Investor Presentation 14th February, 2019 - Indiabulls
Indiabulls Real Estate LimitedInvestor Presentation14th February, 2019
Financial PerformanceKey Financial Highlights: Q3 FY 18-19Q3 FY 18-19Q3 FY 17-181271.1242.116.564.3Total Revenues ( Cr)1287.6306.4PAT after minority interest ( Cr)202.56.0EPS ( )4.490.13IBREL ConsolidatedRevenue from Operations ( Cr)Other Income ( Cr)Previous periods have been restated as per Ind AS 115.2
Business Updates Blu Estate & Club – 3rd tower has received Occupation Certificate. Handover toCustomers is underway, which will further lead to significant collections. IBREL has divested up to 50% stake in two office assets in Udyog Vihar, Gurugram(aggregating 784,000 sq ft leasable office space) at an aggregate enterprise value ofapproximately 464 Crores to the entities controlled by The Blackstone Group L.P. IBREL, through its wholly-owned subsidiary Loon Land Development Limited, hasentered into definitive agreement(s) to acquire a land parcel / development rightson approx. 140 acre land, situated at Sector 79, Manesar, Gurugram, fordevelopment of integrated township and commercial building.3
Portfolio SummaryIndiabulls Real Estate Limited100%100%Development PortfolioArea(Mn. sq.ft.)CompletedUnder Construction50%JV Portfolio with Blackstone(Associate Company)Office Rental PortfolioSalesValue( Cr)1.787224.426,550Area(Mn. sq.ft.)AnnuityRevenue( Cr)Completed & owned*1.985Under Construction#2.2436Area(Mn. sq.ft.)AnnuityRevenue( Cr)Completed & owned3.6711Under Construction#1.4254RentalDevelopmentUnder constructionArea(Mn. sq.ft.)1.6SalesValue( Cr)3,838* Includes Chennai Asset where Company has 69% Equity stake valued at 590 crores.# Annualized Annuity Revenue by FY22on basis of 96% occupancy. Our completed properties have 96% occupancy as on date.4
Summary of Value of Different Parts of IBREL Equity Value of Development Portfolio (refer to slide 22) – 16,961 Cr Equity Value of Owned Office Rental Portfolio (refer to slides 23 to 28) – 4,829 Cr Equity Value of 50% in JV Portfolio with Blackstone# (refer to slides 29 to 35) – 2,420 Cr Equity Value of Land Bank, estimated (refer to slide 22) – 2,219 CrCredit ratings of AA- for Long Term Debt and A1 for Short Term Debt#Blackstone valuation.[No value attributed to SEZ Land. The full equity value of ongoing development projects will realise on completion]5
Infrastructure Upgrades Worli Commercial Towers – Abutting the proposed Acharya Atre Station (ColabaSeepz Metro corridor) Indiabulls Finance Centre, New Tower – Abutting the Western & Central RailwayStations Gurgaon Projects – located on NH8 and Dwarka Expressway (awarded NationalHighway Status & tender issued for construction of pending flyovers &underpasses) One Indiabulls Thane – close to proposed Metro Station (Wadala-Kasavadavalicorridor) and major arterial roads (Eastern Expressway & Ghodbunder Road) Panvel – close to Navi Mumbai International Airport & to South Mumbai viaproposed Mumbai Trans Harbour Link Hanover Bond, London – Bond Street Cross Rail station on Hanover Square, due toopen in 2019, will give residents at Hanover Bond access to super-fast railconnections across London, with Heathrow airport accessible in under 30 minutes.6
Growth Potential Rental Portfolio:o Regular sales from the portfolio of owned & completed office properties tothe Rental platform with/of Investors, and deploy funds to acquire assets at adiscount to their replacement costs.o Enhance Annuity Revenue by leveraging the 200 marquee Tenantrelationships. Development Portfolio:o Acquire assets at a significant discount to market rates.o Asset light model – JV with land owners and developers, without incurringsignificant upfront land acquisition costs.o Execution of ongoing projects will generate a Net Surplus of 16,961cr. Company will focus on its core markets - Mumbai Metropolitan Region & NationalCapital Region for sustainable growth, and strengthening of its on-going businesses.7
