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Peninsula Land: Conference call extracts
May 10, 2010

Peninsula Land Ltd announced its FY10 results on 27 April 2010. Top line grew 15% y-o-y to Rs 2.2 bn in 4Q FY10 primarily driven by sales from Peninsula Business Park. Bottom line grew 167% to Rs 963 m in 4Q FY10 due to decline in cost. Overall the top line was above our expectations in FY10 while the bottom line was more or less in line with our estimates. Here are the key takeaways from the conference call:-

  • The two residential projects of the company in Mumbai; Ashok Towers and Ashok Gardens are 99% and 95% complete, respectively. The two commercial projects namely, Peninsula Business Park and Peninsula Techno Park are 71% and 70% complete, respectively.

    Revenue break up for the quarter is as follows:
    Particulars Amt ( Rs m)
    Ashok Towers 170
    Peninsula Techno Park 290
    Peninsula Business Park 1,680
    Miscellaneous Income 108
    Total 2,248

  • As far as the balance payment for Peninsula Business Park from Alok Realtors is concerned, the next payment is due in the month of June. (Half of the area in Peninsula Business Park was sold to Alok Realtors at Rs 11 bn and the company has received Rs 6.25 bn till date)

  • The company has commenced construction on the residential project in Goa, Betim. While in Nashik, the company has broken ground and will get access to small pieces of land parcels within a period of 2-3 months to start the construction work.

  • During the quarter, the company acquired 30,000 sq ft of small redevelopment area in Napensea road, South Mumbai. Management plans to monetize this plot by FY12.

  • Management maintains status quo on 12.5 m sq ft of area in Goa SEZ and does not foresee anything material happening in the near future.

  • The current cash and debt on the books stand at Rs 6,404 m and Rs 4,665 m, respectively

  • As majority of the projects are on the verge of completion, the company is aggressively looking out for acquisitions of land parcels in and around Mumbai. Funding requirements should not be an issue as the company has strong cash reserves on its balance sheet and a low D/E ratio (if it plans a leveraged expansion). Further, the company also has an enabling resolution to raise money via QIP, if needed. Management plans to invest Rs 20-25 bn in the market for acquisition of land parcels.

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