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SumanSpeaks Independent Capital Markets & Geopolitical Intelligence POLITICAL ECONOMY | PART 1: THE TELECOM TEST The Sangh’s Costliest Blunder: Keeping Narendra Modi in the Chair After Demonetisation and a Trail of U-Turns Two private giants, one state-propped survivor, roughly ₹3.22 lakh crore in announced BSNL revival and support packages (spectrum allocation included), and ₹1.41 lakh crore of AGR dues still on the books: telecom shows what happens when one man’s brand becomes the party’s only policy. This is an argument against Narendra Modi, not against the BJP. SYNOPSIS India’s telecom market has narrowed from a messy but real plurality into two dominant private networks, one weak private survivor kept alive by government equity, and a public operator that has needed about ₹3.22 lakh crore in announced support packages and spectrum allocations, not all of it cash. The 2010 spectrum auctions that started the debt spiral were a UPA-era event, and we say so plainly. But a ...
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Why Analysts are Bullish on Anant Raj Industries
Narendra Nathan, ET Bureau
Anant Raj Industries has reported dismal numbers for the fourth quarter of 2011-12. Its revenue and net profit declined by 30% and 63%, respectively, on a year-on-year basis. However, analysts have hiked their bets on the stock since this performance was triggered by the reversal of Kapashera sales—worth Rs 115 crore and booked in 2010-11—in the fourth quarter.
This was because the project was stopped due to an unfavourable notification issued by the Delhi Municipal Corporation. Apart from this, the fourth quarter numbers look healthy due to the decent growth from other ongoing projects. The Neemrana residential project crossed the revenue recognition threshold and the company booked a revenue of Rs.60 crore this quarter. Rental income from commercial/hotel projects also rose to Rs.26 crore from Rs.23 crore in the third quarter due to the improved occupancy of Kirti Nagar Mall.
Robust future:
Anant Raj Industries has a good land bank acquired at a reasonable cost and, therefore, it can unlock significant value through its monetisation. The company is in the process of developing its 160 acre land at Gurgaon. This will be in the form of a township project (102 acre), group housing project (43 acre) and commercial projects (15 acre).
The initial response to the township project— Anant Raj Estate, which was launched on 19 January—is positive and, so far, the company has seen bookings worth Rs.500 crore. Anant Raj Industries' presence across asset classes enables multiple revenue streams and helps it to achieve a relatively healthy liquidity.
Though the net debt moved up marginally in the fourth quarter, the net debt to equity ratio is still at 0.27. The debt-equity ratio may come down further if the management's effort to reduce the debt by Rs.400-500 crore in the next 12-18 months bears fruit..

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