Puravankara Limited · NSE:PURVA
Puravankara — Q2 FY2014 Earnings Presentation
47 slides from Puravankara's earnings presentation, September 2013
Slide 1: Puravankara Projects Limited
Results – 31 Mar 2012 Puravankara Projects Limited September 2013
Slide 2: Contents
Contents • Company Overview 3-9 • Shareholding Pattern/ Stock Movement 10 - 12 • Sales 13 - 14 • Area information 15 - 21 • Cash Flows 22 - 24 • Income Statement Analysis 25 - 30 • Statement of Capital Employed 31 - 32 • Debt 33 - 35 • Leadership 36 • Location Maps 37 - 41 • Project Pictures 42 - 44
Slide 3: Company Overview
PURAVANKARA Company Overview
Slide 4: Overview
Overview • Deep domain knowledge of 38 years of the Promoter Mr. Ravi Puravankara, and his team have established Puravankara as a developer of repute; • Amongst South India’s leading real estate developer with an established presence in residential segment comprising of luxury and premium affordable
Slide 5: Premium Affordable housing through Provident Brand
Premium Affordable housing through Provident Brand • Established Provident Housing Limited in 2008 to create mid and mass housing projects comprising quality affordable apartments in response to burgeoning demand for mid-income housing • Affordability is a combination of – Efficient design improving
Slide 6: Land bank across various established micro-markets
Land bank across various established micro-markets Land portfolio Developable area breakup in millions sq. ft. (msft) Completed Ongoing Upcoming Land Bank Total (A) (B) (C) (A)+(B)+(C) Bengaluru 15.01 14.85 12.14 42.16 69.15 Chennai 1.10 6.96 3.24 4.66 14.86 Kolkata - 2.23 - - 2.23 Kochi 0.27 1.86 7
Slide 7: Ongoing Development
Ongoing Development By geography By entity By segment Hyderabad 2%; 0.5msft Commercial Provident Kochi 6%; 1.9msft Mangalore 1%; 0.4msft 4%; 1.3msft 38%; 11.1msft Kolkata 8%; 2.2msft Coimbatore 8%; 2.4msft Chennai Bengaluru Residential 24%; 7.0msft 51%; 14.9msft Puravankara 96%; 28.0msft 62%; 18.1ms
Slide 8: Upcoming Development
Upcoming Development By geography By entity By segment Provident 8%; 1.9 msft Commercial Chennai 7%; 1.5msft 14%; 3.2msft Kochi 32%; 7.1msft Bengaluru 54%; 12.2msft Residential 93%; 21.0 msft Puravankara 92%; 20.6msft Total=22.5 msft Note: 1. Area includes share in Keppel Joint Venture 2. Provident
Slide 9: Summary of Financial Performance
Summary of Financial Performance Revenues (INR mn) EBITDA Profit Before Tax Profit After Tax 12,485 4,000 40% 3,000 35% 3,558 7,000 70% 2,434 5,794 3,500 35% 2,500 30% 6,000 60% 47% 48% 46% 3,000 30% 30% 25% 58% 36% 24% 24% 29% 20% 17% 19% 8,156 5,000 50% 2,000 3,925 2,500 25% 1,983 1,453 20% 4,000
Slide 10: Shareholding Pattern
PURAVANKARA Shareholding Pattern 10
Slide 11: Shareholding Pattern – as at 30 September 2013
Shareholding Pattern – as at 30 September 2013 Individuals and Others Insurance DIs 1.71% Companies 3.51% Mutual Funds 0.79% 5.90% FIIs 13.09% Promoters 75.00% Notes Promoter Shares are unencumbered Key Shareholders Mutual Funds FIIs Insurance and Bodies Corporate SBI AMC HSBC Life Insurance Corpora
Slide 12: Stock Movement
Stock Movement Puravankara outperformed BSE Realty Index during Oct 1 2012 to Sep 30 2013 by 64% Oct/12 Nov/12 Dec/12 Jan/13 Feb/13 Mar/13 Apr/13 May/13 Jun/13 Jul/13 Aug/13 Sep/13 Puravankara Sensex BSE Realty Index As on September 30, 2013 Price on BSE 73.25 Number of shares (Millions) 237 Market
Slide 13: Sales
PURAVANKARA Sales 13
Slide 14: Sales – 30 September 2013
Sales – 30 September 2013 Based on Bookings Quarter Ended Area Sold Units Sold Sale Value Sale Realization Sep-13 Sep-12 % Sep-13 Sep-12 % Sep-13 Sep-12 % Sep-13 Sep-12 % msft msft Nos. Nos. Rs. Mn Rs. Mn Rs.psft Rs.psft Puravankara 0.52 0.40 30% 352 234 50% 2,597 1,653 57% 4,870 4,119 18% Completed
Slide 15: Area Information
PURAVANKARA Area Information 15
Slide 16: Area Under Development – Snapshot
Area Under Development – Snapshot in millions sq. ft. (numbers in millions sq. ft.) FY11 FY12 FY13 H1FY14 Opening Area 16.35 21.12 23.74 28.04 Add: Launches during the year 1 7.32 5.80 7.28 1.21 Less: Completed during the year 2 (2.55) (3.18) (2.98) - Closing Area 21.12 23.74 28.04 29.25 Notes: 1. L
