Man Infraconstruction Limited · NSE:MANINFRA
Man Infraconstruction — Q2 FY24 Earnings Presentation
60 slides from Man Infraconstruction's earnings presentation, Nov 6, 2023
Slide 1: Exchange filing cover letter
EPC RE A L EST A TE MAN INFRACONSTRUCTION LIMITED ( CIN: L70200MH2002PLC136849) 05th November, 2023 The Listing Department The Corporate Relationship Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, Sandra Kurla Complex, Phiroze Jeejeebhoy Towers, Sandra (E), Mumbai -
Slide 2: Investor Presentation – Q2 FY24
MAN INFRACONSTRUCTION LIMITED INVESTOR PRESENTATION – Q2 FY24 Nov 2023
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 MICL Business Model 15 Performance Update 23 Company Financials 31 Our Business 36 Way Forward 45 Annexure 48 3
Slide 5: MICL Group Overview
MICL Group Overview MICL INTRODUCTION BUILT WITH ETHICS, BUILT WITH ETHICS, LED WITH PASSION, LED WITH PASSION, FOCUSSED ON VALUE CREATION 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: Successful Third Generation Leadership
Successful Third Generation Leadership Late MR. KISHORE SHAH MR. PARAG SHAH MR. MANAN SHAH MR. VATSAL SHAH Founder Chairman Emeritus, MICL Managing Director, MICL Director, MICL Global A civil engineer by profession 30+ years of solid experience Joined business in 2013 with a Earned a M.S. in Busine
Slide 8: Focused on Value Creation
Focused on “ TODAY WE LIVE OUR BEST LIFE, AND TOMORROW, Value Creation WE LIVE BETTER. ” Lead the company in Successful Diversification to real estate segment - Real Estate vertical constitute ~50% of revenue in FY23 Strengthened real estate portfolio with 5.9* mn. sq. ft. of projects Built reputed
Slide 9: Well-Structured Board
Well-Structured Board MR. BERJIS DESAI Dr. KSHITIJA WADATKAR MR. DHARMESH SHAH MS. KAVITA UPADHYAY MR. ASHOK MEHTA Chairman and Independent Director Independent Director Independent Director Whole-time Director & CFO Non-Executive Director A Master of Law from the She has over 14 years of Member of
Slide 10: Proven Execution Capabilities
Proven Execution Capabilities EPC Projects Real Estate Projects o Built India's first private port at Nhava Sheva, JNPT. o Establishing a niche in the field of redevelopment projects - Cluster, private society and MHADA o Built 200+ hectares of ports across India and executing o Established presence
Slide 11: MICL Gaining Dominance
MICL Gaining Dominance Before Time Completion 01 Delivered all 15 Projects comprising 1.8 mn sq. ft. of carpet area at least 6 months to 1 year before scheduled date Negligible Inventory in Completed Projects 02 Nearly 85% of the inventory is sold out before receipt of OC in all the projects Iconic
Slide 12: Building - The Future in Mumbai
Building - The Future in Mumbai Aaradhya Avaan Project at Project at Project at 01 Tardeo 02 Ghatkopar (E) 03 Goregaon (W) 04 Vile Parle (W) and Dahisar Phase 3 • Developing one of the largest • Building one of India’s tallest • Developing first of its kind 12,000+ redevelopment projects on a reside
Slide 13: Track Record Of Delivering All Projects Before Time
Track Record Of Delivering All Projects Before Time Committed Before time Sr. No. Projects Towers Type Location MICL Model Launch date OC Date Date of possession possession 1 Tower D Residential Own Sep-20 Aug-23 Mar-24 7 Months 2 Aaradhya OneEarth Tower A & C Residential Ghatkopar east Own Sep-20 J
Slide 14: Architects and consultants
ARCHITECTS psP EDIFICE felfes architects boss Ratt — uN hear Daiwa . archascts (Qos =—— POP aré po Po eco Keb & norein KA Vay Puriobi Contents Pt Lt LANDSCAPE ARCHITECTS MAN INFRACONSTRUCTION LIMITED 13 STRUCTURAL CONSULTANTS Strictwel Designers & [Consultants Pot. Ls. MEP CONSULTANTS HCP... HO Desi
Slide 15: 18+ Prestigious Awards
18+ Prestigious Awards OUTSTANDING INDUSTRY CONTRIBUTION THE REAL ESTATE EMERGING ACHIEVEMENT TOWARDS THE EXTRAORDINAIRE RISING STAR BUILDER YOUNG AWARD- CIVIL ECONOMY OF BRAND AWARD ACHIEVER OF THE CONSTRUCTION MUMBAI 2023. 2023 2023 YEAR 2023 2023 UDC-Hurun Stars of Brand Vision Summit 2023 Grohe
Slide 16: MICL Business Model
