Mahindra Lifespace Developers Limited · NSE:MAHLIFE
Mahindra Lifespace Developers — Q4 FY19 Earnings Presentation
43 slides from Mahindra Lifespace Developers's earnings presentation, Apr 22, 2019
Slide 1: Cover letter to stock exchanges
Mahindra Lifespace Developers Ltd. LIFESPACES Chemtex House, Ground Floor, Main Street, Hiranandani Gardens, Powsi, Mumbai 400 076 Tel +914 22 66793180 / 3191 Fax: +91 22 66793166 www.mahindralifespaces.com Date: 224 April, 2019 Bombay Stock Exchange Limited National Stock Exchange of India Limited
Slide 2: Investor Presentation – Q4 FY19
Artist’s impression of ‘CENTRALIS’ @ Pune Investor Presentation – Q4 FY19 1
Slide 3: Contents
Contents ▪ Key Highlights ▪ Residential Business Update ▪ Integrated Cities & Industrial Clusters Update ▪ Financial Update 2
Slide 4: Key Highlights
Key Highlights The operating highlights from Slide 4 to Slide 25 are for the Company and its subsidiaries / joint ventures / associates engaged in the real estate business (mainly MLDL, MHPL, MBDL, MITL, MRDL, MHDL, MWCDL, MWCJL, MIPCL & MIPPL) Disclaimer: The Company has registered its ongoing proj
Slide 5: Key Highlights – FY 2019
Key Highlights – FY 2019 1023 crores Residential sales 67% (over FY 2018) 243 crores Land leasing in IC&IC 69% (over FY 2018) 2.25 msft Development potential of deals executed across 3 land parcels 1.55 msft Total area launched including 3 new projects 963 crores Residential collections 60% (over FY
Slide 6: Key Highlights – Q4 FY19
Key Highlights – Q4 FY19 o Achieved sales of 0.65 msft valued at Rs. 407 Crs. o Launched ‘CENTRALIS’ a new project in Pimpri, Pune in Mar’19, comprising of ~0.34 msft, of which 88% has been sold in the month of launch. Residential * o Attained collections of Rs. 301 Crs. o Completed 1 msft across 6
Slide 7: Financial Highlights
Financial Highlights All figures in Rs. Crs For MLDL Consolidated Q4 2019 Q3 2019 Q4 2018 (As per IND AS) Total Income 247 137 181 EBIDTA 38 25 75 PAT 31 21 48 For MLDL Consolidated FY 2019 FY 2018 (As per IND AS) Total Income 654 644 EBIDTA 160 180 PAT 120 101 Net Debt -65.6 111 Net Worth 1930 2059
Slide 8: Business Overview
Business Overview Residential Integrated Cities & Industrial Clusters Mid and Premium Affordable Integrated Cities Industrial Clusters Residential Housing Brand: Brand: Brand: Brand: Total Total 3.12 Total Gross Total Gross Development 22.11 Development Area 4437 Area 626 Footprint** msft Footprint*
Slide 9: Residential Business Update
Residential Business Update 8
Slide 10: Sales – Annual Trend
Sales – Annual Trend 1,500 1.69 1.80 1,300 1.60 1.38 1.40 1,100 1.18 1.16 1,023 1.20 900 836 0.90 1.00 700 709 0.80 611 500 536 0.60 300 0.40 100 0.20 (100) FY15 FY16 FY17 FY18 FY19 - Sales Value (Rs. Crs) Saleable Area (msft) Launches* msft 2.43 0.99 0.58 1.17 1.55 Compl~ etions* msft 1.28 3.29 0.9
Slide 11: Sales – Quarterly Trend
Sales – Quarterly Trend Q4 FY19 Sales Project Name 662 Value (Rs. Crs) 538 Roots 20 0.65 Happinest Boisar 5 Happinest Palghar 1 6 345 350 407 Antheia 53 316 Centralis 188 0.40 0.36 0.35 Bloomdale 14 0.29 256 Luminare # 29 215 Windchimes 53 163 144 Ashvita # 7 Aqualily 11 Lakewoods 11 Q4 FY18 Q1 FY19
Slide 12: Sales - City and Price Segment wise
