Brigade Enterprises Limited · NSE:BRIGADE
Brigade Enterprises — Q1 FY23 Earnings Presentation
37 slides from Brigade Enterprises's earnings presentation, June 2022
Slide 1: Investor Presentation – Q1 FY23
Artist’s impression of Brigade Orchards Artist’s impression of Brigade Utopia BRIGADE ENTERPRISES LIMITED Investor Presentation – Q1 FY23 (CIN: L85110KA1995PLC019126) 1
Slide 2: Brigade – A brand that puts values first
Brigade – A brand that puts values first About us Presence • Leading property developer in South Indian real estate market with over 35 years of experience • Reputation of developing Grade A properties • Business Portfolio of Residential, Lease Rentals and Hospitality projects • Consistent EBITDA ma
Slide 3: Segments Highlights – Q1 FY23
Segments Highlights – Q1 FY23 Real Estate – On Sale Basis • Achieved pre-sales of ~1.2 Mn sft in Q1 FY23, an increase of 61% compared to Q1 FY22 Revenue Share % • Sales value was INR 8,139 Mn in Q1 FY23, an increase of 70% compared to Q1 FY22 • Average realization increased by 5% to INR 6,589/sft in
Slide 4: Summary: Ongoing Projects
Summary: Ongoing Projects Area in Mn sft Projects Project Area Co Share LO/JV share Total Project Area 7% Real Estate projects for sale 6.98 4.53 2.45 Real Estate Brigade Orchards * 1.22 0.61 0.61 Lease Rentals Brigade Cornerstone Utopia* 5.02 3.33 1.69 93% Brigade Residences at WTC Chennai* 0.57 0.
Slide 5: Contents
Contents 1 Sustained momentum in Real Estate Segment 2 Resurgence of demand in Leasing Segment 3 Strong revival in Hospitality Segment 4 Financial Performance 5 Land bank 6 Projects launched and upcoming launches 5
Slide 6: Highlights: Real Estate - Q1 FY23
Highlights: Real Estate - Q1 FY23 • Achieved pre-sales of ~1.2 Mn sft with a sale value of INR 8,139 Mn during Q1 FY23 • Average realization was INR 6,589/sft in Q1 FY23, increase by 5% compared to Q1 FY22 • Strong pipeline of ongoing projects of ~17.03 Mn sft Strong pipeline of upcoming projects of
Slide 7: Group Sales Snapshot
Group Sales Snapshot Q1 FY23 on Q1 FY23 on Particulars Q1 FY23 Q4 FY22 Q1 FY22 Q4 FY22 Q1 FY22 Net Area Sales (‘000 sft) Residential 1,130 1,508 751 (25%) 50% Commercial 105 40 14 162% 650% Total 1,235 1,548 765 (20%) 61% Net Sale Value (‘INR Mn) Residential 7,428 9,931 4,688 (25%) 58% Commercial 71
Slide 8: Quarterly Sales Performance – Real Estate
Quarterly Sales Performance – Real Estate Net Area Sales ('000 Sft) Net Sales Value (INR Mn) 1,548 10,279 1,313 1,235 8,306 8,139 1,090 6,842 765 4,800 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Achieved pre-sales of 1.2 Mn sft during Q1 FY23, a growth of 61% ove
Slide 9: Consolidated synopsis of Real Estate Projects
Consolidated synopsis of Real Estate Projects Ongoing BEL Ongoing SPV Particulars Stock Sales Total Projects Projects* In Mn sft BEL SPV Total super built-up area of projects on sale basis 15.24 1.79 0.52 0.49 18.04 Less: Landowner share 4.14 - - - 4.14 Company share of saleable area 11.10 1.79 0.52
Slide 10: Contents
Contents 1 Sustained momentum in Real Estate Segment 2 Resurgence of demand in Leasing Segment 3 Strong revival in Hospitality Segment 4 Financial Performance 5 Land bank 6 Projects launched and upcoming launches 10
Slide 11: Our Leasing Portfolio: Operating Assets
Our Leasing Portfolio: Operating Assets Area in Mn sft Retail 1.17 0.14 Leased Out Hard Option Office 5.43 0.37 1.57 To Be Transacted Particulars Leasable Area Leased Hard Option To be transacted Brigade Tech Gardens 3.00 1.85 0.20 0.95 WTC Chennai 2.01 1.47 0.06 0.48 WTC Bengaluru 0.62 0.62 - - Bri
Slide 12: Capex Commitment