MICL Business Model MAN INFRACONSTRUCTION LIMITED
Slide 17: EPC Real Estate
We are an integrated EPC company o Established formidable position in real estate development o 3rd generation now in business with a focussed leadership o Backed by superior financial track record EPC Real Estate • Pioneered in constructing India’s 7 major ports at • Asset light business model key
Slide 18: Two Segments but Multiple streams of Income
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 managing of site, into o
Slide 19: Diversified Business Verticals
Diversified Business Verticals 5.9 Mn. Sq. ft. Projects – Real Estate Portfolio ~ Rs. 1,156 Cr Order Book – EPC Portfolio ~2.2 Mn. Sq. ft. 1.3 ~110 hectares 14% 1.8 Delivered Residential of Ongoing projects of ongoing ports & Ongoing infra projects Infrastructure Upcoming 2.4 Balance Potential ~4.8
Slide 20: Real Estate Ongoing Projects: Our Business Model
Real Estate Ongoing 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/ DM) DM Fee Equity Margin EPC Margin PMC Margin (Rs. Cr) Aaradhya High Park – Ongoing: (Towers E & F) Near Dah
Slide 21: Business Model: Efficient and Scalable
Business Model: Efficient and Scalable Consolidated financials Maintaining Balance Sheet Strength Leverage Expertise & Knowledge • Maintain low leverage • Strong in-house EPC capabilities • Maximize cash flows • Enabling timely execution of • Bottom-line focused real estate projects Net Cash positiv
Slide 22: 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 -0.3 606 513 360 332 299 308 240 207 228 156 44 -102 151 91 -390 Net Debt Cash & cash Eq. Net Debt/Equity ratio (x) FY20 FY21 FY22 FY23
Slide 23: Strong Financial and Operational Track Record
Strong Financial and Operational Track Record Consolidated financials – Amount in (Rs. Cr) Revenue EBITDA Net Profit 1,890 50% CAGR 43% CAGR 414 58% CAGR 259 216 972 248 961 427 640 100 97 371 42 267 918 32 164 293 178 321 -3 -7 207 89 134 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20
Slide 24: Performance Update Q2FY24 & H1FY24
Performance Update Q2FY24 & H1FY24
Slide 25: Aaradhya Avaan
MICL launches India’s most iconic residential tower in Mumbai Launched in Oct-23 Aaradhya Avaan Actual Shot 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. Actual Shot • Revenue potential of
Slide 26: Q2 & H1FY24 Highlights – Business Highlights
Q2 & H1FY24 Highlights – Business Highlights Business Highlights 1. MICL Group to develop one of the largest redevelopments on a 10 acre land parcel in western suburbs of Mumbai city having carpet area for sale of about 17 lakhs square feet with potential to generate revenue of Rs. 4,000 crore 2. Re
Slide 27: Q2 & H1FY24 Highlights – Business Highlights
Q2 & H1FY24 Highlights – Business Highlights Business Highlights • MICL has increased its equity stake in 'Atmosphere Realty Private Limited' (ARPL), an associate company, from the existing 17.5% to a total of 30% involving a cash consideration of Rs. 12.5 crore. o ARPL is currently involved in over
Slide 28: Q2 & H1FY24 Highlights – Business Highlights
Q2 & H1FY24 Highlights – Business Highlights Sales Performance: Real Estate • Cumulative sales of 2.87 mn sq. ft. of carpet area with a corresponding sales value of Rs. 6,240+ cr as on Sep-23 H1FY24 • Achieved sales of 0.9 lakh sq. ft. of carpet area in H1FY24 with a sales value of Rs. 235 crore • A
Slide 29: Real Estate Projects: Quarterly Synopsis
Real Estate Projects: Quarterly Synopsis Sr. MICL's RERA Carpet Project Name Location MICL's Stake Area sold Units Sold No. Model area (%) (JDA/JV/ DM) (sq ft.) (sq ft.) (nos.) Aaradhya HighPark - Near 1 99.99% Own 2,21,460 1,415 3 Tower E & F Dahisar Aaradhya Parkwood - Near 2 99.99% Own 3,01,329 4
Slide 30: Q2FY24 Performance - Company Highlights
Q2FY24 Performance - Company Highlights Consolidated financials – Amount in (Rs. Cr) Revenue from operations stands at Rs. 215 cr vs Rs. 401 cr in PY Total Income stands at Rs. 243 cr. Vs Rs. 414 cr in PY EBITDA stands at Rs. 65 cr vs Rs. 94 cr in PY KEY Net profit jumps by 31% to Rs. 70 cr. Vs Rs.