Sales - City and Price Segment wise Q4 FY19 City-wise Sales (Volume) Q4 FY19 City-wise Sales (Value) 9% 7% 13% 8% MMR MMR Pune Pune 14% 8% Nagpur Nagpur 2% 2% NCR NCR 7% 4% Hyderabad Hyderabad 5% 3% Chennai Chennai 58% 59% Bengaluru Bengaluru Q4 FY19 Price Segment-wise Sales (Volume) Q4 FY19 Price S
Slide 13: Operating Metrics
Operating Metrics Collections & Construction Spend (Rs. Crs) Completions & Launches (msft) 301 1.0 249 218 199 195 0.6 0.5 0.5 117 0.4 103 0.3 0.3 82 83 0.2 64 0.2 0.1 Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Customer Collections Construction Spend Completions
Slide 14: Project Portfolio
Project Portfolio Location Saleable Area 2 (msft) Ongoing Forthcoming Land Inventory MMR** 0.78 2.17 0.941 Pune 0.63 0.68 - Nagpur 0.84 - - NCR* 0.41 0.37 - Bengaluru 0.43 0.74 - Chennai 0.59 1.19 9.50 Total 3.68 5.16 10.44 Total Completed Development – 16.39*** msft * NCR includes Delhi, Gurgaon an
Slide 15: Summary of Ongoing and Forthcoming Projects
Summary of Ongoing and Forthcoming Projects All figures in msft Total Launched Completed Ongoing Balance (To Company / Region Project Name Development Development Development Development be launched) SPV A B C D E = (A-C-D) MMR Serenes MLDL 0.16 0.06 - 0.06 0.09 Vivante MLDL 0.16 0.16 - 0.16 - Roots
Slide 16: Development mix of Ongoing Projects
Development mix of Ongoing Projects Indicative Area Range Region Project Name Location Segment Development Mix Prices Saleable (sqft) (Rs. Crs) MMR Serenes Alibaug Luxury 3, 4 BHK Villas 3000 - 3400 3 - 3.5 Vivante Mumbai Mid-Premium 1, 2, 2.5 & 3 BHK 740 - 2041 1.5 - 4 Roots Mumbai Mid-Premium 1 &
Slide 17: Summary of Ongoing Projects
Summary of Ongoing Projects Launched PTD Sales RERA Area Sold Location Project Name Development* % Completion** Value Completion (msft) (msft) (Rs. Cr) Date*** MMR The Serenes I 0.06 0.02 81% 13.8 Aug-18 to Dec-21 Vivante 0.16 0.16 94% 268.1 Oct-19 Roots 0.14 0.09 40% 112.9 Sep-22 Happinest Palghar
Slide 18: Forthcoming Projects
Forthcoming Projects Est. Saleable Area* Segment Location Name of the Project msft Subsequent Phases of Existing Projects MMR Serenes 0.09 NCR Luminare # 0.37 Mid & Premium Residential Aqualily 0.07 Chennai Lakewoods 0.62 Affordable Housing Chennai Happinest Avadi 0.10 TOTAL - Subsequent Phases of E
Slide 19: Balance Inventory in Completed Projects
Balance Inventory in Completed Projects Balance units Balance area Location Project Name Company MLDL Holding to sell * to sell (msft) * MMR Happinest Boisar MLDL 100% 157 0.07 Pune Antheia MLDL 100% 11 0.01 Nagpur Bloomdale MBDL 100% 8 0.01 NCR Luminare # MHPL 50% 30 0.09 Bengaluru Windchimes MHPL
Slide 20: Cash Flow Potential
Cash Flow Potential Value Particulars ( Rs. Cr) Ongoing & Completed Sales completed in ongoing projects 1376 Projects Less : Amount collected from sales 578 Net amount to be collected on completed sales 798 Estimated sales from finished goods & balance inventory in ongoing projects # 1217 Less: Esti
Slide 21: Integrated Cities & Industrial Clusters Update
Integrated Cities & Industrial Clusters Update 20
Slide 22: Mahindra World City, Chennai – Business Update
