Investor Presentation Rd April, 2019 - Indiabulls
Indiabulls Real Estate LimitedInvestor Presentation23rd April, 2019
Financial PerformanceKey Financial Highlights: FY 18-19Q4 FY 18-19FY 18-191,821.54,943.9219.1279.0Total Revenues ( Cr)2,040.65,222.9Expenses ( Cr)1,803.34,383.1PBT ( Cr)237.3839.8Tax ( Cr)123.3339.5PAT after minority interest ( Cr)108.6504.1EPS ( )2.4111.04IBREL ConsolidatedRevenue from Operations ( Cr)Other Income ( Cr)2
Key Business Updates for FY 18-19 Delivered 9.7 mn sqft with Occupation Certificate for multipletowers/projects – Blu Estate & Club (Mumbai), Indiabulls Greens (Panvel),Indiabulls Golf City (Savroli), Centrum Park (Gurgaon), Enigma (Gurgaon),and Mega Mall (Jodhpur). Total collections for FY 18-19 is 2,607 Cr. Company acquired 105 acres in Manesar for integrated township &commercial buildings.3
Key Business Updates Net debt as on March 31, 2019 is 4,590 Cr. Company has decided to focus only on Mumbai & NCR markets and hencehas decided to divest Century Limited, the parent company that housesHanover Square property, London. In light of continuing Brexit related issuesand uncertainty around it, the London property market remains sluggish sothe promoter has undertaken to buy the parent company of London asset for 200 million. The company had purchased this property for 161.5 million.CBRE, London has recently valued the property at 189 million. Transactionis subject to approvals including the shareholders approval. Since it is arelated party transaction, Promoter will not be participating in the voting onthis item. Post this transaction, Net debt of the Company would be below 3,000 Cr.4
Real Estate - Industry UpdatesRegulatory Act (RERA) Speedy settlement of disputes Boost foreign/domesticinvestment due to improvedtransparencyHousing for All Increased investment outlays Boost foreign/domesticinvestment due to improvetransparencyGSTREIT Listing Single, unified market with taxtransparency and predictability,promoting ease of doing businessand improving supply chainefficiency Govt rationalized the GST rateson Residential real estate from12% to 5%/1%. Embassy-Blackstone Office ParksREIT listing has propelled REIT asa commercial realty investmentproduct, giving developersadditional monetization options.AffordabilityDemand Affordability levels in residentialreal estate at a six-year high. Customer preference has movedto completed properties. Home mortgage rates are still atmulti-year low. Developers having good trackrecord of on-time deliveries, areable to perform with underconstruction and ready productsales. Developers have reduced unitconfigurations to smaller sizes.Major reforms to benefit established players, with proven track record5
Wave of Growth in the Real Estate SectorIBREL is rightly positioned to ride the next wave of growth in the sectorPeak in mid 20101995-96 property bustSector has likely bottomed outand consolidation is imminentwith growth opportunities forlarge institutional players 7 years 6 to 7 years 8th yearin progressResidentialDown cycle islikely behindBottom 2002-03Commercial: Economic growth is fuelling the demandResidential: Green shoots emerging India office market is now well above mid-cycle levels, with rentsincreasing across markets and absorption gaining pace towardsend of CY2018 Listed Mumbai/NCR developers have been registeringimprovements in pre-sales over the last few quartersduring CY2018 Mumbai, NCR is expected to witness uptick in rentals over thenext few years owing to increased demand for Grade A space Advent of RERA and GST has made the industry morefavourable for large established players to success goingforwardSource: JP Morgan, India Property Sector Outlook Report dated 14 April 20196
