Brigade Enterprises Limited · NSE:BRIGADE
Brigade Enterprises — Q4 FY2015-16 Earnings Presentation
37 slides from Brigade Enterprises's earnings presentation, May 16, 2016
Slide 1: Brigade Enterprises Limited exchange filing letter
BRIGADE ENTERPRISES LIMITED Corporate Identity Number (CIN): L85110KA1995PLC019126 Registered Office : 29" & 30" Floors, World Trade Center Brigade Gateway Campus, 26/1, Dr. Rajkumar Road BRIGADE ly Malleswaram - Rajajinagar, Bangalore - 560 055, INDIA Ph: 91-80-4137 9200, 2227 7017-18 Fax : 91-80-2
Slide 2: Investor Presentation – Q4 FY 2015-16
Brigade Group Investor Presentation – Q4 FY 2015‐16 (CIN: L85110KA1995PLC019126) 1
Slide 3: Consolidated Financial Highlights
Consolidated Financial Highlights FY 2015‐16:‐ Revenue of Rs. 16,997 Mn 28% increase over previous year PBT of Rs. 2,309 Mn 34% increase over previous year PAT of Rs. 1,470 Mn 28% increase over previous year Q4 FY 2015‐16:‐ Revenue of Rs. 4,851 Mn 23% increase over Q4 FY15 PBT
Slide 4: Consolidated Financials Trend
Consolidated Financials Trend Turnover (Rs. Mn) EBITDA (Rs. Mn) 16,997 5,233 20,000 13,308 6,000 4,031 15,000 5,000 3,184 9,667 4,000 10,000 3,000 2,000 5,000 1,000 ‐ ‐ FY14 FY15 FY16 FY14 FY15 FY16 PBT (Rs. Mn) PAT (Rs. Mn) 1,470 2,309 1,150 2,500 1,725 1,500 2,000 899 1,235 1,500 1,000 1,000 500 5
Slide 5: Consolidated Financials - Snapshot
Consolidated Financials ‐ Snapshot Amount in Rs. Mn Q4 FY16 Q4 FY16 FY16 on Q4 Q3 Q4 on Q3 on Q4 Particulars FY 2016 FY 2015 FY15 FY16 FY16 FY15 FY16 FY15 (% Inc) (% Inc) (% Inc) Turnover 16,997 13,308 28% 4,851 5,113 3,938 ‐5% 23% EBITDA 5,233 4,031 30% 1,422 1,378 1,187 3% 20% Interest 1,864 1,314
Slide 6: Consolidated Segment Contribution
Consolidated Segment Contribution 12 Months ending Mar 2016 90% 84% 78% 80% 70% 62% 61% 60% 50% Real Estate Lease Rentals 40% Hospitality 30% 27% 20% 20% 17% 12% 11% 12% 9% 7% 10% 0% Revenue Gross Profit EBITDA PBT 5
Slide 7: Consolidated Segment Profit Analysis
Consolidated Segment Profit Analysis 12 Months ending Mar 2016 Amount in Rs. Mn Particulars Real Estate Hospitality Lease rentals Total Revenue 13,208 1,817 1,972 16,997 as % of Total 78% 11% 12% 100% Expenses 7,591 237 138 7,967 Gross profit 5,616 1,580 1,834 9,030 Gross profit Margin % 43% 87% 93%
Slide 8: Consolidated Cash Flows
Consolidated Cash Flows Direct Method Cash Flows Amount in Rs. Mn Particulars FY 2015 FY 2016 Q4 FY 2016 Operating Activities Total Collections 14,756 19,526 5,148 Construction Cost 8,770 11,392 3,115 LO Payments 756 415 80 Employee and Admin Expenses 1,391 1,514 489 Sales & Marketing Expenses 739 9
Slide 9: Consolidated Cash Flows (Contd.)
