Puravankara Limited · NSE:PURVA
Puravankara — Q3 FY24 Earnings Presentation
55 slides from Puravankara's earnings presentation, Jan 23, 2024
Slide 1: Exchange filing cover letter for analyst presentation
Date: 23.01.2024 To, The General Manager, The Manager, Listing Operations Listing Department, Department of Corporate Services National Stock Exchange of India Limited, BSE Limited Exchange Plaza, 5th Floor, Plot No. C/1, P. J. Towers, Dalal Street, Fort, G Block, Bandra-Kurla Complex, Bandra (E), M
Slide 2: Investor Presentation Q3 FY24
INVESTOR PRESENTATION Q3 FY24 Investor Presentation Q3 FY24 1
Slide 3: Table of contents
Table of contents * Company Overview 4 – 11 * Operational Overview – Sales and Collections 12 – 18 * Land Bank & Launch Pipeline 19 – 22 * Update on Financials 23 – 25 * Update on Cash flows 26 – 29 * Update on Debt 30 – 34 * Update on inventory : Project Status 35 – 39 * Other corporate information
Slide 4: Industry Update
Industry Update In the Residential sector, Leasing activity grew by 16% Q-o-Q apartment sales increased 7% & 20% Y-o-Y. Q-o-Q and 22% Y-o-Y Resid Office Sector Bangalore, Hyderabad and Continued momentum Total share of sales in Pune, ential Sector Chennai accounted for 60% Mumbai and Delhi-NCR is of
Slide 5: Company Overview
Company Overview Investor Presentation Q3 FY24 4
Slide 6: Differentiated Brands Offering Wider Customer Base; Larger Market Share
Differentiated Brands Offering Wider Customer Base; Larger Market Share. Plotted Development • Established in 1975, 48 years of experience in real estate development 83 21,350 + • India's most reliable real estate Completed residential Homes with Total Area developer, with an established presence pr
Slide 7: Our Journey begins in Redevelopment segment in Mumbai
Our Journey begins in Redevelopment segment in Mumbai Mumbai residential redevelopment real estate market ▪ The redevelopment market is estimated to be worth over Rs 30,000 Cr ▪ 90,000 apartments are expected to be created out of redevelopment over the next three years. ▪ Between 2014 and 2019, rede
Slide 8: Starworth Infrastructure and Construction Ltd
Starworth Infrastructure and Construction Ltd A wholly owned subsidiary focused on technology enabled construction solutions • Order Book of more than Rs 1,100 Cr. Parkhill • Undertakes residential, commercial, infrastructure & industrial projects. Taj GVK Ampa • 20+ msft completed & 9+ msft ongoing
Slide 9: Key Business Highlights – 9M FY24
Key Business Highlights – 9M FY24 ~INR 3,967 Cr 5.01 msft ~INR 2,515 Cr ~INR 7,916 Sales Value* Sales volume Customer Collections* Average Realization ₹ per sft Increase in sales by Increase in sales volume by 57% YoY increase indicating Increase by 5% YoY 89% YoY 80% YoY improving operating efficie
Slide 10: Key Business Highlights – Q3 FY24
Key Business Highlights – Q3 FY24 ~INR 1,241 Cr 1.63 msft ~INR 941 Cr ~INR 7,610 Sales Value* Sales volume Customer Collections* Average Realization ₹ per sft Increase in sales by Increase in sales volume by 52% YoY increase indicating Decreased by 2% YoY due to mix of 56% YoY 60% YoY improving oper
Slide 11: Operational Highlights – 9MFY23 vs 9MFY24
Operational Highlights – 9MFY23 vs 9MFY24 Sales Value (INR Cr) Customer Collections* (INR Cr) Total Revenue (INR Cr) 4,500 3,967 3,000 4,000 2,515 1,400 1,313 2,500 3,500 1,200 3,000 2,000 961 1,597 1,000 2,500 2,100 1,500 800 2,000 1,000 600 1,500 500 400 1,000 500 - 200 9MFY23 9MFY24 9MFY23 9MFY24
Slide 12: Operational Highlights – Q3FY23 vs Q3FY24
Operational Highlights – Q3FY23 vs Q3FY24 Sales Value (INR Cr) Customer Collections* (INR Cr) Total Revenue (INR Cr) 1,000 941 700 1,700 596 1,241 600 1,400 800 500 621 410 1,100 600 400 796 800 300 400 200 500 200 100 200 - 0 Q3Y23 Q3FY24 Q3Y23 Q3FY24 Q3Y23 Q3FY24 Volume (msft) Realization (INR per
Slide 13: Operational Overview: Sales and Collections
Operational Overview Sales and Collections Investor Presentation Q3 FY24 12
Slide 14: Sales Q3FY24 Vs Q3FY23
Sales Q3FY24 Vs Q3FY23 Based on Bookings Quarter Ended Area Sold Units Sold Sale Value Sale Realization Dec-23 Dec-22 % Dec-23 Dec-22 % Dec-23 Dec-22 % Dec-23 Dec-22 % msft msft Nos. Nos. Rs.in crs Rs.in crs Rs.psft Rs.psft Puravankara 0.65 0.50 30% 402 342 18% 663 455 46% 10,205 9,106 12% Provident
