Enam Securities maintained underperformer rating on Unitech with a price target of Rs 161 as against current market price of Rs 171 (June 30). Unitech declared revenues of Rs 11.6 billion (up 167% YoY net of Rs 9 billion of sales), EBITDA of Rs 4.8 billion and PAT of Rs 3.6 billion on a consolidated basis during Q4FY08. Full year consolidated figures are as follows - Revenues: Rs 41.4 billion; EBITDA: Rs 22.3 billion; PAT: Rs 16.6 billion. Unitech`s revised land bank stands at 14,000 acres with a development potential of 700+mn sq. ft. acquired at Rs 200/ psf. Unitech delivered 8.5-9mn sq. ft. in FY08 of which 70% was residential space in Gurgaon & Greater Noida (75%) and Kolkata (25%). Unitech currently has 55-60mn sq. ft. under construction (30% residential), in NCR & Kolkata.
Unitech has recently entered into a 50:50 JV with Rohan Builders (Mumbai) to jointly execute various slum rehabilitation and redevelopment projects within Mumbai city.
Lehman Brothers real estate fund has acquired a 50% stake in Phase I (1mn sq. ft.) of the JV`s 97 acre slum rehab project (18mn sq.ft. of saleable area) in Golibar, Khar East, for Rs 7.5 billion.
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