Consolidated Cash Flows (Contd.) Direct Method Cash Flows Amount in Rs. Mn Particulars FY 2015 FY 2016 Q4 FY 2016 Investment Activities Cash from Investment Activities 475 2,082 1,640 Construction Cost (CWIP) 2,438 2,085 614 Investment in Land/JD/JV/TDR 3,519 6,957 5,588 Other Investments 411 1,788
Slide 10: Deployment of Funds - Consolidated
Deployment of Funds ‐ Consolidated Capital Employed Profitability Ratios 36% 40% 25% Lease Rental 30% Real Estate 19% Real Estate 42% 18% 18% 47% 20% 12% Hospitality Lease Rental 10% Hospitality 0% 11% PBD/Equity % EBITDA/OCE % Figures as on Mar 2016; Amounts are in Rs. Mn Capital D/E PBD / Operatin
Slide 11: Consolidated Debt Profile
Consolidated Debt Profile Amount in Rs. Mn Particulars March 2015 March 2016 Real Estate 7,278 9,647 Hospitality 970 1,696 Lease Rental 5,696 8,647 Gross Debt 13,944 19,990 Cost of Debt 11.9% 10.9% Credit Rating CRISIL “A” CRISIL “A” ICRA “A” ICRA “A” 10
Slide 12: Sales Volume Analysis
Sales Volume Analysis Quarterly Area Sales Residential Commercial 1,000 800 83 51 5 140 600 48 16 ‐ 82 400 723 761 700 568 572 462 439 399 200 ‐ Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15 Q1 FY16 Q2 FY16 Q3 FY16 Q4 FY16 All figures are in ‘000 sft FY 2014‐15 FY 2015‐16 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 YTD Resident
Slide 13: Sales Value Analysis
Sales Value Analysis Quarterly Sales Value Residential Commercial 5,000 507 270 4,000 901 41 304 3,000 91 ‐ 605 2,000 3,580 3,882 3,457 3,032 3,079 2,387 2,410 2,159 1,000 ‐ Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15 Q1 FY16 Q2 FY16 Q3 FY16 Q4 FY16 All Amounts in Rs. Mn except Average Rate/SFT which is in Rs.`
Slide 14: Ongoing Projects - Summary
Ongoing Projects ‐ Summary Area in ‘000 sft Project LO/JV Total Project Area Lease Rental Projects Co Share 6% Area share Real Estate projects 13,922 2,982 10,940 Brigade Orchards * 3,121 1,561 1,561 Hospitality 3% Brigade Cosmopolis * 1,539 754 785 Total Real Estate 18,583 5,297 13,286 Brigade Orio
Slide 15: Synopsis of Ongoing Projects – Mar 2016
Synopsis of Ongoing Projects – Mar 2016 Ongoing BEL Ongoing Stock Particulars Total Projects SPV Projects Sales In Mn. Sft Total super built‐up area of launched project on sale 13.92 4.66 0.09 18.67 basis Less: LO Share 2.98 0 0 2.98 Co share of saleable area 10.94 4.66 0.09 15.69 Sold till date 5.3
Slide 16: 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 15,139 7,126 0 22,265 Revenue to be Recognised (incl unsold units) 41,480 17,336 547 59,363 Estimated cost for the projects (incl Land/NRD) 40,572 18,4
Slide 17: Lease Position – Mar 16
Lease Position – Mar 16 144 To be Leased 8 102 612 Leased out 629 716 244 111 44 Leasable Area 637 818 388 117 56 ‐ 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 WTC, Bangalore Orion Mall WTC, Kochi South Parade Others Area in ‘000 SFt Project Leasable Area Leased out To be Leased WTC Bangalor
Slide 18: Hospitality Business
Hospitality Business GRAND MERCURE SHERATON Details FY 15‐16 FY 14‐15 FY 15‐16 FY 14‐15 No of Keys 126 126 230 230 Occupancy 82% 78% 82% 72% ARR (Rs.) 6,470 6,757 7,600 7,811 GOP 48.8% 48.5% 41.0% 41.0% 17
Slide 19: Land Bank - Group
Land Bank ‐ Group Land Area Location Total Cost* Paid Payable (in acres) Bangalore 386 9,777 5,745 4,032 Chennai 72 6,153 5,803 350 Kochi 22 281 281 ‐ Mangalore 29 54 46 7 GIFT, Gujarat 12 957 272 684 Mysore 19 97 88 9 Total 539 17,318 12,235 5,083 GIFT Mysore * Includes Refundable/Non Mangalore 2%
Slide 20: Land Bank – Developable Area
Land Bank – Developable Area Project Area ‐ Product Project Area ‐ Location Mangalore Retail 6% GIFT 3% Hotel 2% 2% Commercial‐ Lease Chennai Mysore 13% Cochin 2% 27% 1% Commercial‐ Residential Sale 65% 3% Bangalore 76% BEL No of Proj Area BEL Share No of Proj Area Location Product Share Projects SF
Slide 21: Projects Launched – FY 2015-16
Projects Launched – FY 2015‐16 Land Project BEL Project Product City Launch Plan Area Area Share Acres Mn sft Mn sft Brigade Meadows Plumeria Residential Bangalore 7.8 1.13 1.13 Launched‐Q2 Brigade Orchards – Juniper Residential Bangalore 5.1 0.70 0.35 Launched‐Q2 Brigade Cosmopolis Phase III Reside
Slide 22: Projects to be Launched – FY 2016-17
