Wednesday 12 November 2008

Buy Akruti City: HDFC Securities

HDFC Securities has recommended a buy rating on Akruti City in its report dated November 12, 2008. "Akruti’s revenues and EBITDA grew by 5%and 9% respectively on account of an increase in other income (including income from JVs). Akruti had EBITDA margins of 98% and PAT margins of 78% in Q2 FY09 due to its high mix of commercial projects (49% of land bank) and very little presence in the residential segment (10% of land bank) as compared to other players. Akruti City, with its land bank in these areas, is in a position to tap this market. Given the visibility in project execution, its diverse land bank and strong presence in SRA schemes, we recommend a BUY on the stock," says HDFC Securities' research report.

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Source: Moneycontrol

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