Shriram Properties Ltd. · NSE:SHRIRAMPPS
Shriram Properties — Q4 FY24 Earnings Presentation
43 slides from Shriram Properties's earnings presentation, May 29, 2024
Slide 1: Exchange cover letter: Investor Presentation
May 29, 2024 National Stock Exchange of India Limited BSE Limited The Listing Department Dept of Corporate Services Exchange Plaza, 5th Floor Phiroze Jeejeebhoy Towers Plot C 1 – G Block Dalal Street, Fort Bandra-Kurla Complex, Bandra (E) Mumbai 400 001 Mumbai 400 051 Scrip Code : 543419 Scrip Code:
Slide 2: Investor Presentation Q4 & FY24 Results
Shriram Chirping Groove, Sarjapur, Bangalore Shriram Solitaire, Yelahanka, Bangalore Investor Presentation Q4 & FY24 Results May 29, 2024 Shriram Esquire, Koramangala, Bangalore Lakeside Residences, Guduvancheri, Chennai
Slide 3: Disclaimer
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Shriram Properties Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, an
Slide 4: Operational Highlights: FY24
Shriram The Poem by Shriram Properties Sunshine, , Jalahalli, Kolkata Bangalore Operational Highlights: FY24 ________________ Note: Data presented herein reflects aggregate for the Company, covering all projects under all development formats viz., Own, JV/JDA and the DM 3
Slide 5: KPI Summary: Q4 | FY24
KPI Summary : Q4 | FY24 Sales Volume Sales Value Collection Handovers 19% 43% 10% 84% YOY YOY YOY YOY Q4 FY24 1.56 708 336 1,396 msf1 Crores Crores No's 14% 28% 16% 50% YOY YOY YOY YOY 1,391 FY24 4.59 2,362 Crores 3,015 msf Crores No’s 96%* 101%* 87%* 101%* Impressive Q4 performance supported by Rec
Slide 6: KPI: Annual Trends
KPI: Annual Trends Sales Volume (msf) Sales Value (Rs. Crs.) CAGR 15% 4.59 CAGR 24% 2,362 4.02 1,846 3.76 1,482 3.00 1,244 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 Gross Collections (Rs. Crs.) Handovers/Registration (No. of units) CAGR 15% 1,391 CAGR 42% 3,015 1,263 1,194 2,151 925 1,206 1,054 FY21 F
Slide 7: FY24 Key Highlights
FY24 Key Highlights Operational Performance Financial Performance • Several KPIs at new highs: Sales Volume, Sales Value, • Record high revenues – Near Rs.1,000 Crs mark. Collections &Customer handovers. ‒ Reflecting remarkable growth in handovers during Q4 FY24. • Sales volume up 14% YoY; Sales Val
Slide 8: FY24 Launches: Strong Sales Trends, Despite Launch Setbacks
FY24 Launches: Strong Sales Trends, Despite Launch Setbacks Impressive Sales-at-Launch(#) No. of projects launched 48% 12 44% 41% 38% 34% 7 6 6 6 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 Sales-at-launch for Recent Launches Projects Type Launch Launch Area Sold at launch % sold Shriram Esqui
Slide 9: Shriram Sapphire – sold 70% at launch weekend
Shriram Sapphire – Code Name “Ultimate” sold 70% at launch weekend • “Shriram Sapphire” launched with code name “Ultimate” in Feb’24 • Received tremendous launch response. • Nearly 70% of inventory sold in opening week of launch. • Nearly 80% of inventory sold within month of launch. “Ultimate” succ
Slide 10: Pricing Trends: Realisation Up 12% From Mar'23 Levels
Pricing Trends: Realisation Up 12% From Mar’23 Levels Price Increase by Project – Top Projects only Avg. Portfolio Price increase Trends Development Increase in Project FY23 FY24 Type FY24 Shriram 107 Southeast -Phase 3 Apartment 4,300 5,065 18% Shriram 107 Southeast -Phase 1 Apartment 4,808 5,437 1