Slide 15: Sales 9MFY24 Vs 9MFY23
Sales 9MFY24 Vs 9MFY23 Based on Bookings 9M Ended Sale Realization Area Sold Units Sold Sale Value Dec-23 Dec-22 % Dec-23 Dec-22 % Dec-23 Dec-22 % Dec-23 Dec-22 % msft msft Nos. Nos. Rs.in crs Rs.in crs Rs.psft Rs.psft Puravankara 2.10 1.1 91% 1311 647 103% 2115 1020 107% 10,070 9,274 9% Provident 1
Slide 16: Sales area Classification – Unit Value & Regional contribution
Sales area Classification – Unit Value & Regional contribution Q3FY24 9MFY24 Unit Value wise contribution to sales value Rs.0 -0.5 cr > Rs.2 cr Rs.0 -0.5 cr 6% 8% 21% • Unit Value wise –79% of the > Rs.2 cr Group’s sales are accounted 35% by units which costs less Rs.0.5 - 1 cr 29% Rs.1.5 - 2 cr tha
Slide 17: Steady Sales Performance
Steady Sales Performance 4500 Sales Value (in INR Cr) 3967 4000 3500 3000 2500 2100 2000 1576 1465 1500 Company sales have 1000 experienced 500 consistent growth 0 over the past four 9M FY21 9M FY22 9M FY23 9M FY24 years at CAGR of 28% 6.00 Sales Volume (in msft) 5.01 5.00 4.00 3.00 2.78 2.44 2.32 2
Slide 18: Collections trend
Collections trend 1,000 941 879 900 150 800 131 696 700 661 621 108 303 600 134 518 124 458 307 500 445 102 400 232 103 122 341 236 223 300 49 221 144 161 488 200 144 441 356 274 291 100 198 176 195 148 - Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY 23 Q1 FY 24 Q2 FY 24 Q3 FY 24 PL PHL Purva Land T
Slide 19: Land Bank
Land Bank Artist’s impression of Purva Atmosphere Investor Presentation Q3 FY24 18
Slide 20: Diversified across markets, brands and stages of development
Diversified across markets, brands and stages of development in million sq. ft. Completed Ongoing Land Assets Total (A) (B) (A)+(B) South India Bengaluru 32.53 16.90 26.75 43.64 Chennai 6.54 4.12 3.13 7.25 Hyderabad 2.78 0.05 0.00 0.05 Kochi 2.74 3.12 2.94 6.06 Others 1.70 0.23 0.45 0.68 West India
Slide 21: Ongoing and New Launches
Ongoing and New Launches Non-Bengaluru projects now account for 42% of the share of Provident accounts for 44% of the launch pipeline; in line with the market ongoing and 77% of launch pipeline trends and the Group‘s strategy 8% Launch Pipeline 1% 23% 26% 10% 16% 30% Launch Pipeline 25% Ongoing 11%
Slide 22: Launch Pipeline
Launch Pipeline Sr. Location/ Project Name City Development Model Development Developable Inventory that PPL Share in Saleable area Expected launch date no Type Area will be opened JD (msft) at the time of launch Puravankara 1 Bellandur Bengaluru Owned Residential 0.47 0.47 100% 0.47 Q1FY25 2 Amaiti
Slide 23: Launches during the year
Launches during the year Developable Area Saleable Area Launched Area Sl.No Launch Quarter Project Name City (msft) (msft) (msft) 1 Q1 FY 23 Sound of water III Bengaluru 0.24 0.14 0.14 2 Q1 FY 23 Purva Ragaam Chennai 0.77 0.19 0.19 3 Q2 FY24 Provident Ecopolitan Bengaluru 1.13 0.91 0.91 4 Q2 FY24 Pu
Slide 24: Update on Financials
Update on Financials Investor Presentation Q3 FY24 23
Slide 25: Consolidated Statement of Profit & Loss for the quarter ended December 31, 2023
Consolidated Statement of Profit & Loss for the quarter ended December 31, 2023 Particulars Q3FY24 Q2FY24 Q3FY23 All numbers in INR Cr Income from operations Revenue from projects 573.69 368.33 392.45 Other Income 22.18 13.24 17.95 Total Income from operations 595.88 381.57 410.40 • Our Total Income
Slide 26: Consolidated Statement of Profit & Loss for the 9 Months ended December 31, 2023
Consolidated Statement of Profit & Loss for the 9 Months ended December 31, 2023 All numbers in INR Cr Particulars 9M FY24 9M FY23 Income from operations Revenue from projects 1,265.28 846.78 • Our Total Income from Other Income 47.98 113.82 Operations for 9M Total Income from operations 1,313.26 96
Slide 27: Update on Cash flows
Update on Cash flows Investor Presentation Q3 FY24 26
Slide 28: Direct Cashflows
Direct Cashflows All numbers in INR Cr Cash Flow Statement Q1 FY 24 Q2 FY 24 Q3 FY 24 9M FY 24 9M FY 23 9M YOY A Operating Inflows 866 891 1,070 2,826 2,086 35% Collection from operations 866 891 1,070 2,826 1,959 44% Collection from other than operations 0 0 0 0 127 B Operating Outflows (618) (592)
