SOBHA by factica

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									                                                                                             Regd off: E-106, Sunrise Chambers, 22, Ulsoor Road, Bangalore - 560 042
SOBHA DEVELOPERS LIMITED                                                                     E-Mail:    ramani@sobha.co.in
                                                                                             Web site: www.sobhadevelopers.com
                                                                                             Telephone: (080) 2559 4139 Fax: (080) 2559 4138
CONSTRUCTION                                                       MISCELLANEOUS             Tr agent: Link Intime India, C13, Pannalal Mills Cmpd., LBS Marg, Mumbai - 78
Chairman: P. N. C. Menon                                                       SEC: N. Venkatramanai (Compliance Officer) AUD: S. R. Batliboi & Associates
Yr of Inc   B. Code       BL. Code    F.V.         Price        % ch 1-m       % ch 12-m       P/E          P/CF        Yield         Mkt cap               Vol.             ISIN
 1995   532784            SOBHA:IN    10           247.3          11.5            -6.5         16.7         12.5         0.4          18,024.5              173.9       INE671H01015
SHAREHOLDING                                                     FX Transaction (FY09)                              ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           :  0.1%               Exports (fob)          Rs m         0
                                                                                                     (Rs)
Foreign collaborators      : 86.9%               Imports (cif)          Rs m        85
Indian inst/Mut Fund       :  0.8%               Fx inflow              Rs m         0         1200
FIIs/GDR                   :  2.6%               Fx outflow             Rs m        89                                                                       DAILY
Free float                 :  9.7%               Net fx                 Rs m       -89
Shareholders               : 82,094                                                                                                                          100 DMA

                           No. of months                  12            12            12        800
                             Year ending            31/03/07      31/03/08      31/03/09
EQUITY SHARE DATA
 High                                 Rs               1,179          1,060           650
Low                                   Rs                 620            573             67
Sales per share                       Rs               162.7          196.3         133.6       400
Earnings per share                    Rs                22.2           31.3          14.8
Cash flow per share                   Rs                25.5           36.1          19.7
Dividends per share                   Rs                5.50           6.50          1.00
Dividend yield (eoy)                  %                  0.6            0.8            0.3
                                                                                                     0
Book value per share                  Rs               111.9          135.5         149.2
Shares outstanding (eoy)              m                72.90          72.90         72.90            Dec-06          Aug-07           Apr-08            Dec-08               Aug-09
Bonus/Rights/Conversions                             B2:1,PI               -             -
Price / Sales ratio                   x                   5.5            4.2           2.7                               No. of months                 12            12            12
Avg P/E ratio                         x                 40.6           26.1          24.2                                  Year ending           31/03/07      31/03/08      31/03/09
                                                                                              CASH FLOW
P/CF ratio (eoy)                      x                 35.3           22.6          18.2
Price / Book Value ratio              x                   8.0            6.0           2.4    From Operations                         Rs   m      -4,868           -10,987      1,828
Dividend payout                       %                 24.8           20.8           6.8     From Investments                        Rs   m      -1,623                10       -396
Avg Mkt Cap                           Rs m            65,574         59,523        26,135     From Financial Activity                 Rs   m       6,725            10,579     -1,504
No. of employees                      `000                  4              3             2    Net Cashflow                            Rs   m         234              -397        -72
Total wages/salary                    Rs m               921          1,262         1,261
Avg. sales/employee                   Rs Th          3,206.5        4,326.2       4,678.7                                       INTERIM RESULTS
Avg. wages/employee                   Rs Th            248.9          381.5         605.7                                           2QFY09  3QFY09             4QFY09         1QFY10
Avg. net profit/employee              Rs Th            436.5          689.2         517.8     Net sales                   Rs    m     3,002   1,836              1,441          1,771
                                                                                              Gross profit                Rs    m       936      506               239            423
INCOME DATA                                                                                   Gross profit margin         %            31.2     27.6              16.6           23.9
Net Sales                             Rs     m        11,864        14,311         9,741      Net profit                  Rs    m       490       75                 27           127
