Company announces their operational numbers for FY21. Here are the highlights:
- FY21 sales at 2.08 mn sq.ft vs 2.51 mn sq.ft (surpassing guidance of 1.8 mn sq.ft)
- Realizations are higher at 5’785 vs 5’309 /sq.ft because of higher contribution of Mumbai projects (with realizations in excess of 15’000/sq.ft)
- Geographical diversification is going well with 25% of sales now coming from Mumbai + Bangalore market
- FY21 had two launches: Universe at Life Republic (their flagship Pune project) and Evara at Borivali (Mumbai) where they sold 75% of their inventory
- Upcoming launches: two in Mumbai (Verve in Goregaon, Vaayu in Dahesar)
- Signed three new projects in Pune under capital light models (expected topline ~ 1’500 cr., PBT ~ 220 cr.)
- Cashflows robust (collections at 1’128 cr. in FY21 vs 1’368 cr. in FY20) and further reduced debt
Disclosure: Invested (position size here)