Slide 11: Key Projects Delivered in FY24
Key Projects Delivered in FY24 • Ambitious 3000+ units milestone reached • Handed over 1400+ units in less than 60 days during Q4. Shriram Rainforest, Yelahanka, Bangalore 0.63 Msf, 99% Sold Eden 144, Devanahalli, Bangalore 0.21 Msf, 95% Sold Shriram Earth at One City Shriram Park 63 1B Valarpuram,
Slide 12: Financial Highlights: Q4 & FY24
Shriram WYTFIELD Financial Highlights : Q4 &FY24 11
Slide 13: Financial Highlights
Financial Highlights o 10 quarters of sustained profitability and earnings, since initial turnaround post IPO in Dec’21. o Highest-ever Revenues, EBITDA, PBT and Net Earnings in FY24. • Record high revenue recognition, EBITDA up 22% YoY, PBT up 7% and Net Profit at Rs.75.4 crs in FY24. • Margins sta
Slide 14: Financial Performance Snapshots
Financial Peformance Snapshots Revenue Trends (Rs. Crs) EBIDTA Trends (Rs. Crs.) PBT & PAT Trends (Rs. Crs.) 76 75 223 72 68 987 814 182 183 33 PBT 18 518 120 PAT 501 FY21 FY22 FY23 FY24 -45 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 -68 ROCE Trends EBIDTA margin Trends PBT & PAT Margin Trends 9% 35% 8
Slide 15: Financial Highlights: Profit & Loss | Q4 & FY24
Financial Highlights : Profit & Loss|Q4 & FY24 Particulars (Rs. Crores) Q4FY24 Q4FY23 YoY (%) Q3FY24 QoQ (%) FY24 FY23 YoY(%) FY24 Total Revenues* 358.4 171.0 110% 240.6 49% 987.4 813.9 21% Cost of revenue 238.3 63.4 153.7 573.5 453.2 EBIDTA Employee benefit expense 21.7 19.3 22.0 86.1 78.7 Rs. 222.
Slide 16: Profit & Loss Account | FY24
Financial Highlights (contd.): Profit & Loss Account| FY24 ❑ Record high revenues – up 21% YoY to near Rs.1,000 crores. • Driven by OC-led registrations and record high handovers to customers • ~75% of Revenues driven by recently completed projects – viz., Liberty Square, Chirping Woods Tower 5, Gra
Slide 17: Profit & Loss Account | Q4-FY24
Financial Highlights (contd.): Profit & Loss Account| Q4-FY24 ❑ Total Revenues up 110% YoY and 49% QoQ – at Rs.358.4 crs • Driven by record high registration and handovers to customers in projects that received OC in Jan’24 • ~1400 homes/plots handed over to customers in less than 60 days ❑ Opex gro
Slide 18: Financial Highlights: Balance Sheet | FY24
Financial Highlights : Balance Sheet|FY24 Particulars (Rs Mn) 31-Mar-24 31-Mar-23 ROCE: Peer Group Comparison# Fixed Assets 85.7 81.3 14% Investments and loans 149.3 152.6 12% 11% 10% 10% Inventories 2,519.7 2,220.8 7% Cash and Bank Balances 190.3 120.4 5% Other Assets 825.8 1067.9 Total Assets 3,77
Slide 19: Consolidated Cash Flows | Q4 | FY24
Financial Highlights: Consolidated Cash Flows | Q4 | FY24 (Excl. DM & JV cashflows) Amount in Rs. Crores Q4 FY24 9M FY24 FY24 FY23 Collection Trends (Rs. In Crs) Collections 200 499 699 524 SPL Own & JDA / JVs / DM DM Income 5 118 123 57 Other Inflows - 1 1 1 1,391 Operating Inflow 205 618 823 582 1
Slide 20: Debt Profile: Well Managed Leverage Ratios & Cost of Debt
Debt Profile: Well Managed Leverage Ratios & Cost of Debt Debt Profile & Cost of Debt Trends - Consolidated Change in Debt Composition – Sep’21 (Pre-IPO) vs FY24 Mar’21 Mar'22 Mar’23 Mar’24 Particulars (Rs. in Crs.) SEP’21 MAR’24 Actual Actual Actual Actual Banks Other Gross External Debt1 656 481 5
Slide 21: Outlook: FY25 & Beyond
Outlook: FY25 & Beyond 20
Slide 22: FY25 Outlook: Strategy & Guidance
