Brigade Enterprises Limited · NSE:BRIGADE
Brigade Enterprises — Q1 FY2015-16 Earnings Presentation
38 slides from Brigade Enterprises's earnings presentation, 2015
Slide 1: Brigade Group Investor Presentation – Q1 FY 2015-16
Brigade Group Investor Presentation – Q1 FY 2015‐16 (CIN: L85110KA1995PLC019126)
Slide 2: Q1 FY16 - Key Highlights
Q1 FY 16 ‐ Key Highlights Consolidated Q1 FY 2015‐16 Revenue was Rs. 3,537 Mn (83% increase over Q1 FY15; 9% decrease over Q4 FY15) and PAT of Rs. 246 Mn (286% increase over Q1 FY15; 28% decrease over Q4 FY15) Standalone Q1 FY 2015‐16 Revenue of Rs. 2,975 Mn (77% increase over Q1 FY15; 3% decrease o
Slide 3: Consolidated Financials - Snapshot
Consolidated Financials ‐ Snapshot Amounts in Rs. Mn Turnover EBITDA 3,938 3,573 1,187 1,078 4,000 1,200 3,500 1,000 639 3,000 1,958 2,500 800 2,000 600 1,500 400 1,000 200 500 ‐ ‐ Q1 FY15 Q4 FY15 Q1 FY16 Q1 FY15 Q4 FY15 Q1 FY16 PAT Y‐o‐Y Growth % 341 286% 350 300% 246 300 250% 250 200% 200 64 150%
Slide 4: Consolidated Financials - Snapshot
Consolidated Financials ‐ Snapshot Amount in Rs. Mn Q1 FY16 on Q1 FY16 on Q1 Q4 Q1 Particulars Q4 FY15 Q1 FY15 FY16 FY15 FY15 (% Increase) (% Increase) Turnover 3,573 3,938 1,958 ‐9% 83% EBITDA 1,078 1,187 639 ‐9% 69% Interest 443 404 294 10% 51% Profit after Int 635 783 346 ‐19% 84% Depreciation 23
Slide 5: Standalone Financials - Snapshot
Standalone Financials ‐ Snapshot Amount in Rs. Mn Q1 FY16 on Q1 FY16 on Q1 Q4 Q1 Particulars Q4 FY15 Q1 FY15 FY16 FY15 FY15 (% Increase) (% Increase) Turnover 2,975 3,070 1,682 ‐3% 77% EBITDA 919 986 595 ‐7% 54% Interest 354 323 260 9% 36% Profit after Int 566 663 335 ‐15% 69% Depreciation 222 191 2
Slide 6: Consolidated Segment Contribution
Consolidated Segment Contribution 3 Months ending June 2015 Contribution to Total Revenue Contribution to Gross Profit Hospitality Hospitality 12% 19% Lease Rentals 14% Lease Rentals Real Estate 22% Real Estate 59% 74% Contribution to EBITDA Contribution to PBT Hospitality Hospitality 13% Lease Rent
Slide 7: Consolidated Segment Profit Analysis
Consolidated Segment Profit Analysis 3 Months ending June 2015 Amount in Rs. Mn Particulars Real Estate Hospitality Lease rentals Total Revenue 2,655 430 488 3,573 Expenses 1,511 66 61 1,638 Gross profit 1,145 363 426 1,934 Gross profit Margin % 43% 85% 87% 54% Admin Expenses 241 138 76 455 Employee
Slide 8: Standalone Segment Trend
Standalone Segment Trend 3 Months ending June 2015 Segment Revenue as % of Total Revenue Segment Gross Margin 72% 75% FY15 Q1 FY16 92% 91% FY15 Q1 FY16 87% 86% 80% 100% 80% 60% 60% 45% 42% 40% 16% 40% 12% 11% 14% 20% 20% 0% 0% Real Estate Hospitality Lease Rental Real Estate Hospitality Lease Rental
Slide 9: Standalone Segment Profit Analysis
Standalone Segment Profit Analysis 3 Months ending June 2015 Amount in Rs. Mn Particulars Real Estate Hospitality Lease Rental Total Revenue 2,236 313 427 2,975 Expenses 1,305 40 60 1,405 Gross profit 931 272 367 1,570 Gross profit Margin % 42% 87% 86% 53% Admin Expenses 169 107 15 292 Employee cost
Slide 10: Consolidated Cash Flows
Consolidated Cash Flows Direct Method Cash Flows Amount in Rs. Mn Particulars FY 2014‐15 Q4 FY 2014‐15 Q1 FY 2015‐16 Operating Activities Total Collections 14,756 3,825 4,065 Construction Cost 8,200 2,627 2,389 Employee and Admin Expenses 1,961 554 363 Sales & Marketing Expenses 739 248 187 Statutor
Slide 11: Consolidated Cash Flows (Contd.)
