Here are my notes from their AR.
- Theme of the annual report is “Need for speed” – finish construction of 2mn sq.ft in FY22
- Provides rental and resale services through a dedicated team
- Post-delivery NPS score of 33
- Referral sales were 55% of total sales
- Ranked #1 senior living brand (fourth consecutive time) and among top 10 real estate brands by Track2Realty
- Successful launch of Ph-4 of Ashiana Shubham (Chennai), Phase-V of Vrinda Gardens (Jaipur), Ph-3 of Ashiana Daksh (Jaipur), Ph-5 of Ashiana Umang (Jaipur) and complete sale out of Ph-2 of Ashiana Aditya in Jamshedpur
- Witnessed good demand across projects in Jaipur, Jamshedpur, Bhiwadi, Chennai and Sohna (Gurgaon)
- Targeting 15 lakh sq.ft of launches in FY22
o Plan to launch Ph-2 in Ashiana Anmol (Sohna, Gurgaon) due to very good sales supported by strategic partnership with Anarock
o Plan to launch Ashiana Amarah (Gurgaon) in Q4FY22 or Q1FY23
o Plan to launch Pune senior living project subject to regulatory approvals - Land deals
o Acquired 22 acres land parcel in Gurgaon (21 lakh sq.ft, Ashiana Amarah) with IFC as a co-investor.
o Signed a new land deal in Varale (Pune) in June for a Senior Living project which a potential saleable area of around 9 lac sq ft
o Looking for land acquisition opportunities in Jaipur, Chennai, Pune and Gurgaon - Looking for senior citizen projects in Noida/Greater Noida
- Senior living projects have done well in Bhiwadi and Chennai. The Lavasa senior living hasn’t done very well
- Comfort Homes category is largely concentrated in Jaipur, Bhiwadi and Jamshedpur.
- Jaipur as market has been doing exceedingly well. The latest 2 project launches in Jaipur i.e. Ashiana Daksh and Ashiana Amantaran, both from comfort homes Category have shown strong performance in terms of sales.
- Generated operational cashflow of 171.65 cr. (vs 34.22 cr. in FY20)
- Raw material inflation: Have already started increasing prices in few projects
- Number of permanent employees: 524 with 52% in company for >5 years and 25% for >10 years; Median salary: 3.36 lakhs (no increase in salary of employees or managerial personnel)
- Maintenance & hospitality revenue: 43.98 cr. (vs 49.12 cr. in FY20). Café’s sales crossed 20 lakh/month benchmark regularly even with limitations of covid situation
- Advertising and business promotion expense: 17.4 cr. (vs 28.28 cr. in FY20)
- Land bank: 71.69 acres (Bhiwadi: 40.63, Kolkata: 19.72, Pune: 11.34)
- Gross profit: 931 / sq.ft (vs 853 in FY20). Partnership Profit was at 316 / sq.ft.(vs 300 in FY20)
- Number of shareholders: 20466, price (low): 39, price (high): 150
- Tax disputes: 11.75 cr.
- Auditor remuneration: 56.88 lakhs (vs 73.82 lakhs in FY20)
Below are the detailed financials for the last decade.
| FY11 | FY12 | FY13 | FY14 | FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Bookings (lakh sq.ft) | 13.50 | 17.83 | 18.65 | 22.13 | 18.12 | 8.63 | 6.96 | 6.93 | 10.79 | 19.82 | 14.97 |
| Booking value (cr.) | 277.00 | 390.00 | 503.00 | 648.00 | 548.00 | 284.00 | 225.00 | 217.00 | 332.00 | 671.63 | 534.68 |
| Units booked | 1’015.00 | 1’298.00 | 1’346.00 | 1’673.00 | 1’477.00 | 668.00 | 533.00 | 526.00 | 810.00 | 1’505.00 | 1’131.00 |
| Booking value per flat (lakhs) | 27.29 | 30.05 | 37.37 | 38.73 | 37.10 | 42.51 | 42.21 | 41.25 | 40.99 | 44.63 | 47.27 |
| Construction (lakh sq.ft) | 10.74 | 14.62 | 12.27 | 17.87 | 22.80 | 23.44 | 17.39 | 8.16 | 7.68 | 9.85 | 11.66 |
| Pre-tax cash flow (cr.) | 53.50 | 109.70 | 83.81 | 125.90 | 72.58 | -10.89 | -32.90 | -20.21 | 16.41 | 34.22 | 171.65 |
| Gross customer advances (cr.) | 120.00 | 244.00 | 90.00 | 267.00 | 571.00 | 379.00 | 320.00 | 240.00 | 164.00 | 182.00 | 398.15 |
| Average realization (per sq.ft) | 2’055.00 | 2’190.00 | 2’699.00 | 2’926.00 | 3’022.00 | 3’293.00 | 3’234.00 | 3’135.00 | 3’082.00 | 3’388.00 | 3’571.00 |
| Gross profit margins | 32.82% | 34.43% | 38.69% | 37.89% | 34.13% | 23.51% | 27.02% | ||||
| Indirect expenses (cr.) | 51.19 | 78.32 | 85.7 | 95.90 | 109.44 | 111.24 | 89.17 | ||||
| Revenue | 154.30 | 249.00 | 161.40 | 122.80 | 164.40 | 536.00 | 397.02 | 334.92 | 350.63 | 317.55 | 259.31 |
| EBITDA | 58.50 | 89.70 | 47.70 | 31.80 | 59.00 | 150.60 | 106.02 | 68.00 | 47.26 | 0.72 | 18.20 |
| PAT | 43.90 | 69.60 | 33.20 | 21.90 | 46.50 | 129.40 | 67.01 | 38.23 | 13.78 | -30.24 | 4.08 |
| Tax (cr.) | 2.56 | 10.34 | 24.47 | 10.51 | 10.17 | 6.51 | |||||
| Dividend (per share) | 0.35 | 0.45 | 0.45 | 0.50 | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 | 0.30 | 0.40 |
| Share capital (cr.) | 18.61 | 18.61 | 18.61 | 18.61 | 20.47 | 20.47 | 20.47 | 20.47 | 20.47 | 20.47 | 20.47 |
| Equity raise (cr.) | - | - | - | 200.00 | - | - | - | - | - | - | |
| Net worth (cr.) | 175.00 | 239.60 | 268.10 | 284.50 | 522.80 | 646.10 | 722.70 | 765.80 | 781.80 | 749.79 | 750.80 |
| Book value increase | 36.91% | 11.89% | 6.12% | 83.76% | 23.58% | 11.86% | 5.96% | 2.09% | -4.09% | 0.13% | |
| Long term debt (cr.) | 0.30 | 10.60 | 11.10 | 9.10 | 33.00 | 57.60 | 78.10 | 63.40 | 142.70 | 103.77 | 46.59 |
| ROE | 25.09% | 29.05% | 12.38% | 7.70% | 8.89% | 20.03% | 9.27% | 4.99% | 1.76% | -4.03% | 0.53% |
| EBITDA margin | 37.91% | 36.02% | 29.55% | 25.90% | 35.89% | 28.10% | 26.70% | 20.30% | 13.48% | 0.23% | 7.02% |
| PAT margin | 28.45% | 27.95% | 20.57% | 17.83% | 28.28% | 24.14% | 16.88% | 11.41% | 3.93% | -9.52% | 1.57% |
Disclosure: Invested (position size here)