IBREL – Proven Track RecordCummulative Area Delivered (Mn sq ft)30.023.925.020.014.215.011.210.07.25.95.0FY 15FY 16FY 17FY 18FY 197
Portfolio SummaryIndiabulls Real Estate Limited100%100%Development PortfolioDevelopmentCompletedArea(Mn. sq.ft.)50%JV Portfolio with Blackstone(Associate Company)Office Rental PortfolioSalesValue( Cr)1.5732Under Construction23.117,280Planned14.68,916Land BankArea (Acres)Mumbai, NCR & Chennai1,929Nashik SEZ1,424RentalUnder Construction#AreaAnnuity(Mn. sq. Revenueft.)( Cr)2.4446Area(Mn. sq.ft.)AnnuityRevenue( Cr)Completed & owned3.6702Under Construction#1.4269Area(Mn. sq.ft.)1.6SalesValue( Cr)3,559RentalDevelopmentUnder construction# Annualized Annuity Revenue by FY22 on basis of 98% occupancy. Our completed properties have 98% occupancy as on date.8
Summary of Value of Different Parts of IBREL Development Portfolio (refer to slide 25) – 12,946 Cr Owned Office Rental Portfolio (refer to slides 27 to 30) – 2,285 Cr 50% in JV Portfolio with Blackstone (refer to slides 31 to 37) – 4,270 Cr Land Bank, estimated (refer to slide 25) – 1,600 Cr Total Net Debt will be below 3,000 Cr after divestment of London asset that Promoterhas undertaken to buy at 200 millionCredit ratings of AA- for Long Term Debt and A1 for Short Term DebtFull value of Development Portfolio will realise on completion9
Growth Potential Rental Portfolio:o Portfolio ready for a REIT listing – opportunity to unlock value.o Regular sales from the portfolio of owned & completed officeproperties to the Rental platform with/of Investors, and deploy fundsto acquire land parcels/unfinished projects for development.o Enhance Annuity Revenue by leveraging the 200 marquee Tenantrelationships. Development Portfolio:o Execution of projects to generate a Net Surplus of 12,946 Cr. Company will focus on its core markets - Mumbai Metropolitan Region &National Capital Region for sustainable growth, and strengthening of its ongoing businesses.10
Development Portfolio11
Blu Estate & Club, WorliLocationWorli, MumbaiArea (Mn. Sq. Ft)2.00Total Sales Value ( Cr)8,233Pending Collection from Area Sold ( Cr)1,028Sales Inventory [OC/Near OC] ( Cr)Net Surplus ( Cr)5433,137Actual imageActual image12
Indiabulls Greens, PanvelLocationPanvel, Navi MumbaiArea (Mn. Sq. Ft)8.73Total Sales Value ( Cr)4,287Pending Collection from Area Sold ( Cr)1,280Sales Inventory [OC/Near OC] ( Cr)161Net Surplus ( Cr)778Actual imageActual image13
Indiabulls Golf City, SavroliLocationSavroli, Navi MumbaiArea (Mn. Sq. Ft)5.39Total Sales Value ( Cr)2,509Pending Collection from Area Sold ( Cr)96Sales Inventory [OC/Near OC] ( Cr)115Net Surplus ( Cr)1,213Actual imageActual imageActual image14
One Indiabulls ThaneLocationThaneArea (Mn. Sq. Ft)1.54Total Sales Value ( Cr)1,769Pending Collection from Area Sold ( Cr)310Net Surplus ( Cr)940Project locationActual imageCGI15
Enigma, GurgaonLocationGurgaon (Sector 110)Area (Mn. Sq. Ft)1.76Total Sales Value ( Cr)1,102Pending Collection from Area Sold ( Cr)142Sales Inventory [OC/Near OC] ( Cr)149Net Surplus ( Cr)250Project locationActual imageActual image16
One Indiabulls, GurgaonLocationGurgaon (Sector 104)Area (Mn. Sq. Ft)3.80Total Sales Value ( Cr)2,428Pending Collection from Area Sold ( Cr)Net Surplus ( Cr)Project location1711,041CGICGI17
Indiabulls One 09, GurgaonLocationGurgaon (Sector 109)Area (Mn. Sq. Ft)1.10Total Sales Value ( Cr)764Pending Collection from Area Sold ( Cr)184Net Surplus ( Cr)363Project locationActual imageCGI18
Indiabulls City, SonepatLocationSonepatArea (Mn. Sq. Ft)1.76Total Sales Value ( Cr)242Pending Collection from Area Sold ( Cr)31Net Surplus ( Cr)111Project locationActual image19
One Indiabulls Park, VadodaraLocationArea (mn. Sq. Ft)Vadodara0.23Total Sales Value ( Cr)84Pending Collection from Area Sold ( Cr)11Sales Inventory [OC/Near OC] ( Cr)67Net Surplus ( Cr)76Project locationActual imageActual image20