Slide 29: Cash Flow - Trends
Cash Flow - Trends Collection from operations Operating inflows 3,000 2,826 3,000 2,826 2,700 2,500 2,400 2,086 1,959 2,000 2,100 • Operating inflows 1,800 1,500 increased by 30% YoY 1,500 1,000 & 20% QoQ indicating 1,200 improvement in 900 500 • Total Operating 600 customer collections Inflows surg
Slide 30: Cash Flow Potential
Cash Flow Potential Puravankara Provident Purva Land Total Balance collections from sold units 1 (A) 1,983 1,414 461 3,857 • Cashflow Visibility of • Cashflow Visibility Rs.6,747 Crores in of Value of Inventory open for sale 2 (B) 3,952 1,227 438 5,617 Rs.6730 Crores next 3-4 years in next 3-4 years
Slide 31: Update on Debt
Update on Debt Investor Presentation Q3 FY24 30
Slide 32: Debt movement pattern
Debt movement pattern All numbers in INR Cr in Rs. Cr Q3FY24 Q2FY24 Q1FY24 Q4FY23 Q3FY23 Q2FY23 Q1FY23 Opening Balance 2616 2581 2626 2575 2525 2192 2190 Net Addition (Repayment) -53 35 -45 51 50 333 2 Debt Outstanding 2563 2616 2581 2626 2575 2525 2192 Less: Cash and Cash Equivalents 822 624 462 41
Slide 33: Debt Composition
Debt Composition Debt Composition • The significant reduction in gross debt by 53 crores and net debt by 251 crores indicates a positive financial Q2FY24 Q3FY24 Movement development for the company. Residential 2,124 2,135 11 Land 321 259 -62 • The high liquidity observed suggests that the company i
Slide 34: Borrowing Cost Management
Borrowing Cost Management Debt/ sft of under construction area Q3FY24 Q2FY24 Q1FY24 Q4FY23 Q3FY23 Q2FY23 Q1FY23 Q4 FY22 Q4FY21 Q4FY20 Q4FY19 • Consistently reduced Net Debt 1741 1992 2119 2208 2135 2144 1889 1846 2299 2536 2743 debt per square foot Ongoing Projects (msft) 22 22 21 20 17 16 15 15 13
Slide 35: Debt Management & Repayment Schedule
Debt Management & Repayment Schedule Amount Particulars Repayment Schedule INR Cr (in Rs crore) Group A - Ongoing (including not launched for sale) projects Balance customer collection A 14,739 Balance cost to go B 7,992 More 6,747 than 3 • Group’s net debt is Rs Surplus from ongoing (including not
Slide 36: Project Status
Project Status Provident Sunworth Investor Presentation Q3 FY24 35
Slide 37: Project Status – Completed Projects as on December 31, 2023
Project Status – Completed Projects as on December 31, 2023 Area Sold Puravankara's JD / JV Share S.No. Project Location Developable Area Total Flats Share - Launched Cumulative Inventory for Developer Developable Area Msft Units % Msft Units Msft Nos Msft % Nos Mn sft % COMPLETED Puravankara 1 Mari
Slide 38: Project Status – Under Construction as on December 31, 2023
Project Status – Under Construction as on December 31, 2023 Area Sold JD / JV Share for Puravankara's Share - S.No. Project Location Developable Area Total Flats Launched Cumulative Inventory Developer Developable Area Msft Units % Msft Units Msft Nos Msft % Nos Mn sft % UNDER CONSTRUCTION Puravanka
Slide 39: Project Status – Not yet open for Sale as on December 31, 2023
Project Status – Not yet open for Sale as on December 31, 2023 Puravankara's Developable JD / JV Share for S.No. Project Location Total Flats Share - Sold Cumulative Unsold Inventory Area Developer Area Developable Area Launched Msft Units % Msft Units Msft Nos Msft % Nos Mn sft % PHASES NOT OPEN FO
Slide 40: Ongoing (open for sale) Residential Projects- City wise
Ongoing (open for sale) Residential Projects- City wise City Total Projects Area Puravankara’s share Sold Area Inventory Mnsft Coimbatore - - - - - Mumbai 2 1.04 0.61 0.34 0.28 Bengaluru 18 10.40 8.55 6.25 2.30 Chennai 4 3.53 2.95 0.95 2.00 Hyderabad - - - - - Kochi 2 1.97 1.25 0.92 0.33 Pune 2 0.67
Slide 41: Appendix 1: Other Corporate Information
Appendix 1: Other Corporate Information Investor Presentation Q3 FY24 40
Slide 42: Governance Structure to drive long term growth
Governance Structure to drive long term growth Executive Team Ravi Puravankara Ashish Puravankara Nani R. Choksey Abhishek Kapoor Chairman Managing Director Vice Chairman Executive Director & CEO • Over 48 years of experience in the • Former President of CREDAI- • Experience of over 48 years in the
Slide 43: Governance Structure to drive long term growth Contd.
