Brigade Enterprises Limited · NSE:BRIGADE
Brigade Enterprises — Q3 FY24 Earnings Presentation
36 slides from Brigade Enterprises's earnings presentation, Feb 6, 2024
Slide 1: Cover letter to stock exchanges
Ref: BEL/NSEBSE/IP/06022024 6th February, 2024 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 – Q3 FY24
Artist’s impression of Brigade Sanctuary Artist’s impression of Brigade Nanda Heights BRIGADE ENTERPRISES LIMITED Investor Presentation – Q3 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 – Q3 FY24
Segments Highlights – Q3 FY24 Real Estate – On Sale Basis • Pre-sales volume was ~1.70 Mn sft in Q3 FY24 (including landowner’s space share of 0.14 Mn sft) as 9M FY24-Revenue Share % compared to Q2 FY24 pre-sales volume of ~1.67 Mn sft (including landowner’s space share of 0.25 Mn sft) • Sale value
Slide 5: ESG Initiatives
ESG – Q3 FY24 Assessing the use of Sold Products towards carbon impact as per Scope-3 under Carbon abatement/NetZero strategy. Integration of ESG elements into our value chain as part of “Supply Chain Management” ESG Initiatives (Q3 FY24) is in advanced stages and likely to be completed before the e
Slide 6: Summary: Ongoing Projects
Summary: Ongoing Projects Area in Mn sft Total Project Area Projects Project Area Co Share LO/JV share 6% 1% Real Estate projects for sale in BEL 11.55 7.79 3.76 Brigade Orchards * 1.35 0.92 0.43 Real Estate Lease Rentals Brigade Cornerstone Utopia* 2.55 1.70 0.85 22.17 Mn sft Hospitality Brigade Re
Slide 7: Contents
Contents 1 Sustained growth in Real Estate Segment 2 Uptick in leasing from existing tenants 3 Positive momentum in Hospitality segment continues 4 Financial Performance 5 Land bank 6 Projects launched and upcoming launches 6
Slide 8: Highlights: Real Estate - Q3 FY24
Highlights: Real Estate - Q3 FY24 • Achieved pre-sales of ~1.70 Mn sft with a sale value of INR 15,244 Mn (including landowner’s space share of 0.14 Mn sft and value of INR 1,249 Mn) • The residential market continues to exhibit healthy growth, both in terms of pricing as well as sales • Avg. price
Slide 9: Group Sales Snapshot
Group Sales Snapshot Q3 FY24 on Particulars 9M FY24* 9M FY23 Q3 FY24 Q2 FY24 Q3 FY23 Q2 FY24 Net Area Sales (‘000 sft) Residential 4,748 3,740 1,646 1,652 0% 1,455 Commercial 77 218 49 21 133% 78 Total 4,825 3,958 1,695 1,673 1% 1,533 Net Sale Value (‘INR Mn) Residential 36,970 24,436 14,720 12,333
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 18.68 1.98 0.29 0.46 21.41 Less: Landowner share 4.61 - - - 4.61 Company share of saleable area 14.07 1.98 0.2
Slide 11: Contents
Contents 1 Sustained growth in Real Estate Segment 2 Uptick in leasing from existing tenants 3 Positive momentum in Hospitality segment continues 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 1.24 0.07 0.16 Leased Out Office 6.84 0.37 Hard Option To be Transacted Particulars Leasable Area Leased Hard Option To be transacted Brigade Tech Gardens* 3.00 2.74 0.16 0.10 WTC Chennai* 2.01 1.78 - 0.23 WTC Bengaluru 0.62 0.62 - - Brig
Slide 13: Capex Commitment
Capex Commitment (INR Mn) Project Segment Estimated cost Incurred Balance* Brigade Twin Towers Commercial 5,999 4,032 1,967 Brigade Square, Trivandrum Commercial 756 163 593 IBIS Styles, Mysore Hospitality 900 438 462 Grand Total 7,655 4,633 3,022 *As of Dec 31, 2023 Artist’s impression of Brigade T
Slide 14: Contents
Contents 1 Sustained growth in Real Estate Segment 2 Uptick in leasing from existing tenants 3 Positive momentum in Hospitality segment continues 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 • Clocked revenue of INR 1,227 Mn during Q3 FY24, an increase of 8% over Q2 FY24 • In Q3 FY'24, the Hospitality SBU continues to show growth momentum; ARR has shown an increase of 6% over Q2 FY24 ; Occupancies remained stable Grand Mercure, Mysore High U
Slide 16: Contents
Contents 1 Sustained growth in Real Estate Segment 2 Uptick in leasing from existing tenants 3 Positive momentum in Hospitality segment continues 4 Financial Performance 5 Land bank 6 Projects launched and upcoming launches 15
Slide 17: Consolidated Financials: Snapshot
Consolidated Financials: Snapshot (INR Mn) Q3 FY24 Q3 FY24 9M FY24 Particulars Q3 FY24 Q2 FY24 Q3 FY23 9M FY24 9M FY23 on Q2 FY24 on Q3 FY23 on 9M FY23 Revenue 12,082 14,079 8,586 (14%) 41% 33,015 26,911 23% EBITDA 2,964 3,662 2,462 (19%) 20% 8,688 7,461 16% Finance costs 1,350 1,101 1,184 22% 14% 3