Indiabulls Seirra, VizagLocationVishakhapatnamArea (Mn. Sq. Ft)0.84Total Sales Value ( Cr)268Pending Collection from Area Sold ( Cr)73Net Surplus ( Cr)12Actual imageProject locationCGI21
Centrum Park, Gurgaon - CompletedLocationGurgaon (Sector 103)Area (Mn. Sq. Ft)2.16Total Sales Value ( Cr)864Pending Collection from Area Sold ( Cr)48Sales Inventory [OC] ( Cr)188Net Surplus ( Cr)236Project locationActual imageActual image22
Mega Mall, Jodhpur - CompletedLocationJodhpurArea (Mn. Sq. Ft)0.65Total Sales Value ( Cr)318Pending Collection from Area Sold ( Cr)79Sales Inventory [OC] ( Cr)184Net Surplus ( Cr)263Actual imageProject locationActual Image23
Development Portfolio – Net SurplusProjectLocationNet Surplus( Cr)Ongoing ProjectsBlu Estate & Club, WorliMumbai3,137Indiabulls Greens, PanvelMumbai778Indiabulls Golf City, SavroliMumbai1,213One Indiabulls ThaneMumbai940Enigma, GurgaonNCR250One Indiabulls, GurgaonNCR1,041Indiabulls One 09NCR363Indiabulls City, SonepatNCR111Vadodara76Vizag12One Indiabulls Park, VadodaraIndiabulls Seirra, VizagSub Total - Ongoing Projects7,921Completed ProjectsCentrum Park, GurgaonMega Mall, JodhpurSub Total - Completed ProjectsNCR236Jodhpur263499Net Surplus Pending Collections from Area Sold Value of Unsold Inventory – Pending Construction Cost24
Development Portfolio – Net Surplus (Contd.)ProjectLocationNet Surplus( Cr)Planned ProjectsIndiabulls Imperial, Gurgaon (Sec 106)NCR1,930ManesarNCR1,903Arivali, PanvelMumbai292Silverlake Villas, AlibaugMumbai69NCR332Centrum, IndoreSub Total - Planned Projects4,526Grand Total12,946Land Bank1.2.1,929 acres spread over Mumbai, NCR, Chennai.Nashik SEZ# of 1,424 acresChennai5%NashikSEZ42%NCR19%MMR34%Net Surplus Pending Collections from Area Sold Value of Unsold Inventory – Pending Construction Cost# Company has 89% Economic Interest in SEZ Land25
Project ApprovalsProjectsFire NOCBuilding PlanEnvironmentClearanceAirportNOCBlu Commercial, Mumbai Indiabulls Mint, Gurgaon (Sec 104) Commercial, Gurgaon Sec 106---------- Land Development License in Place ---------Owned Office PortfolioDevelopment PortfolioBlu Estate & Club, Mumbai Indiabulls Greens, Panvel Indiabulls Golf City, Savroli NAOne Indiabulls Thane NAEnigma, Gurgaon One Indiabulls Gurgaon Indiabulls One 09, Gurgaon One Indiabulls Vadodara Indiabulls Seirra, Vizag Approval Received Revised Approval Awaited26
Owned Office Portfolio27
Owned Office Portfolio – Under ConstructionCommercial Development at BluLocationWorli, MumbaiArea (Mn. Sq. Ft)0.80Annuity Revenue ( Cr)276Expected in2022Project locationCGI28
Owned Office Portfolio – Under ConstructionIndiabulls Mint, GurgaonLocationArea (Mn. Sq. Ft)Annuity Revenue ( Cr)Expected inGurgaon (Sector 104)0.40442020Project locationActual ImageCGI29
Owned Office Portfolio – Under ConstructionSector 106, GurgaonLocationGurgaon (Sector 106)Area (Mn. Sq. Ft)1.16Annuity Revenue ( Cr)127Expected in2022Project locationCGI30
JV Portfolio with Blackstone(Associate Company)31
JV Portfolio – Completed & OwnedOne Indiabulls Centre, MumbaiLocationMumbaiArea (Mn. Sq. Ft)1.67Annuity Revenue ( Cr)355Actual imageActual image32
JV Portfolio – Completed & OwnedIndiabulls Finance Centre, MumbaiLocationMumbaiArea (Mn. Sq. Ft)1.67Annuity Revenue ( Cr)324Actual imageActual image33
JV Portfolio – Completed & OwnedIndiabulls Tech Park, GurgaonLocationArea (Mn. Sq. Ft)Annuity Revenue ( Cr)Plot 422Gurgaon (Sector 18)0.2424Actual imageActual imageActual image34
JV Portfolio – Under ConstructionIndiabulls Finance Centre – New Tower, MumbaiLocationMumbaiArea (Mn. Sq. Ft)0.85Annuity Revenue ( Cr)187Expected in2020Project locationActual imageCGI35
