Brigade Enterprises Limited · NSE:BRIGADE
Brigade Enterprises — FY2016-17 Earnings Presentation
37 slides from Brigade Enterprises's earnings presentation, May 22, 2017
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 Malleswaram - Rejajinagar, Bangalore - 560 055, India T 91 80 4137 9200 F 91 80 2221 0784 E enquiry@brigadegroup
Slide 2: Brigade Group Investor Presentation FY2016-17
Brigade Group Investor Presentation ‐ FY2016‐17 22nd May 2017 (CIN: L85110KA1995PLC019126) 1
Slide 3: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS FY 2016‐17 Revenue was Rs. 20,584 Mn 1% Decrease over FY 2015‐16 PBT for FY 2016‐17 is Rs. 2,396 Mn 10% higher than FY 2015‐16 PAT for FY 2016‐17 is Rs. 1,664 Mn 20% higher than FY 2015‐16 Unrecognized Revenue on Ongoing Real Estate projects (including
Slide 4: Consolidated Financials Trend
CONSOLIDATED FINANCIALS TREND Turnover (Rs. Mn) EBITDA (Rs. Mn) 5,722 5,607 5,072 6,000 2,051 2,500 5,000 1,414 2,000 1,284 4,000 1,500 3,000 2,000 1,000 1,000 500 ‐ ‐ Q4 FY 2016 Q3 FY 2017 Q4 FY 2017 Q4 FY 2016 Q3 FY 2017 Q4 FY 2017 PBT (Rs. Mn) PAT (Rs. Mn) 1,130 825 1,200 1,000 1,000 800 800 463
Slide 5: Consolidated (Ind-AS) Financials - Snapshot
CONSOLIDATED (IND‐AS) FINANCIALS ‐ SNAPSHOT Amount in Rs. Mn Q4 FY17 Q4 FY17 FY17 on Q4 Q3 Q4 on Q3 on Q4 Particulars FY 2017 FY 2016 FY16 FY17 FY16 (% Inc) FY17 FY17 FY16 (% Inc) (% Inc) Turnover 20,584 20,707 ‐1% 5,607 5,722 5,072 ‐2% 11% EBITDA 6,086 5,229 16% 2,051 1,414 1,284 45% 60% Interest 2
Slide 6: Consolidated Segment Contribution
CONSOLIDATED SEGMENT CONTRIBUTION 12 Months ending March 2017 78% 80% 69% 70% 66% 62% 60% 50% Real Estate 40% Hospitality Lease Rentals 28% 30% 27% 22% 20% 16% 13% 9% 10% 6% 4% 0% Revenue Gross Profit EBITDA Profit After Interest 5
Slide 7: Consolidated Segment Profit Analysis
CONSOLIDATED SEGMENT PROFIT ANALYSIS 12 Months ending March 2017 Amount in Rs. Mn Particulars Real Estate Hospitality Lease Rental Total Revenue 15,997 1,930 2,657 20,584 as % of Total 78% 9% 13% 100% Expenses 9,452 283 284 10,019 Gross profit 6,545 1,647 2,373 10,565 Gross profit Margin % 41% 85% 8
Slide 8: Consolidated Cash Flows
CONSOLIDATED CASH FLOWS Direct Method Cash Flows Amount in Rs. Mn Q1 FY Q2 FY Q3 FY Q4 Particulars FY 2016 FY 2017 2017 2017 2017 FY2017 Operating Activities Total Collections 19,526 4,456 5,172 5,741 5,475 20,844 Construction Cost 11,392 2,851 2,673 2,521 2,678 10,723 LO Payments 415 151 207 260 19
Slide 9: Consolidated Cash Flows (Contd.)