Slide 31: Q2 & H1FY24 Performance - Financial Highlights
Q2 & H1FY24 Performance - Financial Highlights Consolidated financials – Amount in (Rs. Cr) Particulars Q2FY24 Q2FY23 H1FY24 H1FY23 Revenue from 725 753 215 401 operations Real Estate 93 256 227 482 EPC 122 146 498 271 EBITDA 65 94 174 161 EBITDA Margin 30.2% 23.4% 24.0% 21.3% PAT 70 53 152 92 PAT M
Slide 32: Company Financials
Seeee” pany Financials
Slide 33: Q2 FY24 and H1FY24 Consolidated Financial Highlights
Q2 FY24 and H1FY24 Consolidated Financial Highlights Particulars (Rs. Crs.) Q2 FY24 Q2 FY23 Y-o-Y Q1 FY24 Q-o-Q H1FY24 H1FY23 Y-o-Y FY23 Revenue from operations 215.3 401.3 -46% 509.7 -58% 725.0 753.2 -4% 1,890.3 Total Expense 150.3 307.4 400.6 550.9 592.5 1,476.4 EBITDA 65.0 93.9 -31% 109.1 -40% 17
Slide 34: Historical Financial Highlights - Consolidated
Historical Financial Highlights - Consolidated Profit & Loss Statement (Rs. Crs.) H1FY24 Q1FY24 FY23 FY22 FY21 FY20 FY19 Revenue from Operations 725.0 509.7 1,890.3 961.5 427.2 267.0 371.4 Total Expense 550.9 400.6 1,476.4 714.0 330.6 269.7 271.6 EBITDA 174.1 109.1 413.9 247.5 96.6 -2.7 99.8 EBITDA
Slide 35: Q2FY24 Standalone Financial Highlights
Q2FY24 Standalone Financial Highlights Particulars (Rs. Crs.) Q2 FY24 Q2 FY23 Y-o-Y Q1 FY24 Q-o-Q H1FY24 H1FY23 Y-o-Y FY23 Revenue from operations 113.1 122.4 -8% 362.6 -69% 475.7 220.0 116% 797.8 Total Expense 61.5 96.3 283.1 344.6 158.7 660.9 EBITDA 51.6 26.1 97% 79.5 -35% 131.1 61.3 114% 136.9 EB
Slide 36: Historical Financial Highlights - Standalone
Historical Financial Highlights - Standalone Profit & Loss Statement (Rs. Crs.) H1FY24 Q1FY24 FY23 FY22 FY21 FY20 FY19 Revenue from Operations 475.7 362.6 797.8 236.6 119.6 107.0 166.5 Total Expense 344.6 283.1 660.9 175.5 115.9 108.8 125.7 EBITDA 131.1 79.5 136.9 61.1 3.7 -1.8 40.8 EBITDA % 27.6% 2
Slide 37: Real Estate Business
Real Estate Business
Slide 38: Superior Competitive Strength
Superior Competitive Strength 15 projects (residential + commercial) delivered ~Rs. 700^ cr. invested ~5.9* million sq. ft. (Carpet area) of - Proven track record of quality & execution by the company in own Real Estate real estate portfolio - All projects delivered before the scheduled date Develop
Slide 39: Ongoing Projects: Till Date Synopsis
Ongoing Projects: Till Date Synopsis As on Sep-23 Sr. Developing MICL's Type MICL's RERA Completion Date of Project Name Location Area sold Total Units Units Sold No. entity Stake Model Carpet area Status Completion$ (%) (JDA/JV/ DM) (sq ft.) (sq ft.) (nos.) (nos.) (%) Aaradhya HighPark Man Near 2 R
Slide 40: Upcoming Real Estate Projects
Upcoming Real Estate Projects MICL's Type MICL's Model RERA Carpet Total Expected Sr. No. Project Name Developing entity Location Stake area^ Units Launch Date* (%) (JDA/JV/ DM) (sq ft.) (nos.) Aaradhya Parkwood - Near 2 Residential 1 Man Vastucon LLP 99.99% Own 2,30,136 455 Q4FY24 Phase 2 Dahisar T
Slide 41: Completed Projects: Synopsis
Completed Projects: Synopsis Completion Project Sr. Total Carpet Projects Towers Type Location Model Total Units Units Sold Carpet Area Sold before Completion No. Area scheduled Date Timeline 1 Tower D Residential Own 45 45 31,998 31,998 7 Months Sep-20 - Aug-23 2 Aaradhya OneEarth Tower A & C Resid
Slide 42: Building Our International Presence
Building Our International Presence Edition Residences URBIN Miami Beach Location: Fort Lauderdale, Florida, USA Location: Washington Avenue, Miami Beach, Florida Type: Residential Type: Commercial, lease model Size: 81 Luxury residence units with Features: co-live, co-work, and an saleable area of
Slide 43: EPC Business
EPC Business
Slide 44: Ongoing EPC Projects – 4.8 mn. Sq. ft.
