Keystone Realtors Ltd. · NSE:RUSTOMJEE
Keystone Realtors — Q4 FY2023 Earnings Presentation
36 slides from Keystone Realtors's earnings presentation, May 22, 2023
Slide 1: Cover letter to stock exchanges
Date: May 22, 2023 The General Manager, The Vice President Listing Department, Listing Department, BSE Limited, National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, “Exchange Planza”, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra East, Mumbai – 400 051 Scrip Code: 543669
Slide 2: Quarterly Update Q4FY23
KEYSTONE REALTORS LIMITED QUARTERLY UPDATE Q4FY23 1
Slide 3: Table of Contents
TABLE OF CONTENTS 1. COMPANY OVERVIEW- 3 2. PERFORMANCE HIGHLIGHTS- 12 3. MANAGEMENT STRUCTURE - 28 2
Slide 4: 1. Company Overview
Rustomjec 1. COMPANY OVERVIEW
Slide 5: At a Glance
KEYSTONE REALTORS LIMITED AT A GLANCE 20 MILLION SQ FT CAPABILITIES ASSET LIGHT CONSUMER DELIVERED & EXPERIENCE APPROACH SATISFACTION Prominent MMR Real Estate Capability and experience in Asset-light approach focused on Continued focus on consumer developer with 20+ Million Sq. Ft. developing stand
Slide 6: At a Glance
KEYSTONE REALTORS LIMITED AT A GLANCE END-TO-END SUSTAINABLE EXECUTION EXPERIENCED PROJECT MANAGEMENT DEVELOPMENT TRACK RECORD MANAGEMENT CAPABILITIES Proven expertise in executing Experienced promoters and End-to-end project capabilities Strong focus on sustainability in all our greenfield, brownfi
Slide 7: Rustomjee Journey
KEYSTONE REALTORS LIMITED RUSTOMJEE JOURNEY Completed Completed 1st phase ‘Elements’ & handed of Urbania over the homes to 480 tenants in one Sun Apollo invested shot in our company Sales launch Project Completed 5 msf+ of Bella, Bhandup development Completed 1st phase Sold 367 units in Launched fir
Slide 8: Rustomjee Ecosystem
RUSTOMJEE ECOSYSTEM Rustomjee Academy for Global Careers ê Rustomjee Academy for Global Careers (RAGC) is one of the pioneers in Vocational Education in India and has trained over 1,00,000 students across 4 campuses across Dahanu, Thane, Bengaluru and Rishikesh ê Offers a dynamic platform for indivi
Slide 9: Technology Across Planning, Execution, Sales & Marketing
TECHNOLOGY ACROSS PLANNING, EXECUTION, SALES & MARKETING PROJECT PLANNING SALES & CUSTOMER RECENT & EXECUTION EXPERIENCE DEVELOPMENTS • Combined implementation of • Automated and • Helps better understand customer transparent system built- ERP and BIM systems maximizes preferences and expedite custo
Slide 10: Ongoing Projects
TOWNSHIPS 1. Global City, Virar (W) (Affordable) 2. Urbania, Thane (W)* (Mid and Mass) RESIDENTIAL PROJECTS 3. Crown, Prabhadevi* (Super Premium/Premium) ONGOING 4. Bella, Bhandup (W)* (Mid and Mass) 5. Paramount, Khar (W) (Aspirational) PROJECTS 6. Erika, Bandra (E) (Mid and Mass) 7. Parishram, Ban
Slide 11: Forthcoming Projects
TOWNSHIPS 1. Global City, Virar (W) (Affordable) FORTHCOMING PLOTTED DEVELOPMENT 2. Urbania, Thane (W)* (Mid and mass) PROJECTS 15. Khopoli (Affordable) UNDER PLANNING RESIDENTIAL PROJECTS 16. Naigaon 3. Garden Estate, Thane (W) (Mid and mass) 17. Manori 4. Charkop, Kandivali (W) (Mid and mass)* 5.
Slide 12: Growth Drivers
LEVERAGE OUR LEADERSHIP POSITION IN THE IN MICRO MARKETS THAT WE OPERATE IN. ~36% Market share in Bandra (E) in terms of absorption (FY23)* CONTINUE TO BUILD AN GROWTH ASSET LIGHT BUSINESS MODEL. Number of redevelopment projects added – 5 projects (1.3 million sq ft) (YTD FY23) DRIVERS GROW OUR PRES
Slide 13: 2. Performance Highlights
Rustomjec 2. PERFORMANCE HIGHLIGHTS
Slide 14: Performance Snapshot: Q4 – FY23
KEYSTONE REALTORS LIMITED PERFORMANCE SNAPSHOT : Q4 – FY23 0.28 INR 4.7 BN INR 7 BN* MN SQ. FT. PRE-SALES COLLECTIONS AREA SOLD VALUE 0.28 027:1 INR 1.8 BN MN SQ. FT. GROSS SECURED OCF COMPLETIONS DEBT TO EQUITY INR 3.4 BN INR 1.1 BN INR 0.7 BN REVENUE EBITDA PAT *The collections have grown by 68% a
Slide 15: Performance Snapshot: FY23
KEYSTONE REALTORS LIMITED PERFORMANCE SNAPSHOT : FY23 1.03 INR 16 BN INR 18.6 BN* MN SQ. FT. PRE-SALES COLLECTIONS AREA SOLD VALUE GDV 0.62 INR 7.3 BN 027:1 INR 4.6 BN INR 34.3 BN MN SQ. FT. RAISED GROSS SECURED OCF NEW PROJECTS-5 COMPLETIONS PRE-IPO & IPO DEBT TO EQUITY INR 6.9 BN INR 1.4 BN INR 0.