Consolidated Cash Flows (Contd.) Amount in Rs. Mn Particulars FY 2014‐15 Q4 FY 2014‐15 Q1 FY 2015‐16 Investment Activities Investments Matured 475 475 111 Construction Cost (CWIP) 2,438 791 500 Investment in Subsidiaries 510 510 49 Investment in Land/JD/JV/TDR 3,519 1,744 757 Other Investments 411 1
Slide 12: Standalone Cash Flows
Standalone Cash Flows Direct Method Cash Flows Amount in Rs. Mn Particulars FY 2014‐15 Q4 FY 2014‐15 Q1 FY 2015‐16 Operating Activities Total Collections 11,154 2,891 2,831 Construction Cost 6,245 2,001 1,648 Employee and Admin Expenses 1,270 359 272 Sales & Marketing Expenses 588 198 129 Statutory
Slide 13: Standalone Cash Flows (Contd.)
Standalone Cash Flows (Contd.) Amount in Rs. Mn Particulars FY 2014‐15 Q4 FY 2014‐15 Q1 FY 2015‐16 Investment Activities Investments Matured / Inter Company 35 30 0 Construction Cost (CWIP) 2,173 705 500 Investment in Subsidiaries 510 510 49 Investment in Land/JD/JV/TDR 1,277 633 737 Other Investmen
Slide 14: Deployment of Funds - Consolidated
Deployment of Funds ‐ Consolidated Capital Employed Profitability Ratios 22% 25% 19% 19% 19% 17% Lease Rental 20% 38% 13% Real Estate Real Estate 15% 46% Hospitality 10% Lease Rental 5% Hospitality 0% 16% PBD/Equity % EBITDA/OCE % Figures as on June 2015; Amounts are in Rs. Mn Capital D/E PBD / Oper
Slide 15: Deployment of Funds - Standalone
Deployment of Funds ‐ Standalone Capital Employed Profitability Ratios 30% 25% 20% Lease Rental 18% 19% 40% Real Estate 20% 16% 15% Real Estate 45% 15% Hospitality 10% 10% Lease Rental Hospitality 5% 15% 0% PBD/Equity % EBITDA/OCE % Figures as on June 2015; Amounts are in Rs. Mn Capital D/E PBD / Op
Slide 16: Debt & Cost Movement
Debt & Cost Movement 16,000 14.0% Debt Interest Rate Amount in Rs. Mn 14,000 13.3% 13,559 13.5% 13.6% 13.1% 13.1% 12,414 12,000 12.8% 13.0% 12.4% 12.5% 9,850 9,992 10,000 9,815 12.5% 9,226 9,168 8,637 8,433 8,508 8,813 8,380 8,910 8,308 12.3% 11.9% 8,000 12.2% 12.0% 12.2% 12.2% 12.1% 6,000 11.5% 11.