Capex Commitment (INR Mn) Project Estimated cost Incurred Balance* Brigade Twin Towers 5,999 2,059 3,940 Total Commercial Lease 5,999 2,059 3,940 *As of June 22 Artist’s impression of Brigade Twin Towers, Bengaluru 12
Slide 13: Contents
Contents 1 Sustained momentum in Real Estate Segment 2 Resurgence of demand in Leasing Segment 3 Strong revival in Hospitality Segment 4 Financial Performance 5 Land bank 6 Projects launched and upcoming launches 13
Slide 14: Strong revival in Hospitality Segment
Strong revival in Hospitality Segment • Remarkable turnaround during Q1 FY23; revival of primary segments such as rooms, F&B, MICE and banquet events • Revenue and occupancy surpassed pre-covid levels; ARR is back to pre-covid levels Grand Mercure, Mysore Holiday Inn Express, OMR • Continued cost-op
Slide 15: Contents
Contents 1 Sustained momentum in Real Estate Segment 2 Resurgence of demand in Leasing Segment 3 Strong revival in Hospitality Segment 4 Financial Performance 5 Land bank 6 Projects launched and upcoming launches 15
Slide 16: Consolidated Financials: Snapshot
Consolidated Financials: Snapshot (INR Mn) Q1 FY23 on Q4 Q1 FY22 on Q1 Particulars Q1 FY23 Q4 FY22 Q1 FY22 FY22 FY22 Revenue 9,203 9,647 3,915 (5%) 135% EBITDA 2,504 2,276 1,200 10% 109% Finance costs 1,061 1,094 1,132 (3%) (6%) Profit before depreciation 1,443 1,182 68 22% 2022% Depreciation 751 90
Slide 17: Business Segment Performance: Q1 FY23
Business Segment Performance: Q1 FY23 (INR Mn) Particulars Real Estate Lease Rental Hospitality Total Revenue 6,550 1,754 899 9,203 as % of Total 71% 19% 10% 100% Direct Expenses 4,974 6 97 5,077 Admin Expenses 207 226 304 737 Selling Cost 158 63 38 259 Employee cost 354 103 169 626 EBITDA 856 1,357
Slide 18: Consolidated Cash Flows
Consolidated Cash Flows (INR Mn) Particulars Q1 FY23 Q4 FY22 Q1 FY22 Operating Activities Total Collections 12,103 13,335 7,172 Direct Cost/Construction Cost (4,860) (5,434) (3,488) Landowner Payments (1,097) (1,218) (619) Employee and Admin Expenses (938) (938) (738) Sales & Marketing Expenses (334
Slide 19: Capital Allocation: Segment-wise as of 30th June 2022
Capital Allocation: Segment-wise as of 30th June 2022 (INR Mn) Capital Employed % Operating Capital D/E Ratio PBD*/ Capital EBITDA/ Segment Equity (A) Debt (B) Employed (A/B) Equity % Employed OCE % (A+B) 11% (OCE) 29% Real Estate 19,938 2,133 22,071 0.11 20% 22,071 21% Hospitality 2,530 6,124 8,654
Slide 20: Consolidated Debt Profile
Consolidated Debt Profile (INR Mn) Particulars June-22 March-22 December-21 Real Estate 2,133 2,718 2,929 Hospitality 6,124 6,182 5,989 GOP Securitised 5,150 5,332 4,899 Capex 974 850 1,090 Leasing 32,698 32,288 32,100 Securitised Lease Rental 23,832 23,768 23,752 Capex 8,866 8,520 8,348 Less: Cash
Slide 21: Debt Profile & Cost of Borrowing
Debt Profile & Cost of Borrowing Segment Wise Debt (INR Mn) Gross debt to Brigade’s share 5% 2% 42,207 41,276 41,018 41,188 40,955 12% Gross Debt – 40,955 Mn 22,183 21,387 22% 59% 19,729 17,531 16,355 Commercial - LRD Commercial - CAPEX Hospitality - LRD Jun-21 Sep-21 Dec-21 Mar-21 Jun-22 Real Estat
Slide 22: Standalone Financial Statement
Standalone Financial Statement (INR Mn) Q1 FY23 on Q1 FY23 on Particulars Q1 FY23 Q4 FY22 Q1 FY22 Q4 FY22 Q1 FY22 Turnover 6,613 7,187 2,670 (8%) 148% EBITDA 1,746 1,827 902 (4%) 94% Finance costs 322 335 394 (4%) (18%) Profit before depreciation 1,424 1,492 508 (5%) 180% Depreciation 186 199 199 (7
Slide 23: Contents
Contents 1 Sustained momentum in Real Estate Segment 2 Resurgence of demand in Leasing Segment 3 Strong revival in Hospitality Segment 4 Financial Performance 5 Land bank 6 Projects launched and upcoming launches 23
