Shriram Properties Ltd

- No explicit mention of new fundraising through debt or equity in the current quarter. - The company has successfully lowered gross debt marginally from INR 631 crores to INR 610 crores. - Debt-equity ratio is low at 0.37, expected to be further reduced to 0.25-0.3 levels by year-end through cash from operations and land monetization. - Land monetization efforts, such as West Bengal transaction resolution (INR 240-250 crores liability) and Chennai Mall land monetization, aim to positively impact cash flow. - Company completed two project acquisitions investing about INR 44 crores. - No direct announcement of raising fresh equity or debt; focus is on generating free cash flow (~INR 300 crores over next three years) from ongoing projects and monetizations for operational needs.

- Shriram Properties is focusing on expanding its project pipeline aggressively to support a 25% CAGR over the next three years. - They plan to add another 15 to 18 million square feet of pipeline in the next 18-24 months to ensure robust launch capability. - Two new projects concluded recently: one JDA in North Bangalore and one own project near Electronic City, with a combined saleable area of 0.78 million sq.ft worth around INR 600 crores. - Pune project launch is deferred due to approval delays but expected earliest by late Q2 or Q3 FY25. - Capital investment is aligned with launching new projects after achieving sales visibility (around 30% pre-sales before starting construction). - Free cash flow of about INR 300 crores is anticipated over FY25-FY27 period after considering project investments. - No current plans to enter new geographies like Mumbai, but Pune market is being actively developed.

- Targeting 20%-25% CAGR growth over the next three years (FY25-FY27). - Planning to scale sales volume to approximately 7.5 to 8 million square feet by FY27-28. - Expect to sell around 15 to 17 million square feet total volume in the next 30-36 months. - Will add an additional 15 to 18 million square feet to the project pipeline in the next 18-24 months to support launches. - Confident of achieving INR 2,750 to 3,000 crores in sales value and INR 1,700 to 1,800 crores in collections for the full year. - Anticipating robust income recognition from ongoing and sold projects over the next three years. - Expect steady growth and improved profitability focused on mid-market and mid-market premium segments. - New project launches and handovers are expected to contribute to revenue momentum in Q2 onwards.

- Shriram Properties targets a 25% CAGR growth over the next three years, focusing on mid-market and premium mid-market segments. - They aim to achieve 7.5 to 8 million square feet in development volume by FY27-28. - Sales volume over the next 30-36 months is expected to be 15-17 million square feet with plans to add 15-18 million square feet of pipeline. - About 70% of income over the next three years will come from projects already sold as of March 31, 2024. - EBITDA margins are expected to stabilize in the mid-20% range. - PAT margins are projected to be stable at 9%-11%. - Income recognition and handovers will gain momentum especially in Q2-Q4 of FY25. - New launches and strong pipeline add growth visibility, with continued focus on operational excellence to meet market expectations.

- The current project pipeline stands at approximately 42 million square feet. - Within this, about 24 million square feet are ongoing projects and around 18 million square feet are upcoming launches. - To sustain a 20% CAGR and robust launch capacity, the company aims to add another 15 to 18 million square feet of new pipeline over the next 18-24 months. - Several projects are at advanced negotiation stages, expected to be announced in the coming quarters. - The company plans to sell around 15 to 17 million square feet over the next 30-36 months. - This pipeline addition is critical to support the target volume growth, moving from 4.5 million sq. ft. last year to 7.5–8 million sq. ft. by FY27-28. - Project launches have been impacted by delays, especially Pune where approvals are awaited, likely pushing launch to Q3 FY25.