ANANTRAJ · Realty
Anant Raj Ltd. reported revenue of ₹513 cr for July to September 2024, +54.5% on the year and +8.7% on the quarter. It is the highest quarterly revenue in the last 6 quarters on record.
Operating profit (EBITDA) was ₹113 cr, a margin of 22.0%, −207 bps on the year and +21 bps on the quarter. Over the last 6 quarters the margin has ranged from 19.0% to 24.1%, averaging 22.2%. Operating costs grew +58.7%, faster than revenue at +54.5%, so operating profit grew less than sales.
Net profit was ₹106 cr, +76.7% on the year and +16.5% on the quarter, with earnings per share of ₹3.09. Profit before other income, one-offs and tax grew 53.7%, so 23 points of the headline growth came from outside the core business. The tax rate was 8% against an average of 17% over the previous 5 quarters, which lifted profit this quarter.
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 ₹10.26 over the last four quarters, the stock at ₹512.30 trades at 49.9 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.
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +76.7% on the year; profit before other income, exceptional items and tax +53.7%.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 22.0%, −207 bps on the year (+21 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: 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.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹392 cr | ₹443 cr | ₹472 cr | ₹513 cr | ₹535 cr | ₹541 cr | ₹592 cr | ₹631 cr | ₹642 cr | ₹647 cr | ₹631 cr | ₹662 cr |
| YoY | — | — | +49% | +55% | +36% | +22% | +25% | +23% | +20% | +20% | +7% | +5% |
| EBITDA margin | 23.0% | 23.5% | 21.8% | 22.0% | 25.0% | 26.2% | 25.5% | 26.6% | 26.5% | 25.8% | 29.0% | 29.9% |
| Other income, % of PBT | 10% | 11% | 10% | 10% | 7% | 7% | 7% | 6% | 11% | 17% | 10% | 9% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 19% | 11% | 14% | 8% | 17% | 16% | 17% | 17% | 17% | 15% | 21% | 18% |
| Net profit | ₹71.0 cr | ₹84.0 cr | ₹91.0 cr | ₹106 cr | ₹110 cr | ₹119 cr | ₹126 cr | ₹138 cr | ₹144 cr | ₹149 cr | ₹149 cr | ₹156 cr |
| YoY | — | — | +82% | +77% | +55% | +42% | +38% | +30% | +31% | +25% | +18% | +13% |
| Core profit YoY | — | — | +100% | +54% | +60% | +49% | +49% | +50% | +24% | +11% | +19% | +11% |
| EPS | ₹2.22 | ₹2.29 | ₹2.66 | ₹3.09 | ₹3.23 | ₹3.46 | ₹3.67 | ₹4.02 | ₹4.01 | ₹4.07 | ₹4.16 | ₹4.36 |
| Flags | · | · | ✓ | 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.
Anant Raj Ltd. reported revenue of ₹513 cr (+54.5% on the year) and net profit of ₹106 cr (+76.7% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +53.7% on the year, against +76.7% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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