Slide 16: Completed Projects
TOTAL SALEABLE UNSOLD SALEABLE EST UNSOLD SOLD BALANCE COST TO NAME OF PROJECT AREA AREA INVENTORY RECEIVABLE COMPLETE* (INR BN) (MN SQ FT) (MN SQ FT) (INR BN) A S O N 3 1 ST M A R C H 2 0 2 3 COMPLETED PROJECTS KEYSTONE REALTORS LIMITED SEASONS WING D# 0.34 0.16 0.54 5.26 1.15 ELEMENTS WING C 0.14
Slide 17: Ongoing Projects
BALANCE COST TOTAL SALEABLE UNSOLD SOLD EST UNSOLD NO. OF TO COMPLETE* NAME OF PROJECT AREA SALEABLE RECEIVABLE INVENTORY A S O N 3 1 ST M A R C H 2 0 2 3 PROJECTS (INR BN) (MN SQ. FT.) (MN SQ .FT.) (INR BN) (INR BN) ONGOING PROJECTS KEYSTONE REALTORS LIMITED RESIDENTIAL (A) 11 4.66 1.25 21.50 30.44
Slide 18: Forthcoming Projects
COST TO SALEABLE NUMBER OF EST. GDV COMPLETE* NAME OF PROJECT AREA FORTHCOMING PROJECTS PROJECTS (INR BN) (INR BN) A S O N 3 1 ST M A R C H 2 0 2 3 (MN SQ .FT.) KEYSTONE REALTORS LIMITED RESIDENTIAL (A) 18 22.89 288.62 174.03 SUPER 3 0.60 31.16 16.50 PREMIUM/PREMIUM ASPIRATIONAL 5 1.47 43.13 25.49 M
Slide 19: Category Wise Performance
CATEGORY WISE PERFORMANCE AREA SOLD (MN SQ.FT.) AVERAGE REALISATION (INR) CATEGORY FY23 FY22 % CHANGE FY23 FY22 % CHANGE KEYSTONE REALTORS LIMITED SUPER PREMIUM / 0.13 0.47* (73%) 34,205 28,842 19% PREMIUM ASPIRATIONAL 0.07 0.11 (31%) 30,061 29,832 1% FY-23 MID & MASS 0.58 0.66 (13%) 13,693 12,214 1
Slide 20: Category Wise Performance (Continued)
CATEGORY WISE PERFORMANCE PRE-SALES (INR BN) COLLECTIONS (INR BN) CATEGORY FY-23 (CONTINUED) FY23 FY22 % CHANGE FY23 FY22 % CHANGE KEYSTONE REALTORS LIMITED SUPER PREMIUM / 4.32 13.53* (68%) 5.67 13.42* (58%)* PREMIUM ASPIRATIONAL 2.23 3.20 (30%) 4.78 1.84 160% MID & MASS 7.95 8.15 (3%) 6.43 3.81 68
Slide 21: Historical Operational Performance
KEYSTONE REALTORS LIMITED HISTORICAL OPERATIONAL PERFORMANCE LAST 5 Q 0.66 618 Pre-Sales Sales (No. of units) (mn Sq.ft.) 272 269 0.29 0.27 0.28 260 225 0.20 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Pre-Sales Collections (INR bn) 10.43 (INR bn) 6.99 4.57 4.03 4.16 4.73 3
Slide 22: New Launches
SALEABLE RERA KEYSTONE REALTORS LIMITED LAUNCH NATURE OF EST GDV PROJECT LOCATION CATEGORY AREA COMPLETION NEW LAUNCHES QUARTER DEVELOPMENT (INR BN) (MN SQ.. FT.) DATES GLOBAL CITY - AVENUE Q1 FY 23 VIRAR W AFFORDABLE OWN LAND 0.17 0.90 SEP 2024 L - WING JK FY - 23 LA FAMILIA - TOWER C Q2 FY 23 THAN
Slide 23: New Project Addition
NEW PROJECT ADDITION SALEABLE NATURE OF EST GDV PROJECT LOCATION CATEGORY AREA DEVELOPMENT (INR BN) (MN SQ. FT) KEYSTONE REALTORS LIMITED JOINT JARIWALA MAHIM ASPIRATIONAL 0.47 11.50 DEVELOPMENT SUPER SOCIETY SAGAR TARANG VERSOVA 0.15 5.25 FY-23 PREMIUM/PREMIUM REDEVELOPMENT SOCIETY VIVEKANAND CHSL
Slide 24: Cash Flows
Particulars (INR MN) Q4 FY-23 Q3 FY-23 Q4 FY-22 FY 22-23 FY 21-22 Operating Activities Net Collections 3,424 2,621 2,207 10,839 8,432 Receipts from DM / JV Projects 52 80 (10) 152 120 Construction Cost (699) (891) (596) (3,152) (1,983) KEYSTONE REALTORS LIMITED Land and Approval Payments (624) (185)
Slide 25: Financial Summary – P&L
Consolidated Results (INR MN) Q4 FY-23 Q3 FY-23 Q4 FY-22 FY22-23 FY21-22 FINANCIAL SUMMARY – P&L Revenue from Ops 3,444 1,265 2,338 6,857 12,694 Other Income 133 90 141 392 336 KEYSTONE REALTORS LIMITED Total Income 3,576 1,356 2,479 7,249 13,030 EBITDA* 1,102 178 724 1,431 2,129 PBT 863 109 656 1,0
Slide 26: Financial Summary – Balance Sheet
