Brigade Enterprises Limited · NSE:BRIGADE
Brigade Enterprises — Q2 FY24 Earnings Presentation
36 slides from Brigade Enterprises's earnings presentation, Nov 8, 2023
Slide 1: Exchange filing cover letter for investor presentation
Ref: BEL/NSEBSE/IP/08112023 8th November, 2023 Listing Department Department of Corporate Services – Listing National Stock Exchange of India Limited BSE Limited Exchange Plaza, P. J. Towers Bandra Kurla Complex, Dalal Street, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 Re.: Scrip Symbol: BRIGA
Slide 2: Investor Presentation – Q2 FY24
Actual shot of Serene and Eden at Brigade Artist’s impression of Brigade Calista Cornerstone Utopia BRIGADE ENTERPRISES LIMITED Investor Presentation – Q2 FY24 (CIN: L85110KA1995PLC019126) 1
Slide 3: Brigade – A brand that puts values first
Brigade – A brand that puts values first About us Rated [ICRA]AA- Our Core Values (Stable) & Leading property developer of India with CRISIL AA- Quality over 37 years of experience /Stable + Customer Fair Business Portfolio of Residential, centricity + Commercial, Retail and Hospitality projects Inn
Slide 4: Segments Highlights – Q2 FY24
Segments Highlights – Q2 FY24 Real Estate – On Sale Basis • Pre-sales volume was ~1.67 Mn sft in Q2 FY24 (including landowner’s space share of 0.25 Mn sft), an H1 FY24-Revenue Share % increase of 14% from Q1 FY24 pre-sales volume of ~1.46 Mn sft • Sale value of INR 12,491 Mn in Q2 FY24 (including la
Slide 5: ESG Initiatives
ESG - Q2 FY24 Published our BRSR report-2023 for the 2nd time as per SEBI mandate ESG Initiatives Published our annual ESG report in line with Global Reporting Initiatives (GRI) framework (Q2 FY24) Finalized our ESG Governance Framework and ESG monitoring dash boards for the organization Achieved 82
Slide 6: Summary: Ongoing Projects
Summary: Ongoing Projects Area in Mn sft Total Project Area Projects Project Area Co Share LO/JV share 1% 7% Real Estate projects for sale in BEL 9.68 6.39 3.29 Brigade Orchards * 0.96 0.48 0.48 Real Estate Lease Rentals Brigade Cornerstone Utopia* 3.41 2.28 1.13 20.86 Mn sft Hospitality Brigade Res
Slide 7: Contents
Contents 1 Sustained growth in Real Estate Segment 2 Strong momentum in Leasing segment 3 Resurgence continuing in Hospitality Segment 4 Financial Performance 5 Land bank 6 Projects launched and upcoming launches 6
Slide 8: Highlights: Real Estate - Q2 FY24
Highlights: Real Estate - Q2 FY24 • Achieved pre-sales of ~1.67 Mn sft with a sale value of INR 12,491 Mn (including landowner’s space share of 0.25 Mn sft and value of INR 2,091 Mn) ; • Q2 FY24 Collection of INR 10,288 Mn, grew by 17% over Q1 FY24 collections of INR 8,788 Mn • 2 Projects launched i
Slide 9: Group Sales Snapshot
Group Sales Snapshot Q2 FY24 on Particulars H1 FY24* H1 FY23 Q2 FY24 Q1 FY24 Q2 FY23 Q1 FY24 Net Area Sales (‘000 sft) Residential 3,102 2,284 1,652 1,450 14% 1,154 Commercial 28 141 21 7 200% 36 Total 3,130 2,425 1,673 1,457 14% 1,190 Net Sale Value (‘INR Mn) Residential 22,250 15,042 12,333 9,917
Slide 10: Consolidated synopsis of Real Estate Projects
Consolidated synopsis of Real Estate Projects Ongoing BEL Ongoing SPV Particulars Stock Sales Total Projects Projects* In Mn sft BEL SPV* Total super built-up area of projects on sale basis 17.67 1.59 0.22 0.30 19.78 Less: Landowner share 4.42 - - - 4.42 Company share of saleable area 13.25 1.59 0.2
Slide 11: Contents
Contents 1 Sustained growth in Real Estate Segment 2 Strong momentum in Leasing segment 3 Resurgence continuing in Hospitality Segment 4 Financial Performance 5 Land bank 6 Projects launched and upcoming launches 10