Development Portfolio8
Blu Estate & Club, WorliLocationWorli, MumbaiArea (Mn. Sq. Ft)1.91Total Sales Value ( Cr)8,351Pending Collection from Area Sold ( Cr)1,900Net Surplus ( Cr)4,302Project locationActual imageActual image9
Indiabulls Greens, PanvelLocationPanvel, Navi MumbaiArea (Mn. Sq. Ft)8.73Total Sales Value ( Cr)4,442Pending Collection from Area Sold ( Cr)1,605Net Surplus ( Cr)1,703Actual imageProject locationMcDonaldsMGM eswar RailwayStationPanvel Railway StationProposedInternationalAirportTo JNPTONGCColonyDatta GuruSnacksTo GoaHotal NatrajPalaspa PhataSomathaneRailwayStationTo PuneTo RasayaniActual image10
Indiabulls Golf City, SavroliLocationSavroli, Navi MumbaiArea (Mn. Sq. Ft)5.39Total Sales Value ( Cr)3,223Pending Collection from Area Sold ( Cr)Net Surplus ( Cr)2261,980Actual imageProject locationGOLF CITYNAVI MUMBAIINTERNATIONALAIRPORTMUMBAIGREENS PANVELLONAVALAKHALAPURTOLL BOOTHVIA MUMBAI-PUNE EXPRESSWAYTOWARDS PUNEActual image11
Enigma, GurgaonLocationGurgaon (Sector 110)Area (Mn. Sq. Ft)1.76Total Sales Value ( Cr)1,117Pending Collection from Area Sold ( Cr)157Net Surplus ( Cr)278Project locationActual imageActual image12
One Indiabulls, GurgaonLocationGurgaon (Sector 104)Area (Mn. Sq. Ft)4.68Total Sales Value ( Cr)3,653Pending Collection from Area Sold ( Cr)Net Surplus ( Cr)1612,379CGIProject locationCGI13
Indiabulls City, SonepatLocationSonepatArea (Mn. Sq. Ft)1.76Total Sales Value ( Cr)257Pending Collection from Area Sold ( Cr)27Net Surplus ( Cr)126Actual imageProject locationCGI14
One Indiabulls, VadodaraLocationArea (mn. Sq. Ft)Vadodara0.23Total Sales Value ( Cr)83Pending Collection from Area Sold ( Cr)11Net Surplus ( Cr)73Project locationActual imageCGI15
Indiabulls One 09, GurgaonLocationGurgaon (Sector 109)Area (Mn. Sq. Ft)1.10Total Sales Value ( Cr)842Pending Collection from Area Sold ( Cr)178Net Surplus ( Cr)518Actual imageProject locationCGI16
Indiabulls Seirra, VizagLocationVishakhapatnamArea (Mn. Sq. Ft)0.84Total Sales Value ( Cr)267Pending Collection from Area Sold ( Cr)83Net Surplus ( Cr)15Actual imageProject locationCGI17
One Indiabulls ThaneLocationThaneArea (Mn. Sq. Ft)1.40Total Sales Value ( Cr)1,604Pending Collection from Area Sold ( Cr)Net Surplus ( Cr)Project location2931,091Actual imageCGI18
Hanover Bond, LondonLocationLondonArea (Mn. Sq. Ft)0.14Total Sales Value ( Cr)5,142Pending Collection from Area Sold ( Cr)Net Surplus ( Cr)Project locationExchange rate considered 1 88.554683,909Actual imageCGI19
Centrum Park, Gurgaon - CompletedLocationGurgaon (Sector 103)Area (Mn. Sq. Ft)2.16Total Sales Value ( Cr)889Pending Collection from Area Sold ( Cr)58Net Surplus ( Cr)283Project locationActual imageActual image20
Mega Mall, Jodhpur - CompletedLocationJodhpurArea (Mn. Sq. Ft)0.65Total Sales Value ( Cr)359Pending Collection from Area Sold ( Cr)66Net Surplus ( Cr)304Actual imageProject locationActual Image21
Development Portfolio – Net SurplusProjectLocationNet Surplus( Cr)Ongoing ProjectsBlu Estate & Club, WorliMumbai4,302Indiabulls Greens, PanvelMumbai1,703Indiabulls Golf City, SavroliMumbai1,980Enigma, GurgaonNCR278One Indiabulls, GurgaonNCR2,379Indiabulls City, SonepatNCR126One Indiabulls, VadodaraVadodara73Indiabulls One 09Gurgaon518Indiabulls Seirra, VizagVizag15One Indiabulls ThaneMumbai1,091Hanover Bond, Mayfair*London3,909Sub Total - Ongoing Projects16,374Completed ProjectsCentrum Park, GurgaonMega Mall, JodhpurSub Total - Completed ProjectsGrand TotalNCR283Jodhpur30458716,961Land Bank (Fully paid for)1.2.A total of 1,046 acres spread over Mumbai, Chennai, NCR. In addition, entered into definitive agreement(s) toacquire approx. 140 acres in Manesar, Gurgoan .Nashik SEZ of 2,588 acresNet Surplus Pending Collections from Area Sold Value of Unsold Inventory – Pending Construction Cost* Exchange rate considered 1 88.5522
