SSPDL Ltd - Reality

It is an Reality Play. It is a small company having presence in South India. It has presence in Chennai, Hyderabad, Kerala and Bangalore.

Only BSE listed company. But Circuit Filter is at 20%.

From Annual Report:

  • Company is primarily focusing on the development of land, plotted lands, mid-size houses, etc. and reduce the construction contracts work.

  • In view of the projects of the Company under execution and in pipe line, the management is expecting better prospects in future for the company.

  • During the year under review Company given loan of Rs 2.80 crore bearing 18% interest per annum to M/s. BHEL Employees Model Mutually Aided Co-operative House Building Society Limited for meeting the shortfall of amount in paying stamp duty for registering plots in Society’s Name.

  • Projects completed during the year 2014-15: - (1). Frangipani, Pudupakkam, and (2). Meeting House/Service Centre, Bangalore.

Regarding Ongoing Projects:

23 Cr is yet to receive from IT park (Alpha City project) in Chennai. It will be completed in 2017. It is hoping that IT business will grow this year and it can recover the money this year.

Matrix Towers:
1,40,000 Sft. IT Park is almost completed. 8,500 Sft. is unsold. Chennai.

Green Acres :
SSPDL Green Acres LLP has entered into partnership with M/s. Godrej Properties Limited to develop a residential project in Padur, OMR, Chennai on profit sharing model on 27.03.2014. Most of the approvals have been received and construction is proposed be launched in October, 2015.

SSPDL Lakewood Enclave/Mayfair Apartments:
A Residential Villa/Apartment project on a 3.89 Ac plot of land situated at Thalambur Village of Old Mahabalipuram, (IT Express Highway), Chennai.

This project is being done in phases. 1st Phase consists of 32 Villas and 2nd phase is 76 apartments i.e., Mayfair Apartments.
Company has already sold its share of Apartment. Due to slowness in projects, the rest of the Villas will be completed by Sep 2016.

The Retreat, Hyderabad (BHEL Employees Cyber Colony):
The company entered into partnership with HEL Employees Model Mutully Aided Co-operative House Building Society Ltd on 5thSeptember, 2012 for the total sale value of Rs. 317 Crores.
In three years time, it will complete.

SSPDL Northwoods:
SSPDL Ltd and Indiareit Fund Advisors Pvt. Ltd. through their SPVs have acquired 42 acres in Gundla Pochampally village, Hyderabad.
Initial booking to the extent of 30% is complete. Rest will complete by Dec, 2016.

The Retreat (In Kerala):
The Company has acquired about 300 acres through itself and its subsidiaries, a Cardamom plantation land at Kallar Valley, Idukki District, Kerala. The Company is planning to use the SPV’s for operating a) Villa Development, b) Jungle Resort Development and c) Jungle and Plantation Development.
Some problem due to central govt report and that need to be cleared for further development.

Fairfield & Marriot Hotel:
Value of the project is 21 Cr. Final claim is settled and waiting for retention money in Oct, 2015


  • SSPDL Ltd has informed BSE that SSPDL Green Acres LLP has entered into partnership with M/s. Godrej Properties Limited to develop a residential project in Padur, OMR, Chennai on profit sharing model. Source : BSE

  • 2015-01-15
    SSPDL clarifies on project for BHEL Employees co-operative society:
    The company had “entered into a memorandum of understanding with BHEL Employees Model” Mutually Aided Co-operative House Building Society Ltd, Hyderabad for developing 1262 homes on 5th day of September, 2012, This information was communicated to the stock exchange vide our Letter dated 05.09.2012. It took about two years’ time to get the project approval, which came in the 3 week of December, 2014.
    In terms of the agreement, 40% of the amount as an advance has been received by the Company recently in the first week of January, 2015. And, we are expecting to execute necessary sale deed shortly.

  • M/s. SSPDL Infratech Private Limited (formerly SSPDL Interserve Private Limited) with effect from 16.05.2015 become a wholly owned subsidiary of the company.

  • SSPDL to resume work at its project in Medak. Oct 27, 2015.


CMP: Rs 61.40
Stock P/E: 6.71
Price to Sales: 0.47
Price to book value: 1.64
Debt to equity: 0.23
DebtToAsset: 0.08
Promoter holding: 54.20%

Reserves: 32.73

MCap: Rs. 85.14 Cr

Cash End of Last Year: 7 Cr.

Volume: Decent. 24,703

Disclosure: I am invested.


This is my first post in this forum…
I am from BHEL and member of the housing scheme…
The quality of the project is very good…
I have been tracking this company from when it at Rs. 15.
Though I know about 400 CR project, I have not invested in this stock primarily because…

  1. Never dividends were paid to investors
  2. They bought this land at very cheap price…so profit on sale of land should alone be around 100 crores…but they have not shown much profit in books…
  3. When market goes down, these kind of stocks are the first ones to go back where they have started…
    As a value pickr members, these kind of stocks should not be encouraged for long term…
    Disc: Not invested…

Thanks for your post. Especially when you are from BHEL.
Project started few years back but recently got approval. May be they paying interest on that.

Long term is not something fixed. For few it may be forever but for few it can be few months. Readers here are mostly mature and know what can they expect from certain kind of stocks.

Value_catch is basically questioning the Ethics of the Management. I do believe he has a point.

Satya would you be able to clarify on his point 1 & 2.

Disc : Invested and interested in increasing the investment.

For divided, mostly small companies don’t pay dividends.
For land at cheap rate and not showing at book: I need to find it when and
at what price they got it to respond. But I read that they got into this
deal very earlier but recently they started working on it. Recent
notification was about that. So, when they develop it and sell it then they
can show profit. How come recently they started showing profit? Now, they
are completing so now they can get money.

Satya ji, Even for ST/ MT, price has overrun so much that there is no value left in it… My views may be biased since I am seeing the scrip from Rs 15…

Result is out.
Income is 2062 on standalone and 1930 on consolidated basis.
EPS took a hit. YoY it was negative but now both standalone and consolidated are positive. Inventory added to expense.
Now, EPS is only 0.57 on standalone and 0.01 on consolidated.

So, anyone here who can tell me how to read inventory change. Earlier YoY and QoQ it was negative but now it is positive. So, big difference in EPS. Accounting tricks? When to take it just fine or as cheating? Talking now just about sspdl but for any.

Link to the annual report for FY16

Its declaring superb results… if anyone can explain me what’s the problem its not moving ?

@satya61229 are you still tracking this up?

No, I am not following it.
You know that reality took hit due to demonetization.

Please provide some research data if anyone is following.