Slide 17: Current Project Status – 30 September 2013
Current Project Status – 30 September 2013 S.No. Project Location On Area Launched PPL Share - Developable Total JD / JV Share Developable Area Flats for Developer Area Area Sold Inventory Area Inventory Launched Cumulative Mn Sft Msft Units % Msft Msft Msft % COMPLETED Puravankara 1 Atria Sanjay Na
Slide 18: Current Project Status – Nearing Completion
Current Project Status – 30 September 2013 – (contd.) S.No. Project Location On Area Launched PPL Share - Developable Total JD / JV Share Developable Area Flats for Developer Area Area Sold Inventory Area Inventory Launched Cumulative Mn Sft Msft Units % Msft Msft Msft % NEARING COMPLETION Puravanka
Slide 19: Current Project Status – Under Construction
Current Project Status – 30 September 2013 – (contd.) S.No. Project Location On Area Launched PPL Share - Developable Total JD / JV Share Developable Area Flats for Developer Area Area Sold Inventory Area Inventory Launched Cumulative Mn Sft Msft Units % Msft Msft Msft % UNDER CONSTRUCTION Puravanka
Slide 20: Current Project Status – Commercial
Current Project Status – 30 September 2013 – (contd.) S.No. Project Location On Area Launched PPL Share - Developable Total JD / JV Share Developable Area Flats for Developer Area Area Area Sold Inventory Inventory Launched Cumulative Mn Sft Msft Units % Msft Msft Msft % COMMERCIAL Puravankara 1 Pri
Slide 21: Immediate Launches - Schedule
Immediate Launches - Schedule Development Developable PPL Share Saleable Expected S. No Location City Development Model Current Status Type Area in JD Area Launch Date Msft Msft Puravankara 1 Pudupakkam Chennai Own Residential 2.00 100% 2.00 Final stage of Plan approval Q3 - FY14 2 UM Kaval Bengalur
Slide 22: Cash Flows
PURAVANKARA Cash Flows 22
Slide 23: Cash Flow – Summary
Cash Flow – Summary Rs. millions Puravankara Provident Total Balance collections from sold units 1 (A) 7,910 3,356 11,266 Inventory 2 (B) 51,075 26,825 77,900 Residential 44,800 26,825 71,625 Launched 26,812 13,665 40,477 Not Launched 17,988 13,160 31,148 Commercial 6,275 - 6,275 Balance cost to go
Slide 24: Cash Flow Statement
Cash Flow Statement Rs. millions Q1FY14 Q2FY14 H1FY14 Receipts Collection from Sale of Flats 3,545 3,329 6,874 Advance recd for sale of land 43 (0) 43 A Total Receipts 3,588 3,329 6,917 Outflow Construction Cost incurred (1,806) (1,797) (3,604) Employee Cost (228) (233) (460) Selling & Marketing Exp
Slide 25: Income Statement Analysis
Income Statement Analysis 25
Slide 26: Income Statement – Summary
Income Statement – Summary Rs. millions Recognised in Q2FY2014 (from projects) Puravankara Provident Others Total Revenue Recognised 1 (A) 1,986 844 119 2,949 Land Cost Recognized (B) 341 85 - 426 Construction Costs Recognised 2 (C) 983 409 - 1,392 Surplus (A) – (B) – (C) 662 350 119 1,131 Unrecogni
Slide 27: Result Highlights
Result Highlights Rs. millions Q2FY14 Puravankara Provident Starworth Other Subsidiaries and Eliminations Consolidated Total Revenues 2,041 946 415 -394 3,008 YoY growth (%) 11% 10% 49% 10% Profit Before Tax 340 320 54 -11 704 YoY growth (%) -10% 33% 45% -3% margins (%) 17% 34% 13% 23% Profit After
Slide 28: Consolidated Statement of Profit and Loss for the quarter ended 30 September 2013
Consolidated Statement of Profit and Loss for the quarter ended 30 September 2013 Rs. millions 30 Sep 2013 30 Sep 2012 (All amounts in Rs. million, unless otherwise stated) Income Revenue from operations Revenue from projects 2,956.01 2,710.12 Other operating revenues 26.86 20.13 Other income 25.42
Slide 29: Consolidated Statement of Profit and Loss for the half year ended 30 September 2013
Consolidated Statement of Profit and Loss for the half year ended 30 September 2013 Rs. millions 30 Sep 2013 30 Sep 2012 (All amounts in Rs. million, unless otherwise stated) Income Revenue from operations Revenue from projects 6,623.40 5,173.61 Other operating revenues 49.19 30.42 Other income 28.2
Slide 30: Key Financial Indicators
