Man Infraconstruction Limited · NSE:MANINFRA
Man Infraconstruction — Q4 FY24 Earnings Presentation
50 slides from Man Infraconstruction's earnings presentation, May 14, 2024
Slide 1: Man Infraconstruction Limited – Exchange Covering Letter
MAN INFRACONSTRUCTION LIMITED EPC •• RE AL EST ATE (CIN: L70200MH2002PLC136849) 14th May, 2024 The Listing Department The Corporate Relationship Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra Kurla Complex, Phiroze Jeejeebhoy Towers, Bandra (E), Mumbai -400 05
Slide 2: Investor Presentation - Q4 FY24
MAN INFRACONSTRUCTION LIMITED INVESTOR PRESENTATION - Q4 FY24 May 2024
Slide 3: Safe Harbor
Safe Harbor • This presentation has been prepared by and is the sole responsibility of Man Infraconstruction Limited (the “Company” / “MICL”). By accessing this presentation, you are agreeing to be bound by the trailing restrictions. • This presentation does not constitute or form part of any offer
Slide 4: Index
Index Group Overview 04 Business Model 10 Performance Snapshot 20 Company Highlights 32 Project Portfolio 38 Annexure 44 3
Slide 5: MICL Group Overview
MICL Group Overview BUILT WITH ETHICS, LED WITH PASSION, FOCUSSED ON VALUE CREATION
Slide 6: Establishing Landmarks
Establishing Landmarks 50+ Years of experience in construction across the Country 50+ Mn Sq. Ft. of real estate and infra. construction delivered 25 mn + Sq. Ft. of 25 mn + Sq. Ft. residential & commercial of ports, infra. & industrial development development 10+ Years of experience in Real Estate D
Slide 7: Proven Execution Capabilities
Proven Execution Capabilities EPC Business Real Estate Business o Over 50+ years of experience in infrastructure o Built a niche in the field of redevelopment projects development and real estate • Cluster, Private society, MHADA and SRA o Developed 8 major ports across India – o Delivered high-rise
Slide 8: MICL: Pioneering Excellence in Mumbai's Real Estate
MICL: Pioneering Excellence in Mumbai's Real Estate Before Time Completion 01 Track record of delivering all 16 Projects comprising 2.4 mn sq. ft. of carpet area at least 6 months to 1 year before scheduled date Negligible Inventory in Completed (OC received) Projects 02 Nearly 90% of the inventory
Slide 9: Diversified Business Verticals
Diversified Business Verticals 6.0 Mn. Sq. ft. Projects – Real Estate Portfolio Rs. 823 Cr Order Book – EPC Portfolio ~2.1 Mn. Sq. ft. 1.3 ~110 hectares 14% 2.4 Delivered of ongoing ports & Residential of Ongoing projects Ongoing infra projects Infrastructure Upcoming 2.6 Balance Potential ~3.8 Mn.
Slide 10: Building - The Future in Mumbai
Building - The Future in Mumbai Aaradhya Avaan Aaradhya OnePark Project at Project near 01 02 03 04 Tardeo Ghatkopar (E) Goregaon (W) Marine Lines Building one of India’s tallest residential Developing first of its kind 12,000+ sq mt Developing one of the largest Building India’s one of the tallest
Slide 11: Business Model - Two Segments but Multiple streams of Income
Business Model - Two Segments but Multiple streams of Income Real Estate Projects EPC Projects DM Fee* or EPC Interest EPC PMC Equity Margin Margin or Margin Margin Margin Handling and In-house Includes Infra projects Professional Funds infused marketing the Engineering & from Government and managin
Slide 12: Asset Light Business Model Explained
Asset Light Business Model Explained Real Estate Projects Model Joint Society Development Development Joint Venture Redevelopment Agreement (JDA) Manager (DM) (Pvt./Mhada/SRA) Reduces Overall Initial Investment 1. Development projects executed through subsidiaries, sales is reflected in consolidated
Slide 13: Real Estate Projects: Our Business Model
Real Estate Projects: Our Business Model MICL’s MICL’s Real Estate Projects EPC Project Total Sales Project Name Location Stake Model Income Streams Income Streams Potential (JDA/JV/ Equity DM Fee EPC Margin PMC Margin (Rs. Cr) DM) Margin Aaradhya High Park Completed: Near Dahisar 99.99% Own - - ~1,
Slide 14: Real Estate Projects: Our Business Model