Slide 17: Credit Rating
Credit Rating CRISIL “A” ICRA “A” ICRA “A‐” ICRA “BBB+” ICRA “BBB” ICRA “BBB‐” Jul‐09 Jan‐10 Jul‐10 Jan‐11 Jul‐11 Jan‐12 Jul‐12 Jan‐13 Jul‐13 Jan‐14 Jul‐14 Consistent improvement in Credit Rating 17
Slide 18: Sales Volume Analysis
Sales Volume Analysis Quarterly Area Sales Residential Commercial 900 800 83 51 700 31 5 600 48 132 500 203 16 400 715 723 761 700 678 300 568 473 462 200 394 100 ‐ Q1 FY14 Q2 FY14 Q3 FY14 Q4 FY14 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15 Q1 FY16 All figures are in sft ‘000 FY 2013‐14 FY 2014‐15 FY 2015‐16 Q1
Slide 19: Sales Value Analysis
Sales Value Analysis Quarterly Sales Value 5,000 Residential Commercial 507 270 4,000 218 41 1,016 304 3,000 928 91 2,000 3,580 3,882 3,345 3,364 3,457 3,032 2,579 2,387 1,000 1,994 ‐ Q1 FY14 Q2 FY14 Q3 FY14 Q4 FY14 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15 Q1 FY16 All Amounts in Rs. Mn except Average Rate/SF
Slide 20: Ongoing Projects - Summary
Ongoing Projects ‐ Summary Area in ‘000 SFT Project LO/JV Total Project Area Projects Co Share Area share Hospitality 3% Real Estate projects 11,630 2,504 9,126 Lease Rental Brigade Orchards * 2,433 1,216 1,216 11% Brigade Cosmopolis * 1,206 591 615 Total Real Estate 15,269 4,312 10,957 Brigade Nala
Slide 21: Synopsis of Ongoing Projects – June 2015
Synopsis of Ongoing Projects – June 2015 Ongoing BEL Ongoing Stock Particulars Total Projects SPV Projects Sales In Mn. Sft Total super built‐up area of launched project on sale basis 11.63 3.64 0.09 15.36 Less: LO Share 2.50 0 0 2.50 Co share of saleable area 9.13 3.64 0.09 12.86 Sold till date 4.8
Slide 22: Synopsis of Ongoing Projects – Contd.
Synopsis of Ongoing Projects – Contd. Ongoing BEL Ongoing SPV Stock Particulars Total Projects Projects Sales Rs. In Mn Revenue Recognised till date 10,926 3,561 0 14,488 Revenue to be Recognised (incl unsold units) 35,967 15,301 807 52,076 Estimated cost for the projects (incl Land/NRD) 33,258 13,7
Slide 23: Lease Position – June 15
Lease Position – June 15 To be Leased Leased out 625 117 794 7 33 Leasable Area 645 117 818 10 40 ‐ 200 400 600 800 1,000 1,200 1,400 1,600 1,800 WTC South Parade Orion Mall Solitaire Others Area in ‘000 SFt Project Leasable Area Leased out To be Leased WTC Bangalore 645 625 20 Brigade South Parade
Slide 24: Hospitality Business
Hospitality Business GRAND MERCURE SHERATON Details Q1 FY 15‐16 Q1 FY 14‐15 FY 14‐15 Q1 FY 15‐16 Q1 FY 14‐15 FY 14‐15 No of Keys 126 126 126 230 230 230 Occupancy 76% 80% 78% 79% 69% 72% ARR (Rs.) 6,796 6,740 6,757 7,453 7,114 7,811 GOP 48.5% 48.5% 48.5% 40.5% 39.9% 41.0% 24
Slide 25: Land Bank - Group
Land Bank ‐ Group As on June 2015 Amount in Rs. Mn Land Area Location Total Cost* Paid Payable (in acres) Bangalore 427 11,481 7,153 4,328 Chennai 57 775 430 345 Kochi 22 281 281 ‐ Mangalore 29 54 46 7 GIFT, Gujarat 12 1,200 299 901 Mysore 20 94 83 11 Total 566 13,885 8,293 5,592 * Includes Refundab
Slide 26: Land Bank – Developable Area
Land Bank – Developable Area As on June 2015 Project Area ‐ Product Project Area ‐ Location GIFT Retail Hotel Mangalore Mysore Cochin Commercial‐ Chennai Lease Commercial‐ Sale Residential Bangalore BEL No of Proj Area BEL Share No of Proj Area Location Product Share Projects SFT in Mn SFT in Mn Pro
Slide 27: Projects to be Launched – FY 2015-16
Projects to be Launched – FY 2015‐16 Land Projec BEL Launch Project City Area t Area Share Plan Acres Mn sft Mn sft Brigade Omega – II (7 Gardens) Residential Bangalore 8.4 0.87 0.55 Q2 Brigade Palmgrove‐apartments Residential Mysore 2.5 0.14 0.10 Q2 B. Oak Tree Place (Atmosphere) Residential Bangal