Ongoing EPC Projects – 4.8 mn. Sq. ft. 01 02 03 Infrastructure Residential Commercial ~1.3 Mn. sq. ft. of Construction Work ~3.2 Mn. sq. ft. of Construction Work ~0.3 Mn. sq. ft. of Construction Work • Govt. Residential: PCMC - Charholi & Ravet • Atmosphere O2* • Gateway • Aaradhya High Park - Phase
Slide 45: Marquee Clientele with excellent client relationships
Marquee Clientele with excellent client relationships 44
Slide 46: Way Forward
Way Forward
Slide 47: Strategic Priorities
Strategic Priorities Strengthening our position in existing segments Focus on execution and Cash Flow generation Maintain a strong Balance Sheet Create superior Shareholder Value 46
Slide 48: 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 49: Annexure
Annexure
Slide 50: Real Estate: Ongoing Projects
Real Estate: Ongoing Projects AMENITIES *Flats/Units offered for sale are only for Tower 3 (Clove) & Tower 4 (Dion) of Aaradhya Parkwood 1 Project. Infinity Swimming Pool Toddler’s Yoga & Zumba Indoor Games Area Area Artist's Impression AMENITIES Artist’sImpression Reflection Pool Elegant Deck Seati
Slide 51: Real Estate: Ongoing Projects
Real Estate: Ongoing Projects AMENITIES Artist’s Impression Luxurious Swimming Kids’ Play Area Mini - Theatre Gymnasium Pool Artist's Impression Artist's Impression AMENITIES Artist’s Impression The Sports Lounge Snooker Lounge Gymnasium Business Chamber Artist's Impression Artist's Impression AMENI
Slide 52: Upcoming Projects
Upcoming Projects Aaradhya Parkwood P r o j e c t a t Gha tk op a r P r o j e c t a t Gor eg a on , Nea r Da his a r , Mu m b a i E a s t, Mu m b ai W es t Mu m b a i Artist's Impression Sample Illustration Artist's Impression Artist's Impression 51
Slide 53: Real Estate: Completed Projects
Real Estate: Completed Projects 52
Slide 54: Real Estate: Completed Projects
All Images Are Actual shots. Real Estate: Completed Projects AARADHYA EASTWIND AARADHYA HIGHPARK – PHASE 1 AARADHYA ONE EARTH – PHASE 1 Atmosphere O2 Site 53
Slide 55: EPC Completed Projects – Port Infrastructure
EPC Completed Projects – Port Infrastructure Constructed the first Private Port of India Bharat Mumbai Container Mundra International Chennai Container Terminal Terminals Pvt Ltd (BMCT) Container Terminal (MICT) (CCT) 90 Hectares 23 Hectares 15 Hectares Nhava Sheva International Container Terminal G
Slide 56: EPC Completed Projects – Residential Buildings and Townships
EPC Completed Projects – Residential Buildings and Townships Kohinoor Residency PCMC - EWS CLIENT : Kohinoor Planet Construction CLIENT : Pimpri Chinchwad Pvt. Ltd. Municipal Corporation (PCMC) AREA: 0.30 Million Sq. Ft. AREA: 2.46 Million Sq. Ft. Blue Ridge Orchid Woods CLIENT : Flagship Infrastruc
Slide 57: EPC Completed Projects – Commercial Buildings and Institutions
EPC Completed Projects – Commercial Buildings and Institutions Kohinoor Commercial Complex Godfrey Phillips Factory Shed CLIENT : Kohinoor Planet Construction Pvt. CLIENT : Godfrey Phillips India Ltd. Ltd. AREA: 0.10 Million Sq. Ft. AREA: 0.36 Million Sq. Ft. Sai Complex Gigaplex IT Park CLIENT : Sh
Slide 58: Indian Real Estate to become $1 trillion market
Indian Real Estate to become Housing to contribute ~7% of GDP Favourable Long-Term Factors $1 trillion market 12% 10% 1,000 Home loan rate still lower than 8% peak levels 650 6% Significant improvement in 4% affordability 180 2% 50 0% Unsold Inventory at it’s lowest 2008 2020e 2025e 2030e FY12 FY20
Slide 59: Large scale development initiatives by Government
Large scale development initiatives by Government Strong Macro-Drivers Sagarmala Project • Infrastructure led economic growth - Port Development and modernization program - Significant Investment outlay of Rs. 5.5 trillion by 2035 • Strong emphasis laid on ‘Make in India initiative’ • All time high
Slide 60: 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 59
Man Infraconstruction — Q2 FY24 Earnings Presentation on 6ix