Mahindra World City, Chennai – Business Update Total Area Procured – 1524 acres | Leasable Area – 1145 acres • Total number of customers: 80 (66 Operational) 425 425 422 419 • Leased 11.82 acres during Q4 FY19 ✓ Tata Ficosa (DTA): 3.83 Acres 298 272 ✓ Motivational Graphics (DTA): 7.35 Acres ✓ Perfec
Slide 23: Mahindra World City, Jaipur – Business Update
Mahindra World City, Jaipur – Business Update Total Area Procured – 2913 acres | Leasable Area – 2011 acres • Total number of customers: 88 (53 Operational) • Leased 3.55 acres during Q4 FY19 1026 ✓ Padmavati Industries (SEZ): 1.01 Acres ✓ Satyam Plastfab Pvt. Ltd. (SEZ): 2.54 Acres 695 408 356 290
Slide 24: Creating Economic Value
Creating Economic Value Mahindra World City Chennai Mahindra World City Jaipur 11,334 39,500 39,500 10,230 8,396 8,300 38,000 38,000 6,836 37,000 7,826 9,359 10,202 11,428 12,404 1,119 1,128 1,245 1,311 1,552 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 Exports (Rs. Crs.)* Employment (Direct) E
Slide 25: Industrial Parks – Origins, Ahmedabad & North Chennai
Industrial Parks – Origins, Ahmedabad & North Chennai 340 286 Area in acres 221 206 23 0 Ahmedabad North Chennai Gross Area Leasable Area* Leased Area Ahmedabad Project Details: (Forthcoming) North Chennai Project Details: (Ongoing) – SPV Name: MIPPL – SPV Name: MIPCL – Location: Jhansali Village, L
Slide 26: Recurring Rental Income
Recurring Rental Income Recurring Income & Expenses (Rs. Crs) Evolve, MWCJ 25 20 20 21 20 20 Total area 0.431 msft 15 12 Area leased 0.405 msft 10 9 9 8 Mahindra Towers, Delhi 5 0 Total area 0.056 msft Income Expenses Income Expenses Income Expenses Income Expenses Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Ev
Slide 27: Financial Update
Financial Update 26
Slide 28: Financial Snapshot – MLDL Consolidated
Financial Snapshot – MLDL Consolidated Statement of Profit and Loss All figures in Rs. Crs Particulars Q4 2019 Q3 2019 Q4 2018 FY 2019 FY 2018 Income Income from Operations 234.3 124.4 161.8 592.8 566.2 Other Income 12.6 13.0 18.8 61.0 77.9 246.9 137.4 180.6 653.9 644.1 Expenditure Operating Expense
Slide 29: Financial Snapshot – MLDL Consolidated
Financial Snapshot – MLDL Consolidated Balance Sheet All figures in Rs. Crs EQUITY & LIABILITIES FY 2019 FY 2018 ASSETS FY 2019 FY 2018 Property, Plant and Equipment 7.6 7.0 Equity Share capital 51.4 51.3 Capital work-in-progress 9.8 9.2 Other Equity 1,878.2 2,007.5 Investment Property 21.4 21.9 Net
Slide 30: Key Highlights
Key Highlights Total Income (Rs. Crs) Operating Income (Rs. Crs) 234 247 162 154 181 176 124 137 94 80 Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 EBITDA (Rs. Crs) and EBIDTA Margin PAT (Rs. Crs) and PAT Margin 44% 75 57% 48 41 53 31 42% 43 27 38 26% 21 24% 25 18%
Slide 31: Key Highlights
Key Highlights Gross Debt Equity Ratio 0.05 Net Debt Equity Ratio 0.04 0.22 0.01 0.00 0.15 0.12 0.12 0.10 -0.03 Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Interest Rate 9.49% 9.08% 8.96% 8.84% 8.56% Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Interest rate has been c
Slide 32: Residential and IC & IC Business Performance
Residential and IC & IC Business Performance 31
Slide 33: Residential and IC&IC Business Performance