Owned Office Portfolio23
Owned Office Portfolio – CompletedOne Indiabulls Park, ChennaiLocationArea (Mn. Sq. Ft)Annuity Revenue ( Cr)Chennai1.9085Project locationActual imageNote: Company has divested the non-core asset on 6th July 2018.Company has 69 % Equity stake in the Chennai Asset valued at 590 crores.Actual image24
Owned Office Portfolio – Under ConstructionIndiabulls Mint, GurgaonLocationArea (Mn. Sq. Ft)Annuity Revenue ( Cr)Expected inGurgaon (Sector 104)0.40432020Project locationActual ImageCGI25
Owned Office Portfolio – Under ConstructionSector 106, GurgaonLocationGurgaon (Sector 106)Area (Mn. Sq. Ft)1.16Annuity Revenue ( Cr)124Expected in2021Project locationCGI26
Owned Office Portfolio – Under ConstructionCommercial Development at BluLocationWorli, MumbaiArea (Mn. Sq. Ft)0.73Annuity Revenue ( Cr)269Expected in2022Project locationCGI27
Owned Office Portfolio – Annuity Revenue Summary Company has 69% Equity stake in Chennai Asset valued at 590 crores.Balance Projects –Total Annuity Revenue expected inAnnualisedAnnuity Revenue( Cr)FY 2019-2043FY 2020-21167FY 2021-22436Note: Company has divested the Chennai non-core asset on 6th July 2018.28
JV Portfolio with Blackstone(Associate Company)29
JV Portfolio – Completed & OwnedOne Indiabulls Centre, MumbaiLocationMumbaiArea (Mn. Sq. Ft)1.67Annuity Revenue ( Cr)365Actual imageActual image30
JV Portfolio – Completed & OwnedIndiabulls Finance Centre, MumbaiLocationMumbaiArea (Mn. Sq. Ft)1.67Annuity Revenue ( Cr)323Actual imageActual image31
JV Portfolio – Completed & OwnedIndiabulls Tech Park, GurgaonLocationArea (Mn. Sq. Ft)Annuity Revenue ( Cr)Plot 422Gurgaon (Sector 18)0.2424Actual imageActual imageActual image32
JV Portfolio – Under ConstructionIndiabulls Finance Centre – New Tower, MumbaiLocationMumbaiArea (Mn. Sq. Ft)0.82Annuity Revenue ( Cr)174Expected in2020Project locationActual imageCGI33
JV Portfolio – Under ConstructionSky Forest, Residential Development, MumbaiLocationMumbaiArea (Mn. Sq. Ft)1.63Total Sales Value ( Cr)3,838Pending Collection from Area Sold ( Cr)Net Surplus ( Cr)6101,546Project locationActual image34
JV Portfolio – Under ConstructionIndiabulls IT Park, GurgaonLocationArea (Mn. Sq. Ft)Annuity Revenue ( Cr)Expected inProject locationPlot 20Gurgaon (Sector 18)0.54802020Actual imageCGI35
Consolidated Income Statement36
Consolidated Income StatementAmount in CroreParticulars123456789Incomea) Revenue from operationsb) Other incomeTotal incomeTotal Expensesa) Cost of land, plots, constructed properties and othersb) Employee benefits expensec) Finance costsd) Depreciation and amortisation expensee) Other expensesTotal expensesProfit before share of profit/(loss) of joint ventures and tax (1-2)Share of (loss)/profit of joint venturesProfit before tax (3 4)Tax expensea) Current tax (including earlier years)b) Deferred tax charge/(credit)Net profit after tax for the period/year (5-6)Other comprehensive income(i) Items that will not be reclassified to profit or loss(ii) Income tax relating to items that will not be reclassified to profit or loss(iii) Items that will be reclassified to profit or lossOther comprehensive incomeTotal comprehensive income for the period/year (7 8)Net profit attributable to :Owners of the Holding CompanyNon-controlling interestsOther comprehensive income attributable to :Owners of the Holding CompanyNon-controlling interests101112Earnings per equity share (Face value of Rs. 2 per equity share)(a) Basic (in Rs.)(b) Diluted (in Rs.)Paid-up equity share capital (face value of Rs. 2 per equity share)Other equity (including non-controlling interest)Previous periods have been restated as per Ind AS 1153 months ended31 December20181,271.0716.531,287.60Preceding 3months ended30 September20181,040.4219.301,059.72Corresponding 3months ended31 December2017Year to datefigures forcurrent periodended31 December2018Year to datefigures forprevious periodended31 December2017Previous yearended31 March 90.14-94.93-90.14-94.93-94.934,501.8237