CONSOLIDATED CASH FLOWS (CONTD.) Direct Method Cash Flows Amount in Rs. Mn Q1 FY Q2 Q3 Q4 Particulars FY 2016 FY 2017 2017 FY2017 FY2017 FY2017 Investment Activities Cash from Investment Activities 2,082 312 199 343 92 946 Construction Cost (CWIP) 2,085 606 679 614 1,195 3,094 Investment in Land/JD/
Slide 10: Deployment of Funds - Consolidated
DEPLOYMENT OF FUNDS ‐ CONSOLIDATED Capital Employed Profitability Ratios 24% 25% 20% 19% Lease Rental Real Estate 20% 43% 44% 14% Real Estate 15% 10% Hospitality 10% 6% Lease Rental 5% Hospitality 0% 13% PBD/Equity % EBITDA/OCE % Figures as on March 2017; Amounts are in Rs. Mn Capital D/E PBD / Oper
Slide 11: Consolidated Debt Profile
CONSOLIDATED DEBT PROFILE Amount in Rs. Mn Particulars March 2016 December March 2017 2016 Real Estate 9,647 9,312 9,221 Hospitality 1,696 2,634 3,001 Lease Rental 8,647 8,904 9,550 Gross Debt 19,990 20,849 21,772 Cost of Debt 10.9% 10.57% 10.39% Credit Rating CRISIL “A” CRISIL “A” CRISIL “A” ICRA “
Slide 12: Sales Volume Analysis
SALES VOLUME ANALYSIS Quarterly Area Sales Residential Commercial 800 700 140 48 600 85 500 ‐ 82 400 10 10 300 568 572 72 439 497 399 361 362 200 228 100 ‐ Q1 FY16 Q2 FY16 Q3 FY16 Q4 FY16 Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 All figures are in ‘000 sft FY 2015‐16 FY 2016‐17 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Y
Slide 13: Sales Value Analysis
SALES VALUE ANALYSIS Quarterly Sales Value Residential Commercial 4,000 901 304 496 3,000 ‐ 605 50 90 2,000 3,032 3,079 2,883 550 2,410 2,159 2,100 2,072 1,000 1,313 ‐ Q1 FY16 Q2 FY16 Q3 FY16 Q4 FY16 Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 All Amounts in Rs. Mn except Average Rate/SFT which is in INR FY 201
Slide 14: Ongoing Projects - Summary
ONGOING PROJECTS ‐ SUMMARY Area in ‘000 sft Total Project Area Project LO/JV Projects Co Share Hospitality Area share 4% Real Estate projects 11,955 2,670 9,285 Lease Rental 10% Brigade Orchards * 2,938 1,468 1,469 Brigade Cosmopolis * 1,539 754 785 Total Real Estate 16,432 4,892 11,539 WTC, Kochi ‐
Slide 15: Synopsis of Ongoing Projects - March 2017
SYNOPSIS OF ONGOING PROJECTS –MARCH 2017 Ongoing BEL Ongoing Stock Particulars Total Projects SPV Projects Sales In Mn. Sft Total super built‐up area of launched project on sale basis 11.95 4.48 0.56 16.99 Less: LO Share 2.67 ‐ ‐ 2.67 Co share of saleable area 9.28 4.48 0.56 14.32 Sold till date 4.9
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 17,298 9,594 ‐ 26,892 Revenue to be Recognised (incl unsold units) 31,471 14,894 3,714 50,079 Estimated cost for the projects – (Incl Land Cost / NRD)
Slide 17: Lease Position - March 2017
LEASE POSITION – MARCH 2017 Office 1,088 106 Retail 942 24 ‐ 200 400 600 800 1,000 1,200 Leased out To be Leased Area in ‘000 SFt Project Leasable Area Leased out To be Leased WTC Bangalore 637 632 5 Orion Mall at Brigade Gateway 818 802 16 Orion East Mall 148 140 8 WTC, Kochi ‐ Phase 1 388 292 96 B
Slide 18: Hospitality Business
HOSPITALITY BUSINESS GRAND MERCURE (BLR) SHERATON Details FY 16‐17 FY 15‐16 FY 16‐17 FY 15‐16 No of Keys 126 126 230 230 Occupancy 73% 82% 81% 82% ARR (Rs.) 6666 6470 8258 7600 GOP 45.9% 48.80% 38.70% 41.0% GM (BLR) Sheraton GM (Mysore) 17
Slide 19: Land Bank - Group
LAND BANK ‐ GROUP Land Area Total Cost* (INR in Location Paid (INR in Mn) Payable (INR in Mn) (in acres) Mn) Bangalore 400 10,253 70,361 3,217 Chennai 72 6,578 6,358 220 Kochi 18 140 140 ‐ Mangalore 29 54 52 2 GIFT, Gujarat 4 260 74 186 Mysore 19 97 85 12 Total 542 17,382 13,745 3,637 * Includes Ref
Slide 20: Land Bank - Segment Wise
LAND BANK – SEGMENT WISE Land Area Total Cost* (INR in Segment Paid (INR in Mn) Payable (INR in Mn) (in acres) Mn) Residential 373 8,971 5,969 3,002 Commercial Sale 23 460 427 33 Commercial lease 116 7,548 7,119 429 Retail 8 136 12 123 Hotel 22 267 217 50 Total 542 17,382 13,745 3,637 * Includes Ref
Slide 21: Land Bank - Developable Area
LAND BANK – DEVELOPABLE AREA Project Area ‐ Product Project Area ‐ Location GIFT Retail Mangalore1% 2% Hotel Mysore 11% 1% 2% Cochin 0% Commercial‐Lease Chennai 31% 12% Residential 62% Commercial‐Sale Bangalore 4% 74% BEL No of Proj Area BEL Share No of Proj Area Location Product Share Projects SFT
Slide 22: Projects Launched in FY2017
PROJECTS LAUNCHED IN FY2017 Land Project BEL Project Product City Launch Plan Area Area Share Acres Mn sft Mn sft Commercial WTC Kochi ‐ Phase‐2 Kochi 2.5 0.39 0.39 Launched Q1 ‐Lease Four Points by Sheraton Hotel Kochi 0.9 0.10 0.10 Launched Q1 Commercial GIFT City Gujarat 2.9 0.26 0.26 Launched Q3
Slide 23: Projects to be Launched
PROJECTS TO BE LAUNCHED 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 FY 18 Brigade Northridge II Residential Bangalore 1.4 0.16 0.10 Q4 FY 18 Brigade Topaz Residential Mysore 1.2 0.09 0.06 Q2 FY 18 Brig
Slide 24: Projects to be Launched (Contd.)
