Buy Unitech target Rs 127: Anand rathi
Anand rathi has recommended a `Buy` on Unitech with a price target of Rs 127 as against the market price (CMP) of Rs 76 in its report dated Feb. 2, 2010.
Unitech`s 3QFY10 net profit stood at Rs 1.76 billion, slightly above our estimates (Rs 1.71 billion). EBIDTA margin came in at 24% (vs 55.5% the previous quarter) due to a one-time hit on account of increase in construction expenditure and delay in older projects.
Revenue from real estate (Rs 6.27 billion) booked during the quarter came from the older projects and minimum asset sales.
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