Real Estate Projects: Our Business Model MICL’s MICL’s Real Estate Projects Total Sales Project Name Location Stake Model Income Streams Potential PMC Margin (JDA/JV/ Equity DM Fee (Rs. Cr) DM) Margin Aaradhya OnePark Ghatkopar, 60.00% Own - - ~1,200+ New launch in Jan-24 East Dahisar Phase 3 – Near
Slide 15: Strong focus on Profitability
Strong focus on Profitability Consolidated financials – Amount in (Rs. Cr) EBITDA Margin Net Profit 27.0% 23.0% 26.0% 25.8% 22.0% 300 0.0% 259 216 42 32 -7 FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24 Solid growth in Profitability as well as Margins 14
Slide 16: Maintaining Balance Sheet strength
Maintaining Balance Sheet strength Consolidated financials – Amount in (Rs. Cr) Net Cash positive Balance Sheet Significant Secured Debt Reduction 0.4 0.3 0.1 -0.1 -0.4 741 360 332 513 228 299 308 123 91 156 24 Cash & cash Eq. Net Debt/Equity ratio (x) Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Jun-22 Sep-2
Slide 17: Generating Significant Cash Flow from Operations
Generating Significant Cash Flow from Operations Consolidated financials – Amount in (Rs. Cr) 572 448 187 88 78 16 FY19 FY20 FY21 FY22 FY23 FY24 16
Slide 18: Significant Move Towards Growth: Future Ready
Significant Move Towards Growth: Future Ready Fund Raise Details Status • Allotted 3.5 cr convertible Raised Rs. 543 Crores warrants in Jan-24, through preferential route • Received 25% of the issue price (Rs. 136 cr); • Balance 75% (Rs. 407 cr) to be received by July’25 Issued 3.5 crore convertible
Slide 19: Well-positioned for Future Growth
Well-positioned for Future Growth Funds Raised Real Estate Real Estate projects EPC Order Book Sales Visibility** pipeline Rs. 543 Cr.* Rs. 823 Cr. via preferential route ~15,000 Rs. Cr. 6.0 mn sq. ft. Carpet Area Debt Status Liquidity Levels Cash flow from Investments in own Operations Real Estate
Slide 20: Way Forward
Way Forward Expansion Strategy Global (USA) Expansion • Real Estate - Establishing presence in western suburbs of Mumbai, • Expanded Real Estate business in Miami, Florida, USA MMR and South Mumbai - Growth through Asset Light model – JV / JDA / DM • Strategic tie-up with local partners and reputed
Slide 21: Performance Snapshot
Performance Snapshot
Slide 22: FY24 Landmark Year: Delivering on Stated Strategies
FY24 Landmark Year: Delivering on Stated Strategies Operational Performance Strengthening Presence Future Ready 3 projects delivered 9.5 well ahead of ~60.0 Lk sq. ft. Rs. 543 Cr Lk sq. ft. schedule Real Estate Project Portfolio Raised via preferential route Strong business Solidifying presence Fund
Slide 23: Key Highlights Q4 & FY24
Key Highlights Q4 & FY24 Q4 & FY24 - Operational Update • Sales Performance FY24 • Construction Highlights Sales Volume: ~3.0 lakh sq. ft. • Sets robust delivery record in FY24: Sales Value: Rs. 744 crore Delivers 3 large projects measuring: Key Drivers: New Launches (Aaradhya OnePark & ~9
Slide 24: Key Highlights Q4 & FY24
Key Highlights Q4 & FY24 Q4 & FY24 - Business Update • Business Development in FY24: Acquired 4 new projects in Mumbai’s Prime / Iconic locations Comprising 27.5 L Sq. ft. of carpet Area Marine Lines (5.3 L Sq. ft.), Pali Hill (0.5 L Sq. ft.), Goregaon West (17.5 L Sq. ft.) and Aaradhya One Pa
Slide 25: 3 large projects delivered in less than 4 years
3 large projects delivered in less than 4 years Aaradhya OneEarth Atmosphere O2 Aaradhya Highpark Ghatkopar East Mulund West, Nahur Near Dahisar • Project Composition: • Project Composition: • Project Composition: ~14 lakh sq. ft. of construction area Carpet Area: 7.2 lakh sq. ft. Carpet Area:
Slide 26: Aaradhya OnePark
Launched Uber-Luxurious Project at Ghatkopar East -‘Aaradhya OnePark’ Achieved record sales of Rs. 333 crore upon launch Launched in Jan-24 Aaradhya OnePark Innovative Community Living Concept • Ultra-Luxurious project in Ghatkopar East, launched in Jan-24 • Achieved nearly 25% of the total estimate
Slide 27: Aaradhya Avaan
Bookings commenced at India’s most iconic residential tower in Mumbai Launched in Oct-23 Aaradhya Avaan One of the tallest towers of India • Ultra-Luxury project with RERA carpet area of ~6.5 lakh sq. ft. for sale and total construction area of ~18 lakh sq. ft. • Revenue potential of ~Rs. 3,000 cr.
