AR22 notes:
- Has 9.1 mn sq.ft under execution (sold and unsold) vs ~9.13 mn sq.ft in FY21, 40 cr. of RTM inventory (vs 170 cr. in FY21)
- Realizations increased by 11% to 6’407 due to increased contribution from Mumbai and higher realizations from Pune and Bangalore
- Mumbai + Bangalore sales contribution ~32% of FY22 sales (vs 25% in FY21)
- Pre-sales target of 8’000 - 9’000 cr. for next 3-years with 40-45% contribution from Bangalore and Mumbai by FY25. Intend to launch 10 projects with revenue potential of 4’600 cr.
- FY23 project delivery will be 3mn sq.ft
- New business development of 10 msf (8 in Pune + rest in Mumbai and Bengaluru), projected topline is 6’000-7’000 cr.
- Came up with propositions like home financing and customization to drive sales
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Mumbai:
o Mumbai portfolio reported sales value of 450 cr. (vs 180cr. in FY21)
o Evara, Verve and Vaayu projects were virtually liquidated
o 10 redevelopment projects signed (2 delivered + 3 ongoing + 2 under approval to be launched in Q1FY23)
o Planned launches of Golden Pebbles and Sukh Niwas. Total 3 launches planned in FY23
o Intends to unlock redevelopment deals that can contribute ~0.84 Mn sq. ft with an estimated revenue of 1,500 cr.
o Will execute outright/structured and joint venture or joint development deals with project revenue sizes of 300-800 cr., with apartment value of 1.5-3.5 cr. and an average saleable realization of 15-17,000 per square feet
o Will focus on large redevelopment properties that present possibility of generating at least 50 cr. in profit before tax. - Net debt declined to 131 cr. (vs 310 cr. in FY21)
- Created 5 strategic business units (2 in Mumbai, 2 in Pune and 1 in Bengaluru)
- Introduced net promoter score metric to understand brand strength in customer eyes
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Partnerships:
o Onboarded Planet Smart City as a private equity partner in Three Jewels project -
Brands:
o Kolte-Patil (addressing the mid-priced and affordable residential segment)
o 24K (addressing the premium luxury segment). - Number of shareholder: 49’593 (vs 37’665 in FY21)
- Share price: low (206.2), high (360)
- Number of employees: 567 (vs 558 in FY21), median remuneration: 5.88 lakhs vs 5.29 lakhs in FY21
- CSR: Spent 38 lakhs (74 lakhs unspent)
- Auditor remuneration: 1.33 cr. (vs 1.27 cr. in FY21)
- Contingent liability: 317.92 cr. (vs 294.92 cr. in FY21). 245 cr. is corporate guarantee and rest are court or tax cases
Disclosure: Same as above