Slide 12: Our Leasing Portfolio: Operating Assets
Our Leasing Portfolio: Operating Assets Area in Mn sft Retail 1.26 0.05 Leased Out Office 6.49 0.88 To Be Transacted Particulars Leasable Area Leased To be transacted Brigade Tech Gardens* 3.00 2.40 0.60 WTC Chennai* 2.01 1.78 0.22 WTC Bengaluru 0.62 0.62 - Brigade Opus 0.30 0.30 - Brigade Bhuwalka
Slide 13: Capex Commitment
Capex Commitment (INR Mn) Project Segment Estimated cost Incurred Balance* Brigade Twin Towers Commercial 5,999 3,759 2,240 Brigade Square, Trivandrum Commercial 756 121 635 IBIS Styles, Mysore Hospitality 900 334 566 Grand Total 7,655 4,214 3,441 *As of Sep 30, 2023 Artist’s impression of Brigade T
Slide 14: Contents
Contents 1 Sustained growth in Real Estate Segment 2 Strong momentum in Leasing segment 3 Resurgence continuing in Hospitality Segment 4 Financial Performance 5 Land bank 6 Projects launched and upcoming launches 13
Slide 15: Growth story in Hospitality Segment continues
Growth story in Hospitality Segment continues • Encouraging growth in our primary demand segments mainly in F&B and banquet events; Domestic passenger travel growth of 21%* in H1 FY24 over H1 FY23 bodes well for room demand • In Q2 of FY'24, continued growth resulted in overall improvement in hotel
Slide 16: Contents
Contents 1 Sustained growth in Real Estate Segment 2 Strong momentum in Leasing segment 3 Resurgence continuing in Hospitality Segment 4 Financial Performance 5 Land bank 6 Projects launched and upcoming launches 15
Slide 17: Consolidated Financials: Snapshot
Consolidated Financials: Snapshot (INR Mn) Q2 FY24 on Q2 FY24 on H1 FY24 on Particulars Q2 FY24 Q1 FY24 Q2 FY23 H1 FY24 H1 FY23 Q1 FY24 Q2 FY23 H1 FY23 Revenue 14,079 6,854 9,122 105% 54% 20,933 18,325 14% EBITDA 3,662 2,062 2,494 78% 47% 5,724 4,998 15% Finance costs 1,101 1,081 1,096 2% 0% 2,182 2
Slide 18: Business Segment Performance: H1 FY24
Business Segment Performance: H1 FY24 (INR Mn) Particulars Real Estate Lease Rental Hospitality Total Revenue 14,338 4,437 2,158 20,933 as % of Total 69% 21% 10% 100% Direct Expenses 10,947 38 249 11,234 Admin Expenses 582 709 588 1,879 Selling Cost 360 131 98 589 Employee cost 806 260 441 1,507 EBI
Slide 19: Consolidated Cash Flows
Consolidated Cash Flows Particulars (All amounts in INR Mn) Q2 FY24 Q1 FY24 H1 FY24 H1 FY23 Operating Activities Total Collections 14,393 12,439 26,832 26,323 Direct Cost/Construction Cost (5,401) (5,675) (11,076) (11,407) Landowner Payments (1,605) (1,494) (3,099) (2,421) Employee and Admin Expense
Slide 20: Capital Allocation: Segment-wise as of 30th Sep 2023
Capital Allocation: Segment-wise as of 30th Sep 2023 (INR Mn) Capital Employed Operating Capital D/E Ratio PBD*/ Capital EBITDA/ Segment Equity (A) Debt (B) Employed (A/B) Equity % Employed OCE % (A+B) 10% (OCE) 33% Real Estate 26,381 244 26,625 0.01 11% 26,625 12% Hospitality 3,298 5,018 8,316 1.52
Slide 21: Consolidated Debt Profile
Consolidated Debt Profile (INR Mn) Particulars Sep-23 Jun-23 Sep-22 Real Estate 244 10 1,537 Hospitality 5,018 5,112 5,988 GOP Securitised 4,660 4,770 4,969 Capex 358 342 1,019 Leasing 35,709 32,706 32,632 Securitised Lease Rental 31,582 28,878 23,454 Capex 4,127 3,828 9,178 Gross Debt 40,971 37,828
Slide 22: Debt Profile & Cost of Borrowing
Debt Profile & Cost of Borrowing Segment Wise - Gross Debt Split Movement of Brigade’s RoI Vs Repo since May-22 1% Repo Brigade RoI 8.72% 8.72% 11% 8.67% 8.46% 1% 8.09% 7.75% 7.65% 2.22% 10% INR 40,971 Mn 6.50% 6.50% 6.50% 3.65% 6.25% 5.40% 77% 4.90% Real Estate-CF Commercial-LRD Commercial-Capex 4.