Slide 28: New Acquisition: Marine Lines
New Acquisition: Project acquired Near Marine Lines Acquired in Aug-23 Mumbai Ultra-Luxury 5.3 L sq. ft. Rs. 2,100+ Cr DM Model Marine Lines Redevelopment Indicative carpet Indicative Project saleable area Topline Project Details: Iconic Location: South Mumbai, Sea-facing Development: Set to bec
Slide 29: New Acquisition: Pali Hill, Bandra West
New Acquisition: Project acquired at Pali Hill, Bandra West Acquired in Dec-23 Mumbai Ultra-Luxury 0.5 L sq. ft. Rs. 500 Cr 34% Pali Hill, Redevelopment Indicative carpet Indicative Stake Bandra (W) Project saleable area Topline Project Details: Coveted Location: Pali Hill, Bandra West Configura
Slide 30: New Acquisition: Goregaon West
New Acquisition: Project acquired at Goregaon West Acquired in Aug-23 Mumbai Premium 17.5 L sq. ft. Rs. 4000 Cr 33.3% Goregaon (W) Redevelopment Indicative carpet Indicative Stake Project saleable area Topline Project Details: Location: Poised to become one of the largest redevelopments in western
Slide 31: Real Estate Projects: Quarterly Synopsis
Real Estate Projects: Quarterly Synopsis Sr. MICL's RERA Carpet Q4FY24 FY24 Project Name Location MICL's Stake No. Model area Area sold Units Sold Area sold Units Sold (JDA/JV/ (%) (sq. ft.) (sq. ft.) (nos.) DM) Aaradhya Parkwood - Near 1 99.99% Own 3,01,329 7,113 14 36,294 68 Phase 1 Dahisar 2 Aara
Slide 32: Performance Snapshot: Trend
Performance Snapshot: Trend Launch Trend Sales Performance (Rs. Cr) Collections (Rs. Cr) (Carpet Area - Sq. ft. in lakhs’) 1,448 10.8 1,353 1,200 992 1,197 8.4 39 80 6.7 494 876 33 13 540 744 6.6 626 611 549 484 5.3 3.6 412 49 565 30 424 315 3.6 3.1 369 2.5 165 318 258 859 219 869 571 568 130 681 0.
Slide 33: FY24 Performance - Company Highlights
FY24 Performance - Company Highlights Consolidated financials – Amount in (Rs. Cr) Revenue for operations stands at Rs. 1,263 cr. Total Income stands at Rs. 1,360 cr. EBITDA Margins stands at 25.8% KEY Net profit is up by 16% to Rs. 300 cr. HIGHLIGHTS Net Cash positive at consolidated levels Strong
Slide 34: Q4 & FY24 Performance - Financial Highlights
Q4 & FY24 Performance - Financial Highlights Consolidated financials – Amount in (Rs. Cr) Particulars Particulars Q4FY24 Q4FY23 FY24 FY23 Revenue from operations 296.7 680.3 1,263.5 1,890.3 Real Estate 175.7 285.7 526.7 972.3 EPC 121.0 394.6 736.7 918.0 EBITDA 49.6 124.4 326.4 413.9 EBITDA Margin 16
Slide 35: Q4 FY24 and FY24 Consolidated Financial Highlights
Q4 FY24 and FY24 Consolidated Financial Highlights Particulars (Rs. Crs.) Q4 FY24 Q4 FY23 Y-o-Y Q3 FY24 Q-o-Q FY24 FY23 Y-o-Y Revenue from operations 296.7 680.3 -56% 241.8 23% 1,263.5 1,890.3 -33% Other Income 35.5 12.3 189% 19.6 81% 96.8 47.9 102% Total Income 332.3 692.5 -52% 261.3 27% 1,360.2 1,
Slide 36: Historical Financial Highlights - Consolidated
Historical Financial Highlights - Consolidated Profit & Loss Statement (Rs. Crs.) FY24 FY23 FY22 FY21 FY20 FY19 Revenue from Operations 1,263.5 1,890.3 961.5 427.2 267.0 371.4 Other Income 96.8 47.9 201.2 24.9 27.2 31.4 Total Income 1,360.2 1,938.3 1,162.7 452.1 294.2 402.8 Total Expense 937.1 1,476
Slide 37: Q4 FY24 and FY24 Standalone Financial Highlights
Q4 FY24 and FY24 Standalone Financial Highlights Particulars (Rs. Crs.) Q4 FY24 Q4 FY23 Y-o-Y Q3 FY24 Q-o-Q FY24 FY23 Y-o-Y Revenue from operations 121.4 356.1 -66% 111.3 9% 708.3 797.8 -11% Other Income 64.8 14.3 353% 13.0 400% 96.5 83.2 16% Total Income 186.2 370.5 -50% 124.2 50% 804.8 881.0 -9% T
Slide 38: Historical Financial Highlights - Standalone
Historical Financial Highlights - Standalone Profit & Loss Statement (Rs. Crs.) FY24 FY23 FY22 FY21 FY20 FY19 Revenue from Operations 708.3 797.8 236.6 119.6 107.0 166.5 Other Income 96.5 83.2 75.3 113.8 96.3 107.5 Total Income 804.8 881.0 311.9 233.4 203.3 274.0 Total Expense 548.5 660.9 175.5 115.
