Any current/future new fundraising through debt or equity?

There is no current plan for new fundraising through debt or equity as per B. Ravi's statements. Funding for new projects like Smile City will be self-funded and from internal accruals, primarily from residential project bookings generating cash inflows. The company is generating cash surplus and is net debt zero as of March 31, 2024. B. Ravi mentioned that if there is a high number of projects in the future, fundraising might be considered, but it is not on the cards at this point. All ongoing and upcoming projects are planned to be funded internally without requiring upfront external funding

Any current/future capex/capital investment/strategic investment?

Ganesh Housing plans ongoing and upcoming development projects totaling over 5.5 million sq ft under various stages, the highest in company history. Capital expenditure for the SEZ (Million Minds) project has been spent, but the company remains net debt zero with strong cash surpluses. The residential projects like Malabar Retreat and phases of Million Minds residential are in progress, with construction and sales planned in FY25 and beyond. The new commercial project, One Thaltej (1.8 million sq ft, Rs. 2,100 crores revenue), is expected to start in H2 FY25 and complete by H2 FY28. Land acqui

Future growth expectations in sales/revenue/volumes?

Residential demand in Ahmedabad increased by 21.5% in Q1 of the calendar year. Year-on-year residential price growth across the industry is about 9%. Ganesh Housing expects strong demand for both mid-sized and premium houses. New residential projects launched, including two phases at Million Minds with about 1.8 million sq ft. Commercial project One Thaltej (1.8 million sq ft) with Rs. 2,100 crore revenue expected to start in H2 FY '25. Targeting pre-sales of around Rs. 5,000 crores and Rs. 1,400 crores from residential projects over next two years. Expectation of continued growth in Ahmedabad

Future growth expectations in earnings/operating earnings/profits/EPS?

FY ‘24 marked Ganesh Housing's best-ever performance with 45% revenue growth and 351% PAT rise, indicating strong momentum. EBITDA margins were robust at about 70% for FY ‘24, showcasing operational efficiency. The company expects sustained growth via new projects planned for FY ‘25, including residential phases in Million Minds and a commercial project, One Thaltej. Residential demand in Ahmedabad rose 21.5% in early 2024, supporting continuous sales growth. Pre-sales target for residential projects in the next two years is around Rs. 5,000 crores. EPS grew 3.5x to Rs. 55 in FY ‘24,

Current/ Expected Orderbook/ Pending Orders?

Ganesh Housing Corporation's expected free cash flow from projects is approximately Rs. 10,000 crores, including the full sales value of the One Thaltej project. The company has ongoing and planned projects totaling over 5.5 million square feet under various development stages, the highest in the company’s history. Residential pre-sales target for the next two years is around Rs. 5,000 crores, with about Rs. 1,400 crores expected from residential sales excluding land. The Malabar Retreat project (~7,00,000 sq ft) has bookings of 65 acres already, with an estimated development value in the rang

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Ganesh Housing LtdQ1 FY24Realty

Ganesh Housing Ltd Q1 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹755P/E: 13.2Market Cap: ₹5.5K CrSector: Realty

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Order

N/A

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

→Residential demand in Ahmedabad increased by 21.5% in Q1 of the calendar year.
→Year-on-year residential price growth across the industry is about 9%.
→Ganesh Housing expects strong demand for both mid-sized and premium houses.
→New residential projects launched, including two phases at Million Minds with about 1.8 million sq ft.
→Commercial project One Thaltej (1.8 million sq ft) with Rs. 2,100 crore revenue expected to start in H2 FY '25.
→Targeting pre-sales of around Rs. 5,000 crores and Rs. 1,400 crores from residential projects over next two years.
→Expectation of continued growth in Ahmedabad real estate driven by urbanization, infrastructure, and business growth.
→FY ‘25 revenue booking primarily from Malabar Exotica and new residential projects.
→Cash flows are robust, enabling self-funded growth with no immediate capital raising needed.

Margin guidance

Category 3

→FY ‘24 marked Ganesh Housing's best-ever performance with 45% revenue growth and 351% PAT rise, indicating strong momentum.
→EBITDA margins were robust at about 70% for FY ‘24, showcasing operational efficiency.
→The company expects sustained growth via new projects planned for FY ‘25, including residential phases in Million Minds and a commercial project, One Thaltej.
→Residential demand in Ahmedabad rose 21.5% in early 2024, supporting continuous sales growth.
→Pre-sales target for residential projects in the next two years is around Rs. 5,000 crores.
→EPS grew 3.5x to Rs. 55 in FY ‘24, with a dividend hike signaling confidence in cash flows and profitability.
→Management expects ongoing projects to be executed ahead of schedule, boosting future cash flows and profits.
→The company projects better realizations from land and project values due to improving infrastructure near projects like Smile City.
→Overall, management is confident that Ganesh Housing's best performance is yet to come, with sustained profit and EPS growth expected.

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Fundraise plans

→There is no current plan for new fundraising through debt or equity as per B. Ravi's statements.
→Funding for new projects like Smile City will be self-funded and from internal accruals, primarily from residential project bookings generating cash inflows.
→The company is generating cash surplus and is net debt zero as of March 31, 2024.
→B. Ravi mentioned that if there is a high number of projects in the future, fundraising might be considered, but it is not on the cards at this point.
→All ongoing and upcoming projects are planned to be funded internally without requiring upfront external funding.

Order book

→Ganesh Housing Corporation's expected free cash flow from projects is approximately Rs. 10,000 crores, including the full sales value of the One Thaltej project.
→The company has ongoing and planned projects totaling over 5.5 million square feet under various development stages, the highest in the company’s history.
→Residential pre-sales target for the next two years is around Rs. 5,000 crores, with about Rs. 1,400 crores expected from residential sales excluding land.
→The Malabar Retreat project (~7,00,000 sq ft) has bookings of 65 acres already, with an estimated development value in the range of Rs. 2.5 to 2.7 crores per apartment unit.
→The One Thaltej commercial project covers around 1.8 million sq ft with expected revenue of about Rs. 2,100 crores, planned for outright sale starting H2 FY’25 to finish by H2 FY’28.
→Inventory valuation stands at Rs. 421 crores, which is expected to be sold over 2-3 years.

Capex plans

Yes

→Ganesh Housing plans ongoing and upcoming development projects totaling over 5.5 million sq ft under various stages, the highest in company history.
→Capital expenditure for the SEZ (Million Minds) project has been spent, but the company remains net debt zero with strong cash surpluses.
→The residential projects like Malabar Retreat and phases of Million Minds residential are in progress, with construction and sales planned in FY25 and beyond.
→The new commercial project, One Thaltej (1.8 million sq ft, Rs. 2,100 crores revenue), is expected to start in H2 FY25 and complete by H2 FY28.
→Land acquisitions continue actively for future projects or trading opportunities; ongoing acquisitions may complete this or next year.
→Funding for new projects will be primarily self-funded through internal accruals and residential bookings, resulting in positive cash flows without upfront cash requirements.

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