ABREL · Realty
Aditya Birla Real Estate Ltd. reported revenue of ₹266 cr for July to September 2024, −69.2% on the year and −24.6% on the quarter.
Operating profit (EBITDA) was ₹27.0 cr, a margin of 10.2%, +447 bps on the year and −61 bps on the quarter. Over the last 6 quarters the margin has ranged from 5.7% to 24.4%, averaging 14.0%. Operating costs grew −70.6% against revenue growth of −69.2%, so more of each rupee of sales reached operating profit.
The company swung to a net profit of ₹3.0 cr from a loss of ₹33.0 cr a year earlier, with earnings per share of ₹0.23.
Real estate revenue is booked when projects complete, so the quarterly statements lag the business; pre-sales and collections show where it actually is. The quarterly statements do not carry pre-sales, collections and launches; those come with the filing read.
On earnings per share of ₹8.73 over the last four quarters, the stock at ₹1,077.80 trades at 123.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Source: Quarterly statements
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
Source: Quarterly statements
Turned profitable from a loss a year ago.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹863 cr | ₹1,070 cr | ₹814 cr | ₹353 cr | ₹266 cr | ₹204 cr | ₹395 cr | ₹146 cr | ₹98.0 cr | ₹81.0 cr | ₹83.0 cr | ₹189 cr |
| YoY | — | — | — | −61% | −69% | −81% | −51% | −59% | −63% | −60% | −79% | +29% |
| EBITDA margin | 5.7% | 17.9% | 24.4% | 10.8% | 10.2% | −8.8% | −7.8% | −28.8% | −75.5% | −112.3% | −200.0% | −30.2% |
| Other income, % of PBT | — | 2% | −190% | 63% | 156% | — | — | — | — | — | — | — |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | 40% | 66% | 42% | 69% | — | — | — | — | — | — | — |
| Net profit | −₹33.0 cr | ₹80.0 cr | ₹21.0 cr | ₹17.0 cr | ₹3.0 cr | −₹42.0 cr | −₹135 cr | −₹27.0 cr | −₹18.0 cr | −₹75.0 cr | ₹5.0 cr | −₹35.0 cr |
| YoY | — | — | — | — | — | −153% | −743% | −259% | −700% | — | — | — |
| Core profit YoY | — | — | — | −86% | — | −132% | −133% | −691% | — | — | — | — |
| EPS | −₹2.73 | ₹7.46 | ₹0.34 | ₹0.70 | ₹0.23 | −₹3.63 | −₹11.73 | −₹2.28 | −₹1.41 | −₹6.52 | ₹0.97 | −₹3.45 |
| Flags | · | · | · | 4 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Aditya Birla Real Estate Ltd. reported revenue of ₹266 cr (−69.2% on the year) and net profit of ₹3.0 cr (— on the year) for July to September 2024.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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