIL has various projects under construction in different parts of Mumbai. Prices of HDIL’s projects in following places at Mumbai Motilal Nehru Nagar, Santacruz (W), Andheri, Ghatkopar, Jogeshwari , Malad, Virar, Vasai, Worli, Bandra etc.