Shriram Properties Ltd

- Shriram Properties has a strong project pipeline of about 53 million square feet. - Of this, 24 million square feet is ongoing, with the company’s share being around 23 million square feet. - Approximately 80% of this ongoing inventory is already sold. - They expect to end FY24 with about 5 million square feet of unsold area from ongoing projects (opening inventory for FY25). - There is an additional 20 million square feet available for future launches, comprising deferred projects (7-8 million sq ft) and ready-to-launch projects (12-13 million sq ft). - The company targets launching another 6-7 million square feet in FY25 to sustain growth. - Overall, the orderbook and pending orders provide good visibility on volumes and revenue for FY24 and FY25, with 70% of aggregate revenue from existing sold inventory.

- There is no explicit mention of any new fundraising plans through debt or equity in the discussed pages. - The company has been managing its debt by acquiring and refinancing existing obligations, such as the acquisition of JV interest in Shriram Park 63 leading to a rise in gross debt, expected to decline in coming quarters. - Efforts to reduce cost of debt and refinance are ongoing but incremental progress is expected to be slow due to market conditions. - The company has a comfortable liquidity position with daily liquidity between Rs.60-80 crores, supporting operational and growth needs. - New project acquisitions are being funded through existing cash flows and treasury balances, not new external fundraising. - The company aims for zero net debt position within the next 18-24 months, leveraging asset-light models and monetization activities. - Discussions on promoters' shareholding and strategic investors indicate stable equity ownership without plans for immediate new equity infusion.

- Entry into the Pune market was approved by the board; a significant new strategic investment after a gap. - A total project revenue potential of about Rs.1,300 crores identified for the Pune project, with an 18% DM fee including marketing costs — considered an attractive, low capital-intensive opportunity. - The company is progressing with re-approvals and RERA application for formal Pune entry expected by end of March 2023. - Focus remains on residential development with some commercial integration only where required (e.g., Pune project includes some commercial activity as an integrated parcel). - Plans include launching another 6-7 million square feet over the next year to feed growth in FY'25, indicating ongoing capital allocation towards development. - Evaluating new projects for deployment under the ASK co-development platform; another large project deployment is expected in the coming quarters, with a focus on asset-light, capital-efficient growth.

- Targeting 20% average growth over the next 2-3 years. - Ending FY'24 with around 5 million square feet of unsold area from ongoing projects. - Planning to launch another 6-7 million square feet in FY'25 to drive growth. - Strong visibility of volume potential for FY'25 due to robust sales pipeline (54 million sq.ft total, 24 million ongoing, 80% already sold). - Revenue recognition for FY'24, FY'25, and FY'26 has good visibility with 70% of aggregate revenue coming from already sold volumes. - Confident of meaningful growth in earnings and revenue in FY'25. - Q4 expected to recoup deferred volumes and revenues from Q3 setbacks, leading to strong full-year delivery. - Focus on markets: Bangalore, Chennai, Pune as major growth drivers. - Pursuing asset-light model to support capital efficiency and scalability.

- Shriram Properties targets an average growth of 20% over the next 2-3 years (Page 13). - EBITDA margins are stable around mid-20%, with confidence to sustain this in coming years (Page 7, 10). - Nine months FY24 show 14% EBITDA growth, 11% PBT growth, and slight net profit increase, indicating improving profitability (Page 7, 10). - Full-year FY24 earnings expected to show meaningful growth despite Q3 setbacks due to deferred revenues, which are expected to be recouped in Q4 (Pages 7, 11). - EPS for nine months FY24 at Rs.3.24 compares well with full-year FY23, showing growth momentum (Page 10). - FY25 has good revenue visibility with ~70% from already sold volume, implying further meaningful revenue and profit growth (Page 13). - Efforts on capital-light model and debt reduction aim to ensure financial strength supporting growth (Page 14).