JV Portfolio – Under ConstructionSky Forest, Residential Development, MumbaiLocationMumbaiArea (Mn. Sq. Ft)1.61Total Sales Value ( Cr)3,559Pending Collection from Area Sold ( Cr)Net Surplus ( Cr)6101,256Project locationActual image36
JV Portfolio – Under ConstructionIndiabulls IT Park, GurgaonLocationArea (Mn. Sq. Ft)Annuity Revenue ( Cr)Expected inProject locationPlot 20Gurgaon (Sector 18)0.54822020Actual imageCGI37
Consolidated Income Statement38
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 loss1112Corresponding 3months ended31 March 2018Current yearended31 March 2019Previous yearended31 March 56(72.56)(ii) Share of other comprehensive income of associates and JV accounted for using the equity method(iii) Income tax relating to items that will not be reclassified to profit or loss(iv) Items that will be reclassified to profit or loss(v) Income tax relating to items that will be reclassified to profit or lossOther comprehensive incomeTotal comprehensive income for the period/year (7 6.770.07126.3953.892,413.45Net profit attributable to :Owners of the Holding CompanyNon-controlling 72,372.85(13.28)31.43-(127.24)-Other comprehensive income attributable to :Owners of the Holding CompanyNon-controlling interests103 months ended31 March 2019Preceding 3months ended31 December2018Earnings 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 .933,908.8339
Corporate Social Responsibility40
Indiabulls Foundation:Corporate Social ResponsibilityHealthFree Mobile Medical Vans-Free primary healthcare facility provided atdoorsteps for the underprivileged2 vans added to existing fleet of 363,08,577 patients diagnosed this quarter27,29,300 patients benefitted since inception-Free Charitable Medical Clinic-86,353 patients have benefitted from 15clinics this quarter; 4,56,896 beneficiariessince inceptionFree Dialysis Treatment---Medical vans, clinics, health camps, nutritionsupplements, sanitary napkins, awareness, etc.provided to the above mentioned districts ofMaharashtra2,26,972 people benefitted this quarter10,69,949 people benefitted since inceptionRenewable Energy-4,394 dialysis done this quarter16,831 beneficiaries since inceptionRenewable EnergyInstalled 15 solar energy plants in tribal ashramschools in Maharashtra benefitting 16,684students and staff members since inceptionHealth Check up CampsRain-Water Harvesting--11,837 people benefitted this quarter91,275 beneficiaries since inceptionTransforming TalukasTransforming Mokhada, Shahapur& TrimbakeshwarConstructed 5 roof rain-water harvesting tanksin Mokhada. 5,115 beneficiaries since inceptionFree Cataract Surgeries-190 cataract surgeries sponsored this quarter;670 beneficiaries since inceptionSmile Train- Cleft and Palate Surgeries-1,000 children benefitted this quarter3,800 beneficiaries since inceptionPaushtik AaharNutrition-Free nutrition supplements distributed to theunderprivileged and malnourished1,50,000 individuals benefitted in this quarter9,69,582 individuals benefitted since the startKumud-Sanitary napkins distributed to over 23,422women and adolescent girls this quarterHygiene awareness sessionswere alsoconducted this quarter145,220 beneficiaries since inceptionSanitation Skill Development-Training provided to 80 school dropoutsbetween 18-30 years of age in various domains1,417 beneficiaries since inceptionEducation Scholarship Program-6underprivilegedstudentsawardedscholarship for higher education in this quarter1,133 beneficiaries since inception41
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 148142
Indiabulls Greens, Panvel Mumbai 778 Indiabulls Golf City, Savroli Mumbai 1,213 One Indiabulls Thane Mumbai 940 Enigma, Gurgaon NCR 250 One Indiabulls, Gurgaon NCR 1,041 Indiabulls One 09 NCR 363 Indiabulls City, Sonepat NCR 111 One Indiabulls Park, Vadodara Vadodara 76 Indiabulls Seirra, Vizag Vizag 12
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