PROJECTS TO BE LAUNCHED (CONTD.) Land Project BEL Launch Project Product City Area Area Share Plan Acres Mn sft Mn sft Brigade Orchards C&R Commercial Bangalore 2.8 0.24 0.12 Q2 FY18 Brigade Southfields Commercial Bangalore 3.5 0.38 0.22 Q3 FY18 Commercial Sale Total 6.3 0.62 0.34 Brigade Brookfield
Slide 25: Awards & Recognition
AWARDS & RECOGNITION • Brigade Orchards won the Order of Merit Award at the Businessworld Smart Cities Conclave & Awards. • Brigade Cosmopolis won the Best Residential project in Bangalore in the Luxury segment at the 11th CNBC Awaaz Awards 2016. • Brigade at No.7 won the Best Residential project in
Slide 26: Annexure I - Project Details
Annexure I Project Details 25
Slide 27: 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 3,24,640 1,16,380 1,357 517 Brigade Omega 5,85,630 4,83,570 1,02,060 2,446 601 Brigade Lakefront 14,55,748 11,05,420 3,50,328 6,958 2
Slide 28: 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 7,69,670 66,760 5,239 467 Brigade Cosmopolis Phase II 7,02,980 3,36,490 3,66,490 2,355 2,543 Brigade Orchards – Villas 4,69,045 2,
Slide 29: 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 1,874 1,163 711 1,236 638 Brigade Omega 3,047 2,278 769 2,248 799 Brigade Lakefront 9,230 4,536 4,694 4,474 4,756 Brigade Exotica
Slide 30: 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 5,706 4,354 1,352 4,345 1,361 Brigade Cosmopolis Phase II 4,898 1,275 3,623 1,263 3,635 Brigade Orchards – Villas 3,462 733 2,729
Slide 31: 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 1,209 1,111 98 665 425 239 Brigade Omega 2,194 2,039 154 853 583 270 Brigade Lakefront 6,189 4,082 2,108 3,04
Slide 32: 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 3,638 2,979 660 2,068 1,569 498 Brigade Cosmopolis Phase II 3,551 2,084 1,467 1,347 352 996 Brigade Orchards
Slide 33: Capex Commitment
CAPEX COMMITMENT As on March 2017 Amount in Rs. Mn Est. Loan Tied Projects Incurred Balance cost up WTC, Kochi ‐ Phase 2 1,298 449 849 600 Brigade Opus 1,693 1,270 423 1,000 Brigade Vantage Chennai 471 328 143 ‐ Brigade Bhuwalka Icon 1,073 1,009 64 ‐ Brigade Broadway 526 285 241 ‐ GIFT City Tower 1*
Slide 34: Annexure II - Standalone Financials
Annexure II Standalone Financials 33
Slide 35: Standalone (Ind-AS) Financials - Snapshot
STANDALONE (IND ‐ AS) FINANCIALS ‐ SNAPSHOT 12 Months ended 31st March 2017 Amount in Rs. Mn Q4 FY17 Q4 FY17 FY17 on Q4 Q3 Q4 on Q3 on Q4 Particulars FY 2017 FY 2016 FY16 FY17 FY16 (% Inc) FY17 FY17 FY16 (% Inc) (% Inc) Turnover 17,477 16,674 5% 4,883 4,744 3,456 3% 41% EBITDA 5,433 4,604 18% 1,724
Slide 36: Standalone Segment Profit Analysis
STANDALONE SEGMENT PROFIT ANALYSIS 12 Months ended 31st March 2017 Amount in Rs. Mn Particulars Real Estate Hospitality Lease Rental Total Revenue 13,793 1,522 2,163 17,477 as % of Total 79% 9% 12% 100% Expenses 8,272 188 134 8,594 Gross profit 5,521 1,334 2,029 8,883 Gross profit Margin % 40% 88% 9
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
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