Key Financial Indicators Valuation Matrix (X) H1FY14 FY 2013 FY 2012 FY 2011 Income Statement (Rs. Mn) H1FY14 FY 2013 FY 2012 FY 2011 Price/Earnings - Annualized 7.35 7.97 10.71 19.60 Total Income 6,701 12,485 8,156 6,002 Price /BV 0.79 1.02 0.86 1.46 EBITDA from Operations 2,849 5,794 3,925 2,823 E
Slide 31: Statement of Capital Employed
Statement of Capital Employed 31
Slide 32: Statement of Capital Employed
Statement of Capital Employed Rs. millions 30 September 2013 31 March 2013 Sources of Funds Equity 1,186 1,067 Reserves and Surplus 20,691 21,877 59% 17,928 18,995 52% Total Debt 15,480 41% 17,663 48% Total 37,357 100% 36,658 100% Application of Funds Land Investments 1,391 1,442 Properties held for
Slide 33: Debt
PURAVANKARA Debt 33
Slide 34: Debt Structure – September 2013
Debt Structure – September 2013 Inter Corporate Term Loan - Deposit Subsidiaries / 2% Associates 13% Over Drafts 14% Term Loans 71% Debt Movement Q2- 2014 Q1 - 2014 INR Million INR Million Opening Balance 15,809 17,665 Additions during the period 1,393 1,150 Repayments during the period 1,722 3,007
Slide 35: Equity Raised and Utilization
Equity Raised and Utilization Shares Issue Price Proceeds, net of commission Nos. Rs.per share Rs.million Institutional Placement Programme 2,37,25,351 81.00 1,922 Offer for Sale1 1,41,35,576 81.76 1,154 3,78,60,927 3,076 Less: Issue Expenses 154 Surplus 2,923 Utilization Pre-payment of Debt 3 2,923
Slide 36: Dedicated and experienced management team
Dedicated and experienced management team – committed to best practices of corporate governance Executive team Non-Executive team Ravi Puravankara Anup Shah Chairman and Managing Director Independent Director • Over 35 years of experience in real estate industry • Bachelor’s degree in law • Former p
Slide 37: Bengaluru location map
Bengaluru location map Sl. No. Project Name 1 Atria / Platina, Sanjay Nagar 2 Venezia, Yelahanka 3 Highlands / High Crest, Mallasandra 4 Mid-Town, KR Puram 5 Seasons, CV Raman Nagar 6 Sunflower, Magadi Road 7 Skywood, Sarjapur Road 8 Whitehall, Sarjapur Road 9 Harmony, Thannisandra Road 10 Welworth
Slide 38: Chennai location map
Chennai location map Sl. No. Project Name 1 Cosmo City, Pudupakkam 2 Swan Lake, OMR 3 Windermere, Medavakkam 4 Primus, OMR 5 Moneto, Guindy 6 Pudupakkam Current Projects Immediate Launches Note: Map not to scale 38
Slide 39: Kochi location map
Kochi location map Sl. No. Project Name 1 Oceana, Marine Drive 2 Grandbay, Marine Drive 3 Eternity, Kakkanad 4 Moonreach, Airport-Seaport Road Current Projects Note: Map not to scale 39
Slide 40: Coimbatore location map
Coimbatore location map Sl. No. Project Name 1 Bluemont, Trichy Road 2 GreenPark, Selvapuram Current Projects Note: Map not to scale 40
Slide 41: Mangalore and Hyderabad location maps
Mangalore location map Hyderabad location map Sl. No. Project Name Sl. No. Project Name 1 Skyworth, Derebail 1 Summit, Kondapur Note: Map not to scale Current Projects 41
Slide 42: Project Pictures
Project Pictures PROVIDENT WELWORTH CITY PROVIDENT SUNWORTH PROVIDENT SKYWORTH 42
Slide 43: Project Pictures
Project Pictures PURVA BLUEMONT PURVA WINDERMERE PURVA MOONREACH PURVA WHITEHALL
Slide 44: Project Pictures
Project Pictures PURVA HIGHLAND PURVA RIVIERA PURVA FOUNTAINSQUARE PURVA VENEZIA 44
Slide 45: Awards and achievements
Awards and achievements Awards for Puravankara projects Purva Fountain Square Best Ornamental Garden, 2013 by the Mysore Horticulture Society Luxury Project of the Year at Realty Excellence Awards, 2011 Purva Windermere - Most Admired Upcoming Project of the Year, 2013 at Real Estate Awards for Reta
Slide 46: Disclaimer
Disclaimer This presentation contains certain forward-looking statements. These statements involve risks and uncertainties, and actual results may differ. Risks and uncertainties include without limitation the effect of competitive and economic factors, and the Company’s reaction to those factors, o
Slide 47: THANK YOU
THANK YOU Puravankara Projects Limited 130/1, Ulsoor Road, Bengaluru - 560042 Tel: 080-25599000/43439999 Please contact: Mr. Anil Kumar, Chief Financial Officer Email: cfo@puravankara.com; Tel: +91-80-4343 9688 47