Slide 18: Business Segment Performance: 9M FY24
Business Segment Performance: 9M FY24 (INR Mn) Particulars Real Estate Lease Rental Hospitality Total Revenue 22,725 6,905 3,385 33,015 as % of Total 69% 21% 10% 100% Direct Expenses 17,460 80 395 17,935 Admin Expenses 1,080 1,099 931 3,110 Selling Cost 576 236 155 967 Employee cost 1,240 399 676 2,
Slide 19: Consolidated Cash Flows
Consolidated Cash Flows Particulars (All amounts in INR Mn) Q3 FY24 Q2 FY24 Q3 FY23 9M FY24 9M FY23 Operating Activities Total Collections 13,944 14,393 13,283 40,776 39,605 Direct Cost/Construction Cost (6, 038) (5,401) (6,167) (17,114) (17,574) Landowner Payments (2,181) (1,605) (1,165) (5,280) (3
Slide 20: Capital Allocation: Segment-wise as of 31st Dec 2023
Capital Allocation: Segment-wise as of 31st Dec 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) Real Estate 30,795 109 30,904 0.00 8% 30,904 10% 37% Hospitality 3,406 4,923 8,329 1.45
Slide 21: Consolidated Debt Profile
Consolidated Debt Profile (INR Mn) Particulars Dec-23 Sep-23 Jun-23 Mar-23 Real Estate 109 244 10 465 Hospitality 4,923 5,018 5,112 5,468 GOP Securitised 4,543 4,660 4,770 4,985 Capex 380 358 342 483 Leasing 38,339 35,709 32,706 32,363 Securitised Lease Rental 34,832 31,582 28,878 28,839 Capex 3,507
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 0% Repo Brigade RoI 8.72% 8.72% 8.73% 10% 8.67% 8.46% 1% 8.09% 7.75% 7.65% 2.23% 8% ₹ 43,371 Mn 6.50% 6.50% 6.50% 6.50% 3.65% 6.25% 5.40% 80% 4.90% Real Estate-CF Commercial-LRD Commercial
Slide 23: Standalone Financial: Snapshot
Standalone Financial: Snapshot (INR Mn) Q3 FY24 Q3 FY24 9M FY24 Particulars Q3 FY24 Q2 FY24 Q3 FY23 9M FY24 9M FY23 on Q2 FY24 on Q3 FY23 on 9M FY23 Turnover 4,508 4,963 5,579 (9%) (19%) 13,059 18,501 (29%) EBITDA 1,244 1,481 1,506 (16%) (17%) 3,745 5,000 (25%) Finance costs 384 323 349 19% 10% 1,02
Slide 24: Contents
Contents 1 Sustained growth in Real Estate Segment 2 Uptick in leasing from existing tenants 3 Positive momentum in Hospitality segment continues 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 31st Dec 23 20 4 2 20 Bangalore Chennai 130 Hyderabad Total Land-499 acres Kochi GIFT City Mysore 323 Gujarat Hyderabad Bengaluru Chennai Total Land Area Cost of Land Amount Paid Balance Payable Kochi (Acres) (INR Mn) (INR Mn) (INR Mn) 499 33,844 21,900
Slide 26: Developable Area Details
Developable Area Details Product Land Area Project Area (Mn Sft) BEL Share (Mn Sft) Project Area: Product Mix Residential 295 42.2 31.7 2% 2% 2% Plotted development 39 0.7 0.3 Commercial-Lease 76 10.8 9.7 19% Mixed Development 44 1.1 1.1 Commercial-Sale 8 1.2 0.6 Hospitality 37 1.0 1.0 Project Area
Slide 27: Contents
Contents 1 Sustained growth in Real Estate Segment 2 Uptick in leasing from existing tenants 3 Positive momentum in Hospitality segment continues 4 Financial Performance 5 Land bank 6 Projects launched and upcoming launches 26
Slide 28: Projects Launched: 9M FY24
Projects Launched: 9M 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 10.82 9.51 Commercial 5.15 3.94 Hotels 1.06 1.06 Total 17.03 14.51 Artist’s impression of tower at Brigade Padmini Tech Valley Artist’s impression of Brigade Valencia 28
Slide 30: Awards and Accolades – Q3 FY24
Awards and Accolades – Q3 FY24 Brigade won 4 awards at the 15th Realty+ Excellence Awards - 2023, SOUTH, Bengaluru Experiential Digital Integrated Integrated Marketing Marketing Brand Township Campaign Campaign Campaign Project of of the Year of the Year of the Year the Year (Brigade (Brigade (Home
Slide 31: Shareholding Pattern – 31st Dec 2023
Shareholding Pattern – 31st Dec 2023 17% Promoter Group FIIs and FPIs DIIs 44% Others 25% 14% 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 Artist’s impression of Fairmont @ Brigade Orchards 32
Slide 34: Completed Residential Projects
Completed Residential Projects Actual shot at Residences @ BTG Actual shot at Pearl @ Brigade Palmgrove, Mysore Actual shot Actual shot at at Deodar Eden & Serene Block @@Brigade BrigadeOrchards Utopia Bangalore 33
Slide 35: Completed Commercial Projects
Completed Commercial Projects Actual shot at Arcade at Brigade Orchards Actual shot at Arcade at Brigade Orchards Actual shot at WTC, Kochi Actual shot at Deccan Heights Actual shot at Brigade Tech Gardens 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