Other income                          Rs     m            29            71           148      Net profit margin           %            16.3      4.1                1.9            7.2
Total revenues                        Rs     m        11,893        14,382         9,889
Gross profit                          Rs     m         2,533         3,650         2,716                                           KEY DATA
Depreciation                          Rs     m           244           350           360      Parameters                          Unit              FY07             FY08       FY09
Interest                              Rs     m           452           580         1,003      Income from property dev.           % of sales         63.5             60.2       46.0
Profit before tax                     Rs     m         1,866         2,791         1,501      Income fron contractual activity    % of sales         25.6             27.2       20.4
Minority Interest                     Rs     m             0           -28           -21      Income from manufacturing           % of sales         11.7             13.6       17.2
Prior Period Items                    Rs     m             0             0             0
Extraordinary Inc (Exp)               Rs     m             0             0             0
Tax                                   Rs     m           251           483           402
                                                                                                                                     NOTES
Profit after tax                      Rs     m         1,615         2,280         1,078
Gross profit margin                   %                 21.4          25.5          27.9     Bangalore based Sobha Developers (SDL) focuses on residential, commercial and
Effective tax rate                    %                 13.5          17.3          26.8     contractual projects. The residential projects include presidential apartments, life-
                                                                                             style villas, row houses and luxury apartments. Since its inception in 1995, it has
Net profit margin                     %                 13.6          15.9          11.1
                                                                                             developed and constructed (owned and contractual basis) close to 30.7 msqft (million
BALANCE SHEET DATA                                                                           square feet) of saleable area on Pan-India basis. SDL made record delivery of twenty
                                                                                             six contractual projects during the year aggregating to 5.91 msqft. SDL has a unique
Current assets                        Rs m            17,199        31,505        34,257     backward integrated model, with inhouse facilities for architectural, structural,
Current liabilities                   Rs m             5,660         5,746         6,117     infrastructure, electrical, woodwork, glazing and metal works and concrete products
Net working cap to sales              %                 97.3         180.0         288.9     such as blocks and pavers.
Current ratio                         x                   3.0           5.5           5.6
Inventory Turnover                    Days               120           214           427     FY09 was a challenging year as owing to the economic slowdown buyers deferred
Debtors Turnover                      Days                49           142           138     their investment plans in property. SDL's consolidated net sales declined by 32% YoY.
Net fixed assets                      Rs m             1,948         2,142         2,248     The decline in operating profits was lower at 25% YoY as fall in operating costs was
Share capital                         Rs m               729           729           729     steeper as compared to topline. However, net profits declined by 53% YoY on
"Free" reserves                       Rs m             7,426         8,843         9,665     account of lower operating profits and increase in financing cost.
Net worth                             Rs m             8,155         9,881        10,874     Indian real estate players had leveraged their balance sheets to acquire land banks
Long term debt                        Rs m             5,748        11,903        15,830     for expansion of their operations. The global economic meltdown blocked the capital
Total assets                          Rs m            19,674        33,675        36,531     inflows required for expansion and also impacted sales. However, genuine demand
Interest coverage                     x                   5.1           5.8           2.5    exists for good quality homes and the stimulus packages offered by the government
Debt to equity ratio                  x                   0.7           1.2           1.5    to sustain economic growth are likely to support the sector growth. With revival in the
Sales to assets ratio                 x                   0.6           0.4           0.3    economy and softening interest rates, the real estate sector will once again find
Return on assets                      %                 14.9          13.1            7.8    takers. SDL with its backward-integrated operations, high project capabilities,
Return on equity                      %                 19.8          23.1            9.9    customer-centric approach is in a strong position to tide over the current crisis and
Return on capital                     %                 16.7          15.3            9.3    would be a beneficiary as revival sets in.
Exports to sales                      %                   0.0           0.0           0.0
Imports to sales                      %                   1.7           1.1           0.9
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