FY25 Outlook: Strategy & Guidance Strategic Objectives FY25 Context Growth Momentum Favorable Market conditions Target 20%+ CAGR in sales over next 3 years Residential Real Estate (esp. Mid-market) on upcycle; Markets conducive large players Sustaining Profitability FY25 Strong Operating Platform St
Slide 23: FY25 Outlook: Annual KPI Trends
FY25 Outlook : Annual KPI Trends Sales Volume (msf) Sales Value (Rs. Crs.) CAGR 15% 5.20-5.50 CAGR 25% 2750- 3,000 4.59 2,362 4.02 3.76 1,846 1,482 3.00 1,244 FY21 FY22 FY23 FY24 FY25P FY21 FY22 FY23 FY24 FY25P Gross Collections (Rs. Crs.) Customer Handovers (No. of units) CAGR 18% CAGR 29% 3,300- 3
Slide 24: FY25 Launch Calendar: 8-9 Launches
FY25 Launch Calendar : 8-9 Launches To Fuel Sales Growth Project Dev. Launch Project FY25 Project details** Region Project Status type Model Quarter Area Sales Undri Phase 1 Pune Apartments DM Q1 0.69 0.42 Launch ready Adde Vishwanathapura Bangalore Apartments JDA Q2 0.37 0.19 Plan approvals at fina
Slide 25: FY25 Project Delivery: Targets Ahead of RERA Timelines
FY25 Project delivery: Targets Ahead of RERA Timelines Project Name Total Area Type No. of RERA date % Remarks units Completed Westwoods 4,97,790 Plots 316 26-Feb-2026 95% OC ready Southern Crest Tower D 75,735 Apt. 51 21-Oct-2025 90% OC Applied Park 63 2A 4,01,755 Apt. 254 22-Jan-2025 76% Finishing
Slide 26: Ongoing Projects to be delivered during FY25
Ongoing Projects to be delivered during FY25 Shriram Chirping Grove Ph I Shriram Mystique Sarjapura, Bangalore Jalahalli Bangalore 0.25 msf 0.2 msf 85% sold 67% sold Shriram 107 South East Ph I Shriram Southern Crest T-D Electronic City, Bangalore J.P. Nagar, Bangalore 0.45 msf 0.08 msf 96% Sold 100
Slide 27: Ongoing Projects to be delivered during FY25
Ongoing Projects to be delivered during FY25 Park 63 Phase 2 GST Road, Chennai Shriram Chirping Ridge 0.9 msf Sarjapura, Bangalore 66% sold 0.47 msf 88% Sold Shriram West Woods Shriram Pristine Estates Magadi Road, Bangalore Bangalore 0.49 msf 1.11 msf 96% sold 53% sold Project schedule for completi
Slide 28: 3-year Outlook: Greater Visibility on Earnings
3-year Outlook: Greater Visibility on Earnings Sales Volumes (msf) 4-year cumulative sales of 15 msf To Hand over 4.6 ~3,500 units in FY25 4.0 3.8 3.0 Project Completion Trend (msf) # units handover 2,093 2,885 2,280 2,000+ 3,000+ 10,000+ FY21 FY22 FY23 FY24 10.0 6.9 Ongoing Projects – By Region (ms
Slide 29: Project Pipeline Update
Project Pipeline update Project Pipeline (msf)* Upcoming – 18 msf Ongoing – 24 msf 3.4 42.2 3.6 10.9 5.0 10.5 ✓ Completed 8 projects in FY24 – Shriram Blue, Eden 144, Rainforest, Shriram Earth at One City, Green 8.8 field Phase II, Park-63 1B, Chirping Wood T5, Liberty Ongoing Ongoing Ongoing Upcomi
Slide 30: Awards & Recognitions: FY24
Awards & Recognitions: FY24 Developer of the year, residential – Shriram Properties 15th Realty+ Conclave & Residential Project - Excellence Awards 2023, Affordable Housing, South South - Landscape Architectural Shriram WYTfield L&D Excellence Award – Design of the Year- South The ET Real Estate -Sh
Slide 31: Investment Summary
Investment Summary 8. Access to Capital 1. Corporate Governance ➢ Shriram Group DNA and marquee investor ➢ Strategic relationships with domestic and presence for a decade contribute to strong international financial investors governance and transparency practices ➢ Early recipient of FDI in the sect