Projects to be Launched – FY 2016‐17 Land Project BEL Project Product City Launch Plan Area Area Share Acres Mn sft Mn sft Brigade 7 Gardens Residential Bangalore 8.4 0.87 0.55 Q1 Brigade Northridge II Residential Bangalore 1.4 0.16 0.10 Q1 Brigade Topaz Residential Mysore 1.2 0.09 0.06 Q2 Brigade L
Slide 23: Projects to be Launched – FY 2016-17
Projects to be Launched – FY 2016‐17 Land Project BEL Launch Project City Area Area Share Plan Acres Mn sft Mn sft WTC Kochi ‐ Phase‐2 Commercial‐Lease Cochin 2.5 0.39 0.39 Q1 Orion OMR Retail Bangalore 3.5 0.35 0.25 Q1 Brigade Brookfields Commercial‐Lease Bangalore 8.5 1.00 0.50 Q2 GIFT City Commer
Slide 24: Awards & Recognition
Awards & Recognition Brigade Exotica won the ‘Luxury apartment project of the Year’ award at the NDTV Property Awards 2015. Brigade won the ‘Developer of the year –Commercial” award for Brigade Magnum at the Global Real Estate Brand Awards 2016. Mr. Om Ahuja‐ CEO Residential, Brigade Enterpris
Slide 25: Annexure I - Project Details
Annexure I Project Details 24
Slide 26: Ongoing BEL Projects - Sales
Ongoing BEL Projects ‐ Sales ======Area in SFT===== Amount in Rs. Mn Project Co’s share Sold Unsold Sales till date Future Sales Wisteria @ Brigade Meadows 4,41,020 3,04,820 1,36,200 1,264 586 Brigade Lakefront 14,14,366 9,49,800 4,64,566 5,788 2,924 Brigade Exotica‐1 & 2 14,41,220 5,75,050 8,66,1
Slide 27: 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 7,11,170 1,25,260 4,780 883 Brigade Cosmopolis Phase II 7,02,980 2,69,200 4,33,780 1,881 3,036 Brigade Orchards – Villas 4,69,045
Slide 28: Ongoing BEL Projects - Revenue
Ongoing BEL Projects ‐ Revenue Amount in Rs. Mn Estimated Revenue Rev to be Project Collected To be collected Sales Value recognized recognized Wisteria @ Brigade Meadows 1,850 778 1,073 721 1,129 Brigade Lakefront 8,711 3,497 5,214 3,028 5,684 Brigade Exotica‐1 & 2 7,951 2,539 5,412 2,316 5,636 Bri
Slide 29: Ongoing SPV Projects - Revenue
Ongoing SPV Projects ‐ Revenue Amount in Rs. Mn Estimated To be Revenue Rev to be Project Sales Collected collected recognized recognized Value Brigade Cosmopolis Phase I 5,664 3,356 2,307 3,235 2,429 Brigade Cosmopolis Phase II 4,918 679 4,238 648 4,269 Brigade Orchards – Villas 3,176 614 2,563 669
Slide 30: 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 Wisteria @ Brigade Meadows 1,234 739 495 616 235 381 Brigade Lakefront 5,856 2,898 2,958 2,856 1,016 1,839 Brigade Exotica‐1 & 2 5,289 3
Slide 31: 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 3,639 2,611 1,028 2,025 1,150 875 Brigade Cosmopolis Phase II 3,551 1,823 1,728 1,367 180 1,187 Brigade Orcha
Slide 32: Capex Commitment
Capex Commitment Amount in Rs. Mn Estimated Loan Tied Projects Incurred Balance cost up Brigade Orion East 1,300 1,282 18 500 Brigade Opus 1,625 881 744 1,000 Brigade Vantage Chennai 476 297 179 ‐ Brigade Bhuwalka Icon 1,117 749 368 ‐ Brigade Broadway 524 244 280 ‐ Total Commercial 5,042 3,453 1,589
Slide 33: Annexure II - Standalone Financials
Annexure II Standalone Financials 32
Slide 34: Standalone Financials - Snapshot
Standalone Financials ‐ Snapshot Amount in Rs. Mn Q4 FY16 Q4 FY16 FY16 on Q4 Q3 Q4 on Q3 on Q4 Particulars FY 2016 FY 2015 FY15 FY16 FY16 FY15 FY16 FY15 (% Inc) (% Inc) (% Inc) Turnover 13,013 10,080 29% 3,233 3,737 3,070 ‐14% 5% EBITDA 4,551 3,153 44% 1,100 1,208 986 ‐9% 12% Interest 1,468 1,146 28
Slide 35: Standalone Segment Trend
Standalone Segment Trend Segment Revenue as % of Total Revenue Segment Gross Margin 76% FY15 FY16 FY15 FY16 92% 90% 91% 93% 72% 80% 100% 70% 80% 60% 50% 60% 45% 47% 40% 30% 16% 40% 12% 10% 13% 20% 20% 10% 0% 0% Real Estate Hospitality Lease Rental Real Estate Hospitality Lease Rental Segment EBITDA
Slide 36: Standalone Segment Profit Analysis
Standalone Segment Profit Analysis 12 Months ending Mar 2016 Amount in Rs. Mn Particulars Real Estate Hospitality Lease Rental Total Revenue 9,925 1,354 1,734 13,014 as % of Total 76% 10% 13% 100% Expenses 5,225 135 121 5,482 Gross profit 4,700 1,219 1,613 7,532 Gross profit Margin % 47% 90% 93% 58%
Slide 37: Thank you
Thank you K Suresh ED & Chief Financial Officer Email: sureshkris@brigadegroup.com Om Prakash P Brigade Enterprises Ltd Company Secretary 29th & 30th Floor, WTC, Email: omprakash@brigadegroup.com Brigade Gateway Campus, Pradyumna Krishnakumar 26/1, Dr. Rajkumar Road, General Manager ‐ Chairman's Off
Brigade Enterprises — Q4 FY2015-16 Earnings Presentation on 6ix