Slide 39: Project Portfolio Update
Project Portfolio Update
Slide 40: Real Estate: Ongoing Projects Portfolio
Real Estate: Ongoing Projects Portfolio As on Mar-24 MICL's RERA Sr. Developing Type Completion Date of Project Name Location MICL's Stake Model Carpet Area sold Total Units Units Sold No. entity Status Completion$ area* (JDA/JV/ (%) (sq ft.) (sq ft.) (nos.) (nos.) (%) DM) Aaradhya Parkwood - Man Va
Slide 41: Real Estate: Upcoming Projects Portfolio
Real Estate: Upcoming Projects Portfolio Type MICL's Model RERA Carpet Expected Launch Sr. No. Project Name Developing entity Location MICL's Stake Total Units area^ Date* (%) (JDA/JV/ DM) (sq ft.) (nos.) Near 2 Residential 1 Aaradhya Parkwood - Phase 2 Man Vastucon LLP 99.99% Own 2,30,136 455 FY25
Slide 42: Completed Projects: Synopsis
Completed Projects: Synopsis As on Mar-24 Completed time Project Completion Sr. No. Projects Towers Type Location Model Total Units Units Sold Total Carpet Area Carpet Area Sold before scheduled Timeline Date 1 Tower E, F, G, H & I Residential Own 277 250 3,28,150 2,76,826 14 Months Sep-20 - Jan-24
Slide 43: Building Our International Presence
Building Our International Presence 3090 McDonald Avenue Location: Coconut Grove, Florida Type: Residential Size: : Saleable area of ~6,000 sq. ft. Project completed - Certificate of Occupancy received in the month of January 2024 1505 Ponce 551 Bayshore Location: Coral Gables, Florida, USA Location
Slide 44: Ongoing EPC Projects – 3.8 mn. Sq. ft.
Ongoing EPC Projects – 3.8 mn. Sq. ft. 01 02 03 Infrastructure Residential Commercial ~0.8 Mn. sq. ft. of Construction Work ~2.7 Mn. sq. ft. of Construction Work ~0.3 Mn. sq. ft. of Construction Work • Govt. Residential: PCMC - Charholi • Atmosphere O2* • Gateway • Aaradhya Avaan** ~110 Hectares - P
Slide 45: Industry Overview
Industry Overview |
Slide 46: Mumbai Real Estate Surges: A Glance
Mumbai Real Estate Surges: A Glance Mumbai Residential Project Launch & Sales Trend Robust play of economic indicators 1,00,000 80,000 • GDP growth: 60,000 • Progressive 6.5%; India continues to be the fastest growing major 40,000 economy • GDP growth projection for 20,000 FY2024-25 remains steady a
Slide 47: Real Estate Market: Poised for multi-year growth cycle
Real Estate Market: Poised for multi-year growth cycle Multifold growth in India’s real estate market size(USD billion) Favorable Long-Term Factors 5,833 • Size of India’s economy is estimated to reach USD 33 tn to USD 40 tn by 2047 1,023 477 • India's population set to hit 1.7 billion by 2047, 2022
Slide 48: Robust Infrastructure Play
Robust Infrastructure Play Large scale development initiatives by Government Strong Macro-Drivers Sagarmala Project - Port Development and modernization program - Significant Investment outlay of Rs. 5.5 trillion by 2035 • Infrastructure led economic growth • Strong emphasis laid on ‘Make in India P
Slide 49: Macro View: Port Sector in India
Macro View: Port Sector in India Overall Port Traffic State-wise break-up of investments from FY23-FY27 Percentage of total investments 2.8% 3-6% CAGR CAGR Mn tonnes 1,600 1,400 1,200 1,000 54%-56% 15-20% 5-10% 800 55% 53%-55% 55% 53% 54% 54% 15-20% 600 15-20% 400 200 44%-46% 0-5% 10-15% 45% 47% 46%
Slide 50: Thank You
THANK YOU INVESTOR RELATIONS Company: MICL Go India Advisors Name: Mr. Yashesh Parekh Name: Mrs. Sheetal Khanduja Tel: +91-8108321555 Tel: +91-9769364166 Email: Yashesh@maninfra.com Email: sheetal@goindiaadvisors.com 49
Man Infraconstruction — Q4 FY24 Earnings Presentation on 6ix