Slide 32: Shareholding Pattern as at 31st March 2024
Shareholding Pattern as at 31st March 2024 Category No.of Holders % Promoters 3 28% Shareholding Pattern as at 31st March 2024 Institutions & Corporates 589 30% Public 80,060 41% Promoters, 28% Public, 41% Total 80,652 100% Institutions & Body Corporates, 31% Promoter Shareholding Composition Promot
Slide 33: Thank You
Thank You Shriram Blue 32
Slide 34: Annexure-1 Residential Real Estate Sector Overview
Annexure-1 Residential Real Estate Sector Overview 33
Slide 35: Residential Real Estate Sector: Continued Momentum
Residential Real Estate Sector: Continued Momentum Growth momentum strong despite ambivalent global economy * KEY EMERGING TRENDS – Largely remain intact • Top-7 cities’ sales at new peak • Housing affordability still favorable despite rate hike impact • 1.3 lac units in Q1’CY24 - Up 14% YoY • Large
Slide 36: Residential Real Estate Sector: Regional Snapshot
Residential Real Estate Sector: Regional Snapshot Bangalore Chennai Kolkata Pune Unsold Absorption Supply Segment trends ________________ * Data Source: Prop Equity 35
Slide 37: Branded Developers: Dominance strengthening further
Branded Developers: Dominance strengthening further Delivered Balance Sheets of Developers 16 14 13.5 14 12 10.94 10 8 7.07 7.17 6.09 6 5.02 4 4.97 5.03 2 2.96 0 1.68 1.48 1.4 1.2 FY19 FY20 FY21 FY22 FY23 FY24E FY25P Total Debt to CFO Collections to Interest • Better liquidity aided by healthy colle
Slide 38: Other Annexures
Other Annexures 37
Slide 39: Annexure-2: Projects Snapshot by Development Models
Annexure-2: Projects Snapshot by Development Models Development Own Developments Joint Developments Joint Ventures Management Execution Track Record Execution Track Record Execution Track Record Execution Track Record Completed Completed Completed Completed ✓ 8 projects ✓ 24 projects ✓ 5 projects ✓
Slide 40: Annexure-3: Business Model Dynamics
Annexure-3: Business Model Dynamics Range of Services offered by SPL under DM Model DESIGN APPROVALS SALES MARKETING CONSTRUCTION CRM HANDOVER MAINTENANCE Development Capital Scalability Return Risk Rewards to LO Risk to LO Model Intensivity Own Low High High High Least/NA Least/NA JDA Moderate High
Slide 41: Annexure-3: Business Model Dynamics (Contd.)
Annexure-3: Business Model Dynamics (Contd.) Land Project Launch & Execution Delivery Financials Developement Ownership Project & Approval Branding Sales & CRM Project Delivery & RERA Maintenance Overall Economics Revenue Construction Costs Marketing Costs Debt & Interest Costs Free Cashflow Sharing
Slide 42: Annexure-4: Consolidated Cash Flows – With and Without JV Cashflows
Annexure-4: Consolidated Cash Flows – With and Without JV Cashflows Particulars SPL Consolidated (CFS) SPL Enterprise (100%)1 (Excl DM) Amount in Rs. Crores Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Collections 139 171 189 200 261 347 314 310 DM Income 70 26 22 5 70 26 21 4 Other Inflo
Slide 43: For further information, please contact
For further information, please contact: Company : Investor Relations Advisors : http://www.sgapl.net/images/sgapl_logo.jpg Shriram Properties Limited Strategic Growth Advisors Pvt. Ltd. CIN – L72200TN2000PLC044560 CIN - U74140MH2010PTC204285 Mr. Shrikanth D S, AGM – Finance Mr. Rahul Agarwal / Ms.