Corporate Social Responsibility38
Indiabulls Foundation:Corporate Social ResponsibilityHealthFree Mobile Medical Vans--Free primary healthcare facility provided atdoorsteps for the underprivileged6 vans added to existing fleet of 36281,299 patients diagnosed this quarter2,420,723 patients benefitted since inceptionFree Charitable Medical Clinic-75,813 patients have benefitted from 15clinics this quarter; 370,543 beneficiaries sinceinceptionFree Dialysis Treatment-15,000 free dialysis treatment to be provided3,532 dialysis done this quarter12,437 beneficiaries since inceptionHealth Check up Camps-Nutrition--Medical vans, clinics, health camps, nutritionsupplements, sanitary napkins, awareness, etc.provided to the above mentioned districts ofMaharashtra223,287 people benefitted this quarter842,977 people benefitted since inceptionWater Wheel Project-13,965 people benefitted this quarter79,438 beneficiaries since inceptionKumud--Smile Train- Cleft and Palate Surgeries---1,000 children benefitted this quarter2,800 beneficiaries since inceptionSanitary napkins distributed to over 51,598women and adolescent girls this quarterHygiene awareness sessionswere alsoconducted this quarter121,798 beneficiaries since inceptionPaushtik AaharE-Learning---Free nutrition supplements distributed to theunderprivileged and malnourished150,000 individuals benefitted in this quarter819,582 individuals benefitted since the start-Rural DevelopmentDistributed 1,840 water wheel barrows to therural underprivileged10,322 underprivileged villagers benefitted thisquarterOver 22,939 villagers have benefitted sinceinceptionFree Cataract Surgeries129 cataract surgeries sponsored this quarter;480 beneficiaries since inceptionTransforming TalukasTransforming Mokhada, Shahapur& Trimbakeshwar25 rural schools in Maharashtra provided withE-Learning kits; teachers provided kit training56 schools benefitted since inceptionSanitation Education Skill Development-Training provided to 350 school dropoutsbetween 18-30 years of age in various domains1,337 beneficiaries since inception39
Thank youThis document contains certain forward‐looking statements based on current expectations of Indiabulls Real Estate Ltd.'s (CIN: L45101DL2006PLC148314)management. Actual results may vary significantly from the forward‐looking statements in this document due to various risks and uncertainties. Theserisks and uncertainties include the effect of economic and political conditions in India, and outside India, volatility in interest rates and in securitiesmarkets, new regulations and government policies that might impact the business of Indiabulls Real Estate Ltd., the general state of the Indian economyand the management’s ability to implement the company’s strategy. Indiabulls Real Estate Ltd. doesn’t undertake any obligation to update theseforward‐looking statements.This document does not constitute an offer or recommendation to buy or sell any securities of Indiabulls Real Estate Ltd. or any of its subsidiaries orassociate companies. This document also doesn’t constitute an offer or recommendation to buy or sell any financial products offered by Indiabulls RealEstate Ltd.Investor Contact : Mr. Vinayak Vishwanathinvestor.relations@indiabulls.com 91 22 6189 148140
Location Chennai Area (Mn. Sq. Ft) 1.90 Annuity Revenue ( Cr) 85 One Indiabulls Park, Chennai Project location Actual image Note: Company has divested the non-core asset on 6th July 2018. Actual image Company has 69 % Equity stake in the Chennai Asset valued at 590 crores.
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