Slide 23: Standalone Financial: Snapshot
Standalone Financial: Snapshot (INR Mn) Q2 FY24 on Q1 Q2 FY24 on Q2 H1 FY24 on H1 Particulars Q2 FY24 Q1 FY24 Q2 FY23 H1 FY24 H1 FY23 FY24 FY23 FY23 Turnover 4,963 3,588 6,309 38% (21%) 8,551 12,922 (34%) EBITDA 1,481 1,020 1,748 45% (15%) 2,501 3,494 (28%) Finance costs 323 319 332 1% (3%) 642 654
Slide 24: Contents
Contents 1 Sustained growth in Real Estate Segment 2 Strong momentum in Leasing segment 3 Resurgence continuing in Hospitality Segment 4 Financial Performance 5 Land bank 6 Projects launched and upcoming launches 23
Slide 25: Brigade’s Land Bank
Brigade’s Land Bank Land Area (in acres) as on 30th Sep 23 2 18 20 Bangalore Chennai 116 Total Land-479 acres Kochi GIFT City Hyderabad 323 Gujarat Hyderabad Bengaluru Chennai Total Land Area Cost of Land Amount Paid Balance Payable Kochi (Acres) (INR Mn) (INR Mn) (INR Mn) 479 27,100 19,527 7,573 24
Slide 26: Developable Area Details
Developable Area Details Product Land Area Project Area (Mn Sft) BEL Share (Mn Sft) Project Area: Product Mix Residential 287 41.3 30.6 2% 2% 2% Plotted development 39 0.8 0.3 Commercial-Lease 64 9.1 8.4 17% Mixed Development 44 1.1 1.1 Commercial-Sale 8 1.2 0.6 Hospitality 37 1.0 1.0 1% Project Are
Slide 27: Contents
Contents 1 Sustained growth in Real Estate Segment 2 Strong momentum in Leasing segment 3 Resurgence continuing in Hospitality Segment 4 Financial Performance 5 Land bank 6 Projects launched and upcoming launches 26
Slide 28: Projects Launched: H1 FY24
Projects Launched: H1 FY24 Project Area BEL Interest Quarter Project City Segment (Mn Sft) (Mn Sft) Launched Brigade Padmini Tech Valley-Tower C Bengaluru Commercial 0.26 0.13 Q1 Aurum @ Brigade Eldorado Bengaluru Residential 0.59 0.59 Q2 Brigade Calista – Phase 2 Bengaluru Residential 0.70 0.56 Q2
Slide 29: Upcoming Launches
Upcoming Launches Segment Total Area (Mn sft) Brigade Economic Interest (Mn sft) Residential 11.12 9.29 Leasing 1.83 1.04 Total 12.95 10.33 Artist’s impression of Elysium Block @ Brigade Cornerstone Utopia Artist’s impression of Brigade Valencia 28
Slide 30: Awards and Accolades – Q2 FY24
Awards and Accolades – Q2 FY24 Brigade Group was recognized as ‘One of India’s Top Builders’ at the CW Architect and Builders Awards 2023 Brigade Group was recognized as ‘One of India’s Top Challengers’ at the CW Architect and Builders Awards 2023 29
Slide 31: Shareholding Pattern – 30th Sep 2023
Shareholding Pattern – 30th Sep 2023 18% Promoter Group FIIs and FPIs DIIs 44% Others 25% 13% 30
Slide 32: Board of Directors
Board of Directors M. R. Jaishankar Aroon Raman Pavitra Shankar Nirupa Shankar Amar Mysore Roshin Mathew Executive Chairman Vice Chairman (Non- Managing Director Jt. Managing Director Executive Director Executive Director • Masters in Business Executive Independent • MBA, Real Estate & Finance, • Ma
Slide 33: Ongoing Residential Projects
Ongoing Residential Projects Artist’s impression of Brigade Xanadu Clubhouse Artist’s impression of Brigade Citadel 32
Slide 34: Completed Residential Projects
Completed Residential Projects Actual shot at Pearl @ Brigade Palmgrove, Mysore Actual shot at Deodar Block @ Brigade Orchards Bangalore 33
Slide 35: Completed Commercial Projects
Completed Commercial Projects Actual shot at WTC, Kochi Actual shot at Brigade Tech Gardens, Bangalore 34
Slide 36: Thank you
Email:investors@brigadegroup.com Brigade Enterprises Limited 29th & 30th Floor, World Trade Center Brigade Gateway Campus, Dr Rajkumar Road, Malleswaram-Rajajinagar, Bengaluru 560055 Thank you Disclaimer: The information in this presentation contains certain forward-looking statements. These include