Residential and IC&IC Business Performance All figures in Rs Crs unless specified Residential * IC & IC Particulars Q4 2019 FY 2019 Q4 2019 FY 2019 Area Sold (msft) / Land Leased (acres) 0.65 1.69 15.37 115.21 Sales / Lease Income 407 1023 43 243 Total Income 281 841 62 296 EBIDTA 35 113 27 163 EBID
Slide 34: Summary of Key Financials by Legal Entities for Q4 FY19
Summary of Key Financials by Legal Entities for Q4 FY19 Key Legal Entities in Residential Business All figures in Rs. Crs Economic Total Entity Name Interest Income EBIDTA PAT Debt Net Worth MLDL 100.0% 170.1 11.6 5.9 119.5 1,751.3 MHPL^ 50.0% 92.0 12.1 2.3 # 829.4 (24.3) MBDL 100.0% 51.2 6.7 4.7 #
Slide 35: Summary of Key Financials by Legal Entities for FY2019
Summary of Key Financials by Legal Entities for FY2019 Key Legal Entities in Residential Business All figures in Rs. Crs Economic Total Entity Name Interest Income EBIDTA PAT Debt Net Worth MLDL 100.0% 554.8 93.1 58.6 119.5 1,751.3 MHPL^ 50.0% 393.6 62.9 27.2 # 829.4 (24.3) MBDL 100.0% 93.5 10.6 7.2
Slide 36: Annexures
Annexures 35
Slide 37: Structure Overview
Structure Overview Note: Overview includes asset owning SPVs only. Shareholding percentage are based on common equity capital in SPVs as on March 2019. Numbers are rounded to the nearest percentage. # MIPPL is a strategic partnership between MLDL and IFC. 36
Slide 38: Management Structure
Management Structure Non-Executive Chairman Arun K Nanda MD & CEO - MLDL CEO - Happinest Sangeeta Prasad Arvind Subramanian Mid-Premium Corporate Integrated Cities & Industrial Clusters Happinest Residential Sr. VP - Legal & Company Business Head – MWC Business Head – MWC Chief Financial Officer Sec
Slide 39: Geographic presence of residential business
Geographic presence of residential business Total (msft) Mid-Premium Happinest Completed*: 15.42 0.97 Ongoing**: 3.11 0.57 Forthcoming**: 3.58 1.57 Note: All figures in msft of Saleable / Leasable area Land Inventory**: 10.44 – Total: 32.55 3.12 Completed area includes 1 msft of Commercial developme
Slide 40: Completed Projects
Completed Projects Area Area Area Area Location Name of the Project Location Name of the Project (mn sqm) (msft) (mn sqm) (msft) Mumbai Eminente 0.05 0.57 NCR Aura 0.13 1.36 Splendour 0.07 0.78 Luminare I # 0.03 0.37 Mahindra Park 0.02 0.19 Chloris 0.04 0.39 Mahindra Heights 0.01 0.06 Central Park 0
Slide 41: Glossary
Glossary Classification of projects is as under: a. Completed: projects where construction has been Actis Actis GP LLP completed and occupancy certificates have been DTA Domestic Tariff Area granted by the relevant authorities HDFC HDFC Capital Affordable Real Estate Fund-1 Capital b. Ongoing: proje
Slide 42: Disclaimer
Disclaimer ▪ This note has been prepared exclusively for the benefit and internal use of the recipient and does not carry any right of reproduction or disclosure. Neither this note nor any of its contents maybe used for any other purpose without the prior written consent of Mahindra Lifespace Develo
Slide 43: Thank You
Thank You Investor Relations Contact Mr. Jayantt Manmadkar Mr. Sumit Kasat Chief Financial Officer General Manager – Finance & Investor Relations Phone : +91-22-67478660 Phone : +91-22-67478645 Email: manmadkar.jayantt@mahindra.com Email: kasat.sumit@mahindra.com Mahindra Lifespace Developers Limite
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