As at As at As at As at Particulars (INR MN) March 31, March 31, Particulars March 31, March 2023 2022 2023 31, 2022 ASSETS EQUITY AND LIABILITIES Non-current assets Equity Property, plant and equipment 85 33 Equity share capital 1,139 1,000 Right-of-use assets 58 44 Other equity Investment properti
Slide 27: Financial Summary – Debt Movement
FINANCIAL SUMMARY Debt Movement (INR mn) FY 22-23 FY 21-22 KEYSTONE REALTORS LIMITED DEBT MOVEMENT Gross Debt 4,515 7,725 Less: Cash and cash equivalents 4,326 2,515 Net Debt 189 5,210 Equity 16,867 9,632 Gross Debt to Equity ratio 0.27 0.80 Net Debt to Equity ratio 0.01 0.54 Debt in JV Co.- KRL sha
Slide 28: ESG
KEYSTONE REALTORS LIMITED E S G ENVIRONMENT SOCIAL INITIATIVES GOVERNANCE • E-waste and Hazardous waste • Awarded A+ Grade by the Government Policies Implemented: management have been complied of Maharashtra and title of the Best with at all project sites Vocational Training Provider by the UK • Ant
Slide 29: 3. Management Structure
Rustomjec 3. MANAGEMENT STRUCTURE
Slide 30: Experienced Promoters and Directors
EXPERIENCED PROMOTERS AND DIRECTORS Boman Irani Chandresh Mehta Percy Chowdhry CMD Executive Director Executive Director 26+ years of Real Estate 26+ years of Real Estate 23+ years of Real Estate experience Experience Experience President of CREDAI – MCHI Directs the redevelopment Directs Sales, Mar
Slide 31: Supported by a Professional Management Team
SUP P O R TE D BY A P RO FE SSIO N AL MAN AGE ME N T T E AM Sajal Gupta (Group CFO & Bimal Nanda (Group CS and Venkatraman B. (Chief Rakesh Setia (Chief Anupam Verma Head Corporate Strategy) Compliance Officer) Operating Officer) sales Officer) (President & CEO - Kapstone Previously associated with
Slide 32: Shareholding Pattern as of March 2023
KEYSTONE REALTORS LIMITED S H A R E H O L D I N G P A T T E R N A S O F 3 1 ST M A R C H ' 2 3 FPIs Abu Dhabi Investment Authority Morgan Stanley India Societe Generale FPI 1.66% Mutual Funds Tata Mutual Fund Mutual Funds 2.38% Aditya Birla Sun Life Insurance 1.59% IDFC Emerging Businesses AIF 2.67%
Slide 33: Completed Projects
KEYSTONE REALTORS LIMITED COMPLETED PROJECTS Townships 17. Shimmer, Juhu 1. Global City, Virar (W) Phase 1 18. 7 JVPD, Juhu 2. Global City, Virar (W) Phase 2 19. 9 JVPD, Juhu 3. Urbania, Thane (W) 20. Central Park, Andheri (E) 21. Buena Vista, Bandra (W) Residential Projects 22. La Sonrisa, Matunga
Slide 34: MMR Real Estate Industry Overview
KEYSTONE REALTORS LIMITED MMR REAL ESTATE INDUSTRY OVERVIEW Strong Overall Absorptions New Launches and Absorptions from New launches have been robust 153 113 130 110 17 25 FY22 FY23 New Launches (msf) Absorption from New launches (msf) Total Absorption (msf) FY22 FY23 Inventory Overhang 27 MMR will
Slide 35: Disclaimer
DISCLAIMER Some of the statements in this presentation may be ‘forward-looking statements’ within the meaning of applicable laws and regulations. Actual results might differ substantially from those expressed or implied. Important developments that could affect the company’s operations include chang
Slide 36: Thank You
THANK YOU KEYSTONE REALTORS LIMITED 702, Natraj, M.V. Road Junction, Investor Relations Contact: Western Express Highway, Andheri East, Mumbai – 400 069 Email: investor-relations@rustomjee.com Tel: 022 – 667 66 888 Website: www.rustomjee.com 35