Puravankara Ltd

- The company aims to outperform the market and gain market share, targeting presales growth higher than the mid-teen market growth rate over the next 2-3 years. - Plans to launch about 14 million sq ft from the current land bank in FY25, replacing the 7.35 million sq ft sold last year, aiming to maintain a 40 million sq ft land bank for sustained growth. - Expected presales value for FY25 launches is approximately INR7,443 crores with a surplus of INR2,696 crores. - Unit deliveries targeted between 3,500 to 4,000 units in FY25, up from 2,614 units in FY24, implying more than 50% revenue growth year-on-year. - Business development capital allocation focused on inventory replacement and expansion in western regions like Mumbai and Pune. - Growth supported by internal accruals, reallocation of capital, and equity-raising platforms for business development. - Expect gradual improvement with significant green shoots visible in the third and fourth years (24-28 months timeline).

- Puravankara aims to outperform market growth, targeting presales growth above mid-teens CAGR and gaining market share. - EBITDA margins are targeted around 30%, with project-level margins intact despite increased marketing and G&A expenses due to expansion. - Earnings turnaround expected in 3-4 years; green shoots likely from FY27-28 as delivery pace matches sales and newer projects mature. - Operating surplus remains strong (INR 513 crores FY24), supporting sustainable business growth and efficient capital deployment. - Presale value for FY25 estimated at INR 7,443 crores with a launch pipeline of about 14 million sqft. - Delivery volumes expected to increase from 2,600 units in FY24 to 3,500-4,000 units in FY25, supporting revenue growth. - Revenue growth upwards of 50% expected for FY25 due to increased deliveries and launches. - Strong liquidity (INR 931 crores cash balance) and receivables covering 80% of completion costs provide solid financial footing.

- The company has a launch pipeline of about 14 million square feet for FY '25, expected mainly from the existing land bank and some new projects. - They aim to maintain a land bank of around 40 million square feet at all times. - The total expected top-line (presale value) from launches is approximately INR 7,443 crores. - Estimated surplus from launch pipeline projects is INR 2,696 crores. - Cash flow visibility from collections and projects is promising, with about INR 11,507 crores surplus expected in total (including commercial projects). - They plan to aggressively launch new inventory to keep growing at rates above market growth. - Units targeted to be delivered in FY '25 range between 3,500 to 4,000 units. - They are actively reallocating capital between geographies to maximize value, especially into Mumbai and Pune regions.

- The company is prioritizing reallocating and rebalancing existing capital within regions to fuel growth, particularly moving surplus capital from regions like Kochi to Mumbai and Pune. - They are evaluating opportunities to raise equity, specifically working on the next phase of the Alternative Investment Fund (AIF) equity platform, following nearly full deployment of the first phase. - There are plans to create another platform (asset return platform and trade-level platform) for deploying capital beyond AIF. - The HDFC Capital platform involves a committed INR750 crores for Business Development (BD), with a total platform size of INR1,150 crores, partly deployed in existing and new projects. - No fixed capital targets for BD in FY25 and FY26; focus is on replacing inventory and maintaining a land bank of about 40 million square feet. - Existing repayments of Non-Convertible Debentures (NCDs) and raising new debt at competitive rates are ongoing, with no plans to add more debt beyond existing projects.

- Puravankara plans to maintain a land bank of about 40 million sq. ft. at any time for continuous growth and inventory replacement. - Target to launch around 14 million sq. ft. in FY25 from existing and new land acquisitions. - Capital reallocation is underway, moving surplus capital from regions like Kochi (~INR1,800 crores surplus) to high-value markets such as Mumbai and Pune (Western region). - Working towards raising equity through platforms like AIF (Alternative Investment Fund) and asset return/trade-level platforms. - Committed INR750 crores for business development (BD) through HDFC platform, with no fixed capital target but focused on replacement to sustain growth. - Specific capital for two key Mumbai projects (Lokhandwala and Pali Hill) is about INR900 crores total (INR650 crores land cost plus launch cost). - Overall strategic focus on rapid deployment, acquisitions in Western region, and expanding geographically including entry into NCR.