MUMBAI: Sobha Developers promoter PNC Menon sells 4% stake to Temasek at Rs 251 and has garnered Rs100 cr from stake sale. The total promoter holding in the company is at 60.5%.

Key development matrix
Raises FII limit to 100% of its paid up capital
Calls off land sale talks with Shriram Properties
Deal for 400 acres valued around Rs600-800 cr
Company sold land worth Rs225 cr in 2HFY10
In talks to sell land parcels in Bangalore for rs120 cr
Also to sell 103 acres land in Pune, expected to fetch Rs250 cr

Land Bank
Current land bank around 3000 acres
Unsold inventory around 3.2 msf could fetch around Rs2000 cr
Cos 3Q09 sales run rate at 0.8 msf vs 0.6 msf in 1H09
Guidance of total sales for FY10 around Plus 2 msf vs 0.9 msf in FY09
Total Sales of 3.5 msf still 40% below peak levels in FY07
To launch projects worth Rs2800 cr covering 8msf
Currently executing 9 msf of projects
Around 9.30 msf under construction in residential segment
34 projects aggregating to 5.85 msf under contracts from Infosys

Leverage issue
Current Debt around Rs1450 cr
Debt Equity ratio reduced to 0.8x from 1.6x
Intends to reduce debt Equity to 0.5x by March 2011
Has Rs550 cr of debt maturing per year for next two years
Expects to garner Rs500 cr from land sales in next 2 quarters

Contracting biz
Earns 15% margin on contracting Biz
Historically garnered revenues around Rs350-500 cr
Provides stable cash flow of Rs50 cr p.a
Executing 4.4msf of projects under this segment
Historically completed 20 msf of projects
Contracting biz mainly done for Infosys

Financial matrix
Net Sales up 70% at Rs307 cr vs Rs180.5 cr
Net Profit up 444% at Rs40.8 cr vs Rs7.5 cr
Revenue from land sale contributed 18% to revenues