Slide 24: Brigade’s Land Bank
Brigade’s Land Bank Land Area (in acres) as on 30th June 22 10 3 15 18 Bangalore 79 Chennai Kochi Mysore GIFT City Hyderabad Others Hyderabad 367 Bengaluru Mysore Chennai Total Land Area Cost of Land Amount Paid Balance Payable Kochi (Acres) (INR Mn) (INR Mn) (INR Mn) Thiruvananthapuram 492 18,513 7
Slide 25: Developable Area Details
Developable Area Details Project Area (Mn Project Area: Product Mix Product Land Area (Acres) BEL Share (Mn Sft) Sft) Residential 275 34.7 25.9 3% 1% 3% Plotted development 84 1.8 0.8 Commercial-Lease 57 7.2 6.6 15% Logistics & Warehousing 44 1.1 1.1 Commercial-Sale 11 1.5 0.9 Hotel 21 0.4 0.4 4% To
Slide 26: Contents
Contents 1 Sustained momentum in Real Estate Segment 2 Resurgence of demand in Leasing Segment 3 Strong revival in Hospitality Segment 4 Financial Performance 5 Land bank 6 Projects launched and upcoming launches 26
Slide 27: Projects Launched: Q1 FY23
Projects Launched: Q1 FY23 Project Area BEL Economic Interest Project City Segment (Mn Sft) (Mn Sft) Neem Groove @ Brigade Orchards Bengaluru Plotted development 0.17 0.08 Brigade El Dorado – Iridium Block Bengaluru Residential 0.34 0.34 Total 0.51 0.42 Artist’s impression of Neem Groove, Brigade Or
Slide 28: Upcoming Launches
Upcoming Launches Segment Total Area (Mn sft) Brigade Economic Interest (Mn sft) Residential 7.60 6.32 Plotted development 1.94 0.85 Leasing 2.03 1.20 Total 11.57 8.37 Artist’s impression of Brigade Nanda Heights Artist’s impression of Brigade Atmosphere, Pearl 28
Slide 29: Awards and Accolades – Q1 FY23
Awards and Accolades – Q1 FY23 • Awarded Economic Times Real Estate Conclave Awards 2022 South for below categories Mr. M R Jaishankar – Realty personality Brigade Orchards – Township project Brigade Xanadu – Theme based project Brigade Atmosphere – Villa project • Conclave & Excellence Awar
Slide 30: Awards and Accolades – Q1 FY23
Awards and Accolades – Q1 FY23 • Brigade El Dorado recognized as Best affordable Housing Project in the state, at PMAY Empowering India Awards, 2022 • Certificate for IDEA Video/TVC Campaign of the Year by Indian Digital Excellence Awards, 2022 30
Slide 31: Shareholding Pattern – 30th June 2022
Shareholding Pattern – 30th June 2022 18% Promoter Group 44% FIIs and FPIs Mutual Funds 25% Others 13% 31
Slide 32: Board of Directors
Board of Directors Lakshmi Dr. Venkatesh Pavitra Shankar M. R. Jaishankar Aroon Raman Venkatachalam Panchapagesan Chairman and Managing Director Independent Director Independent Director Independent Director Executive Director • Masters in Business Administration • MBA from Wharton School, • MBA fro
Slide 33: Ongoing Residential Projects
Ongoing Residential Projects Artist’s impression of Brigade Laguna Artist’s impression of Brigade Komarla Heights 33
Slide 34: Upcoming launches
Upcoming launches Artist’s impression of Brigade Atmosphere, Pearl Artist’s impression of Plotted development at Devanahalli Artist’s impression of Brigade Calista Artist’s impression of Brigade Horizon 34
Slide 35: Completed Residential Projects
Completed Residential Projects Artist’s impression of Brigade Woods Artist’s impression of Brigade Parkside North 35
Slide 36: Completed Commercial Projects
Completed Commercial Projects Actual shot at World Trae Center, Chennai Actual shot at Brigade Tech Gardens 36
Slide 37: Thank you
Email:investors@brigadegroup.com Brigade Enterprises Limited 29th & 30th Floor, World Trade Center Brigade Gateway Campus, Dr Rajkumar Road, Malleswaram-Rajajinagar, Bengaluru 560055 Thank you Disclaimer: The information in this presentation contains certain forward-looking statements. These include