Aditya Birla Real Estate Ltd

- The company is actively looking to raise platform funding through private equity to scale up its residential portfolio and possibly commercial portfolio in the future. - There are no plans for any public equity fundraising in the near future. - Any equity fundraising will happen at the project level, not at the parent company level (Century Textiles). - Debt levels might increase, potentially crossing INR4,000 crores consolidated by year-end, depending on new projects signed. - Future financing will primarily come from subsidiaries via undrawn construction finance plans rather than parent company borrowings. - Overall, raising funds, both debt and private equity, is not expected to be a challenge for the company given its active project pipeline and operations.

- The company is actively looking for lucrative deals in real estate, focusing on joint ventures (JV/JDA) or outright purchases depending on the quality of the deal. - Recent acquisitions include 13.27 acres in Gurugram (GDV INR 5,300 crores) and 16.5 acres in Manjri, Pune (GDV INR 2,500 crores). - Planned launches for FY '25 include projects in Bengaluru (RR Nagar, Sarjapur Road), Gurugram (Birla Navya last phase), Pune (Sangamwadi, Manjri), and Thane, totaling around INR 12,000 crores in GDV. - The company is raising private equity funding at the project level to scale residential and commercial portfolios but not planning public fundraising in the near term. - Construction finance remains undrawn for some projects like Niyaara, indicating potential capex deployment aligned with project schedules. - Working capital is expected to normalize over next three quarters after a peak due to coal linkage in paper business, with no major financing issues anticipated.

- Expecting a very positive and strong real estate cycle for the next few years with sustained demand driven by GDP growth, urbanization, and premium segment demand. - Targeting launches of INR15,000 to INR20,000 crores GDV per year to fuel growth. - Plan to add about INR15,000 to INR16,000 crores GDV annually in new projects. - Sales booking grew 27% YoY with strong collections (INR488 crores in Q1 '25). - Aim to scale residential portfolio through private equity funding at project levels. - Focus on completion and sale velocity, anticipating 3-4 apartment sales per month in key projects like Niyaara Tower 2. - Confident in maintaining volume and sales guidance despite market slowdowns, if pricing, product design, and location remain attractive. - Limited group property launches; growth mainly through acquisitions and JV projects in prime locations. - Overall growth balanced with emphasis on quality, customer centricity, and timely delivery alongside scale.

- Century Textiles anticipates sustained growth with a 28% YoY increase in consolidated turnover for Q1 FY'25. - Real estate segment showed over 800% YoY revenue growth, driven by strong deliveries and bookings. - The company targets INR15,000-20,000 crores in project launches this year to fuel growth and improve cash turnaround. - Margins in real estate projects are maintained around 25-30% EBITDA with IRRs of 20%+ for joint development projects, supporting profitability. - Cost reduction initiatives in the paper segment aim to improve EBITDA margins (~INR12/kg target). - Despite short-term EBITDA decline in paper due to market softness, improved NSR and demand recovery are expected. - Corporate overheads will rise moderately, capped at ~3-4% of bookings, enabling scale without compromising quality. - The textile JV with Grasim is expected to start showing profits next year, contributing to future earnings growth.

- Birla Estate has a GDV pipeline of about INR 54,000 crores. - For FY '25, the company plans launches amounting to INR 15,000-20,000 crores in GDV. - Recent land acquisitions include: - 13.27 acres in Gurugram with a GDV of INR 5,300 crores (60% share). - 16.5 acres in Manjri, Pune with GDV of INR 2,500 crores. - The company plans phased launches in Q2-Q4 FY '25 including RR Nagar, Trimaya, Walkeshwar, Sarjapur Road, Gurugram (Birla Navya), Sangamwadi, Thane, and Manjri. - Delhi launches expected from Q1 FY '26 due to approval delays. - The total launched GDV till date is about INR 12,849 crores, with bookings of INR 9,428 crores. Unsold inventory is approximately INR 3,000 crores. - Inventory sold ratio: NCR ~100%, Bangalore ~95%, Mumbai ~87%. - The company expects to maintain healthy project margins (30%+), IRRs of 20%+ for JDA projects and 16-17% for outright projects.