Shriram Properties Ltd

- No explicit mention of new equity fundraising in the provided transcript. - Management highlighted managing gross debt levels around INR 300-350 crores for FY24 and FY25, indicating controlled borrowing. - Debt repayment is ongoing, including redemption of INR 100 crores debenture associated with a project acquisition. - There are plans for land monetization (e.g., in Chennai and Bengal) expected to generate cash inflows in Q3, potentially reducing net debt. - Current and future gross debts arise mainly from construction financing at the project level; net debt is targeted to approach zero by FY25. - No direct statements about raising new equity or debt, but some borrowing at individual project levels (INR 16 crores) occurs regularly. - Management emphasizes improving cash flow and reducing interest costs rather than new large-scale fundraising.

- Shriram Properties has ongoing construction and project investments, including JV advances (noted INR17 crores outflow in one quarter). - Focus on construction spend target of INR750 crores for FY24, fueled by two new Chennai launches: Prime Paradiso and 122 West. - Completed acquisition of a 1.88 million sq. ft project (Shriram 122 West), being launched in August-September 2023; this project is part of the ASK Shriram Co-Investment Platform (80% ASK capital, 20% Shriram). - Capital platform utilization at ~60% (~INR300 crores used from a INR500 crores partnership platform). - Ongoing enhancement of project pipeline with 43 million sq. ft development potential, including 23 million ongoing and 20 million yet to be launched. - Plans for monetization of land parcels, including one in Chennai, to reduce net debt and generate free cash flow.

- Strong demand outlook for the next 3-5 years, especially in mid-market housing, supported by India story and market consolidation. - Targeting at least 20% CAGR in volumes over the longer term. - Full-year handover target of about 3,000 units (~3.4-3.5 million sq ft) in FY24 to boost revenue recognition (~INR 1,500-1,600 crores). - Pipeline of 52 million sq ft with 23 million sq ft ongoing projects and 20 million sq ft available for launch. - Expect revenue and volume growth supported by 11-12 project launches planned for the year. - Realizations have grown by about 9% quarter-on-quarter, driven by price hikes and product mix improvements. - Sustainable EBITDA margins expected in the 20-25% range. - Revenue recognition momentum to continue driven by project completions and handovers through FY23-25. - Overall, a positive market environment with stable demand and controlled supply in key cities.

- Management expects a strong earnings visibility over the next 3 years, supported by 70% of project revenues from volumes already sold till FY23 and Q1 FY24. - Targeting at least 20% CAGR in volumes with sustained profitability. - EBITDA margins are targeted to stabilize in the 20%-25% range during this year and going forward. - EPS run rate around INR 4, with second half (Q4) expected to be stronger due to revenue recognition seasonality. - Positive net earnings with improving margins and returns are key focus areas. - Revenues expected to grow with 3.5 million sq.ft. of handovers and INR 1,500-1,600 crores revenue recognition expected in FY24. - Management confident that markets will take note of improved earnings and treat the stock appropriately over time.

- Ongoing project pipeline comprises 19 projects, all launched. - Total ongoing project area: 23 million sq. ft., with Shriram Properties owning ~21 million sq. ft. - Approximately 80% of the ongoing project pipeline is already sold. - Sold receivables collectible amount from ongoing projects is INR 2,500 crores. - Unsold value in ongoing projects is about INR 2,000 crores. - Total balance collectible from ongoing projects is roughly INR 4,500 crores. - For FY '24, about 5.7 million sq. ft. is expected to be launched, mostly under JDA category. - Current pipeline includes 52 million sq. ft. overall, with 23 million sq. ft. ongoing and 20 million sq. ft. planned for launch. - Strong demand outlook supports comfortable achievement of full-year sales targets.