Slide 28: Projects to be Launched – FY 2015-16
Projects to be Launched – FY 2015‐16 Land Project BEL Launch Project City Area Area Share Plan Acres Mn sft Mn sft B. Meadows Commercial Commercial‐Sale Bangalore 1.3 0.07 0.07 Q2 B. Orchards Comml & Retail Commercial‐Sale Bangalore 2.8 0.24 0.12 Q3 Commercial Sale Total 4.1 0.30 0.20 Brigade Opus C
Slide 29: Awards & Recognition – Q1 FY16
Awards & Recognition – Q1 FY 16 Brigade Group has been Ranked No 1 in the Real Estate Industry and No. 28 across all industries in India as India’s Great Companies to Work for 2015 by Great Place to Work Institute and The Economic Times. Brigade Caladium received the ‘Best Ultra Luxury Project o
Slide 30: Annexure I
Annexure I Project Details
Slide 31: Ongoing BEL Projects - Sales
Ongoing BEL Projects ‐ Sales ======Area in SFT===== Amount in Rs. Mn Future Project Co’s share Sold Unsold Sales till date Sales Brigade Meadows 1 6,49,000 5,85,540 63,460 2,039 244 Brigade Meadows 2 (Wisteria) 4,41,020 2,68,800 1,72,220 1,102 715 Brigade Lakefront 14,22,946 7,54,770 6,68,176 4,63
Slide 32: Ongoing SPV Projects - Sales
Ongoing SPV Projects ‐ Sales ======Area in SFT===== Amount in Rs. Mn Saleable Sales till Future Project Sold Unsold Area date Sales Brigade Cosmopolis Phase I 8,36,430 6,30,570 2,05,860 4,243 1,441 Brigade Cosmopolis Phase II 3,70,000 1,52,300 2,17,700 1,057 1,589 Brigade Orchards – Villas 4,78,97
Slide 33: Ongoing BEL Projects - Revenue
Ongoing BEL Projects ‐ Revenue Amount in Rs. Mn Estimated To be Revenue Rev to be Project Collected Sales Value collected recognized recognized Brigade Meadows 1 2,283 1,635 648 1,491 793 Brigade Meadows 2 (Wisteria) 1,817 298 1,518 430 1,387 Brigade Lakefront 8,915 2,306 6,610 2,016 6,900 Brigade E
Slide 34: Ongoing SPV Projects - Revenue
Ongoing SPV Projects ‐ Revenue Amount in Rs. Mn Estimated To be Revenue Rev to be Project Collected Sales Value collected recognized recognized Brigade Cosmopolis Phase I 5,684 2,237 3,447 2,002 3,682 Brigade Cosmopolis Phase II 2,646 247 2,398 ‐ 2,646 Brigade Orchards – Villas 3,052 453 2,599 406 2
Slide 35: Ongoing BEL Projects - Profitability
Ongoing BEL Projects ‐ Profitability Amount in Rs. Mn Est Total Cost Cost to be Est Profit Profit to be Project Cost incurred incurred Profit recognized recognized Brigade Meadows 1 1,529 1,216 314 754 475 279 Brigade Meadows 2 (Wisteria) 1,116 485 631 701 164 536 Brigade Lakefront 5,730 2,124 3,606
Slide 36: Ongoing SPV Projects - Profitability
Ongoing SPV Projects ‐ Profitability Amount in Rs. Mn Est Cost to Cost Est Profit Profit to be Project Total be incurred Profit recognized recognized Cost incurred Brigade Cosmopolis Phase I 3,533 2,003 1,530 2,151 737 1,414 Brigade Cosmopolis Phase II 1,792 728 1,064 854 ‐ 854 Brigade Orchards – Vi
Slide 37: Capex Commitment
Capex Commitment Amount in Rs. Mn Estimated Loan Tied Projects Incurred Balance cost up Brigade Nalapad Centre 1,377 622 755 ‐ Brigade Orion East 1,118 981 137 500 Brigade Vantage, Mysore 240 87 153 ‐ Brigade Vantage Chennai 476 265 210 ‐ Brigade Bhuwalka Icon 1,117 486 631 ‐ Brigade Broadway 388 19
Slide 38: Thank You
THANK YOU Brigade Enterprises Ltd K Suresh (CIN: L85110KA1995PLC019126) Chief Financial Officer 29th & 30th Floor, World Trade Center, Email: sureshkris@brigadegroup.com Brigade Gateway Campus, Om Prakash P 26/1, Dr. Rajkumar Road, Company Secretary Malleswaram‐Rajajinagar, Email: omprakash@brigadeg
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