Governance Structure to drive long term growth Contd. Non-Executive Directors Anup Shah Sanmukh Shailaja Jha K G Krishnamurthy Non- Executive Independent Non- Executive Independent Non- Executive Independent Director Director Director • Bachelor’s degree in Commerce • MMS Degree from BITS, Pilani •
Slide 44: Key Strengths/Building a strong strategy/Growth Drivers
Key Strengths/Building a strong strategy/Growth Drivers Land Bank Potential Business Development-Strong pipeline Rich Talent Credit Rating Continued unlocking of development of business development Strong & Experienced Leadership Stable potential . ongoing commitment to business Senior executives in
Slide 45: Shareholding Pattern as of December 31, 2023
Shareholding Pattern as of December 31, 2023 Others, Insurance 8.12% Companies, 0.39% FII & FPI, FPIs 16.49% Gothic Corporation Atyant Capital Insurance and Bodies Corporate Life Insurance Corporation Promoter, General Insurance Corporation 75.00% Notes 1. Promoter Shares are unencumbered Investor P
Slide 46: Share Price Movement
Share Price Movement 240 220 200 180 160 140 120 100 80 60 40 PURVA SENSEX BSE REALTY Notes: Graph rebased to 100 Investor Presentation Q3 FY24 45
Slide 47: Awards and Accolades
Awards and Accolades CREDAI CARE 2023 Construction Week Awards 2023 ET EDGE AWARDS NATIONAL SAFETY COUNCIL -2023 Lifetime achievement award for Lifetime achievement award for Iconic Brands of India 2023 State Level Safety Award for SICL Chairman Ravi Puravankara Chairman Ravi Puravankara ET BUSINESS
Slide 48: Appendix 1: Our Completed Projects
Appendix 1: Our Completed Projects PURVA SEASONS THE TREE PURVA SKYDALE Bengaluru Bengaluru Bengaluru Investor Presentation Q3 FY24 47
Slide 49: Appendix 1: Our Completed Projects
Appendix 1: Our Completed Projects PURVA SUNFLOWER PURVA PALM BEACH PURVA ETERNITY Bengaluru Bengaluru Kochi Investor Presentation Q3 FY24 48
Slide 50: Appendix 2: Ongoing Projects
Appendix 2: Ongoing Projects PURVA PARKHILL PROVIDENT WINWORTH Bangalore Kochi Investor Presentation Q3 FY24 49
Slide 51: Appendix 2 : Ongoing Projects
Appendix 2 : Ongoing Projects PROVIDENT PARKSQUARE PURVA SOMERSET HOUSE Bengaluru Chennai Investor Presentation Q3 FY24 50
Slide 52: Appendix 3 : Completed commercial projects
Appendix 3 : Completed commercial projects PURVA PRIMUS PURVA SUMMIT Chennai Hyderabad Investor Presentation Q3 FY24 51
Slide 53: Appendix 3 : Ongoing commercial projects
Appendix 3 : Ongoing commercial projects Purva Aerocity PURVA AEROCITY ZENTECH Bengaluru Bengaluru Investor Presentation Q3 FY24 52
Slide 54: Disclaimer
Disclaimer This presentation has been prepared by Puravankara Limited (“Company”) solely for providing information about the Company. It contains certain forward looking statements concerning Puravankara Ltd.'s future business prospects and business profitability, which are subject to a number of ri
Slide 55: THANK YOU
THANK YOU Puravankara Limited 130/1, Ulsoor Road, Bengaluru - 560042 Tel: 080-25599000/43439999 Corporate Identification Number : L45200KA1986PLC051571 Website:- https://www.puravankara.com/ Investor Relations Contact: Mr. Neeraj Gautam, President- Finance Email – neeraj.gautam@puravankara.com; Tel: