Oberoi Realty Limited · NSE:OBEROIRLTY
Oberoi Realty — Q3 FY2011 Earnings Presentation
29 slides from Oberoi Realty's earnings presentation, Jan 28, 2011
Slide 1: Result Update (USD) Q3 and 9M FY11
Oberoi Realty Limited Developing Destinations Result Update(USD) Q3 and 9 1 - January 28, 2011 O€ OBERO! EAL T Y
Slide 2: Disclaimer
This presentation has been prepared by Oberoi Realty Limited (ORL) and does not constitute a prospectus or placement memorandum or an offer to acquire any securities of ORL. This presentation or any other documentation or information (or any part thereof) delivered or supplied should not be deemed t
Slide 3: Initial Public Offering, Exquisite I revenue recognition, Splendor Grande launch, awards
Initial Public Offering (IPO) The Company raised ~USD 230 mn. through its maiden public offering of 39,562,000 equity shares at a price of Rs. 260 per equity share. Commencement of revenue recognition of Exquisite I The Company crossed the 20% threshold level of project cost, excluding land cost and
Slide 4: Financial Update; Project Portfolio
Financial Update Project Portfolio (Completed, Ongoing and Planned) Investment Properties – Completed Development Properties – Residential (Completed and Ongoing)
Slide 5: Balance sheet summary 9MFY11
Amount in USD mn. Particulars 9MFY11 9MFY10 FY10 Cash and Cash Equivalents 251 74 81 Investments in Liquid Mutual Fund 77 14 17 Net Fixed Assets Including CWIP 206 174 182 Net Working Capital (Excluding Cash) 187 133 134 Deferred Tax Asset /(Liability) 1 0 0 Total Assets 722 395 414 Share Capital 81
Slide 6: Cash flow summary
Amount in USD mn. Particulars Q3FY11 Q3FY10 9MFY11 9MFY10 FY10 Opening Cash and Cash 86 70 81 37 37 Equivalents Operating Cash Flows (0) 24 31 96 117 Investing Cash Flows (Includes Investments in Liquid Mutual (55) (17) (80) (53) (63) Funds) Financing Cash Flows 220 (3) 219 (6) (10) Closing Cash and
Slide 7: Debt, networth, cash and debt/equity
722 0.12 x 414 321 328 271 96 98 32 40 0 2 0.01 x 0 0.00 x 0.00 x FY08 FY09 FY10 9MFY11 Debt (USD mn.) Networth (USD mn.) Cash & cash equivalents* (USD mn.) Debt/Equity * Includes investments in liquid mutual funds
Slide 8: Net working capital
Amount in USD mn. Particulars 9MFY11 9MFY10 FY10 Current Assets (A) Inventories 149 134 138 Sundry Debtors 6 12 9 Other Current Assets 0 0 0 Loans and Advances 162 119 139 Total - A 317 265 286 Current Liabilities & Provisions (B) - - - Current Liabilities 130 131 150 Provisions 0 1 2 Total -B 130 1
Slide 9: Profit and loss summary
Amount in USD mn. (Except EPS) Particulars Q3FY11 Q3FY10 9MFY11 9MFY10 FY10 Revenue from Projects 77 41 133 123 154 Revenue from Rent 6 5 18 14 19 Revenue from Hospitality 5 - 10 - - Other Operating Revenue 1 1 2 2 2 Non Operating Income 5 1 8 2 4 Total Revenue 93 48 170 140 179 EBITDA 60 31 104 83
Slide 10: Revenue by rent, project and hotel
180 - 160 10 140 120 - 100 - 154 133 80 60 114 78 - 40 52 20 16 19 18 - 1 0 FY07 FY08 FY09 FY10 9MFY11 Rent (USD mn.) Project (USD mn.) Hotel (USD mn.)
Slide 11: Revenue, EBITDA, PAT and diluted EPS
Revenue (USD mn.) EBITDA (USD mn.) 179 170 109 104 124 62 101 68 FY08 FY09 FY10 9MFY11 FY08 FY09 FY10 9MFY11 PAT (USD mn.) Diluted EPS (Rs.) 102 85 66 15.63 56 12.69 10.23 8.48 FY08 FY09 FY10 9MFY11 FY08 FY09 FY10 9MFY11
Slide 12: Margins and return ratios
Particulars FY08 FY09 FY10 Q3FY 11 9MFY11 EBIDTA Margin 54.58% 60.87% 60.72% 63.89% 61.14% PAT Margin 52.88% 55.43% 56.88% 48.81% 49.85% RONW# 27.53% 18.93% 27.71% 7.76%* 14.89%* ROCE# 22.69% 17.90% 27.62% 7.76%* 14.89%* Debt/Equity 0.12 0.01 0.00 0.00 0.00 # Calculated on Average Networth and Avera
Slide 13: Estimated saleable / leasable area
8,000,000 7,000,000 7,278,037 7,005,461 Estimated Saleable / Leasable Area (sqft.) 6,000,000 5,000,000 4,000,000 3,000,000 2,962,388 2,602,699 2,000,000 1,663,808 1,000,000 - Investment Properties Development Properties Completed Ongoing Planned
Slide 14: Investment properties leasable area
Leasable Area in sqft. Particulars Location Completed Ongoing Planned Commerz I* Goregaon (E) 423,786 Oberoi Mall Goregaon (E) 552,893 Westin Mumbai Garden City Goregaon (E) 381,820 Oberoi International School Goregaon (E) 305,309 Commerz II Phase I Goregaon (E) 725,769 Commerz II Phase II Goregaon
Slide 15: Development properties saleable area
Saleable Area in sqft. Particulars Location Ongoing Planned Oberoi Splendor Andheri (E) 1,279,152 Oberoi Splendor Grande Andheri (E) 283,920 Oberoi Exquisite I Goregaon (E) 1,448,040 Oberoi Exquisite II Goregaon (E) 1,331,520 Oasis Residential Worli 1,541,738 Oberoi Splendor Prisma Andheri (E) 711,5
Slide 16: The Westin Mumbai Garden City
The Westin Mumbai Garden City GLA: 552,893 sqft. GLA: 364,888 sqft. 269 rooms
Slide 17: Commerz I results
Particulars Q3FY11 Q3FY10 9MFY11 9MFY10 FY10 Revenue (USD mn.) 4.09 3.69 10.84 9.98 13.51 EBITDA (USD mn.) 3.09 3.43 10.03 9.41 13.00 EBITDA Margin (%) 95% 93% 93% 94% 96% Occupancy (%) 91.51% 87.58% 89.95% 87.67% 87.56% Area Leased (sqft.) 505,925 484,237 497,333 484,747 484,110 Revenue per sqft. /
Slide 18: Oberoi Mall results
Particulars Q3FY11 Q3FY10 9MFY11 9MFY10 FY10 Revenue (USD mn.) 2.54 1.47 7.57 4.41 6.15 EBITDA (USD mn.) 2.12 1.46 7.15 4.36 6.00 EBITDA Margin (%) 84% 99% 94% 99% 97% Occupancy (%) 77.14% 44.03% 77.14% 42.04% 43.97% Area Leased(sqft.) 281,475 160,672 281,475 153,415 160,435 Revenue per sqft./month
Slide 19: Westin hotel results
Particulars Q3FY11 Q3FY10 9MFY11 9MFY10 FY10 Revenue (USD mn.) 4.88 NA 9.57 NA NA EBITDA (USD mn.) 1.58 NA 1.59 NA NA Number of Rooms 269 NA 269 NA NA Average Room Rent (USD) 171.53 NA 160.76 NA NA Occupancy (%) 62% NA 46% NA NA RevPAR (USD) 106.35 NA 73.95 NA NA Note: The hotel commenced its operat
Slide 20: Oberoi Woods, Exquisite I, Springs
Oberoi Woods Oberoi Exquisite I Oberoi Springs GSA: 598,200 GSA: 1,448,040 GSA: 643,065
Slide 21: Oberoi Exquisite I sales and collections
Project Till Particulars Q3FY11 Q3FY10 9MFY11 9MFY10 FY10 Date Estimated Total Area (sqft.) 1,448,040 1,373,580 1,448,040 1,373,580 1,373,580 1,448,040 Estimated Total Units (nos.) 756 774 756 774 774 756 Area Sold (sqft.) 62,920 372,310 284,700 372,310 465,390 750,090 Units Sold (nos.) 35 206 161 2
Slide 22: Exquisite I average sales price
800,000.00 12,000.00 700,000.00 11,800.00 600,000.00 11,600.00 Average Sales price psft. 500,000.00 Area Sold (sqft.) 11,400.00 400,000.00 11,200.00 300,000.00 11,000.00 200,000.00 10,800.00 100,000.00 - 10,600.00 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Cumulative Area Sold (sqft.) Average Price
Slide 23: Oberoi Splendor Grande sales and collections
Project Till Particulars Q3FY11 Q3FY10 9MFY11 9MFY10 FY10 Date Estimated Total Area (sqft.) 283,920 NA 283,920 NA NA 283,920 Estimated Total Units (nos.) 156 NA 156 NA NA 156 Area Sold (sqft.) 85,540 NA 85,540 NA NA 85,540 Units Sold (nos.) 47 NA 47 NA NA 47 Area in Inventory (sqft.) 198,380 NA 198,
Slide 24: Oberoi Splendor sales and collections
Project Till Particulars Q3FY11 Q3FY10 9MFY11 9MFY10 FY10 Date Estimated Total Area (sqft.) 1,279,152 1,279,152 1,279,152 1,279,152 1,279,152 1,279,152 Estimated Total Units (nos.) 1,296 1,296 1,296 1,296 1,296 1,296 Area Sold (sqft) 2,961 91,791 20,727 489,552 532,980 1,183,413 Units Sold (nos.) 3
Slide 25: Oberoi Splendor average sales price
1,400,000 12,000.00 11,500.00 1,200,000 11,000.00 1,000,000 Average Sales Price / sqft. 10,500.00 Area Sold (sqft.) 800,000 10,000.00 600,000 9,500.00 400,000 9,000.00 200,000 8,500.00 - 8,000.00 Q4FY09 Q2FY07 Q3FY07 Q4FY07 Q1FY08 Q2FY08 Q3FY08 Q4FY08 Q1FY09 Q2FY09 Q3FY09 Q1FY10 Q2FY10 Q3FY10 Q4FY10
Slide 26: Completed residential projects
Area Sold Till Dec Residential Projects Saleable Area Area in Inventory Completed 31, 2011 (sqft.) (sqft.) (sqft.) (%) Oberoi Woods 598,200 595,209 2,991 100% Oberoi Springs 643,065 637,083 5,982 100% Oberoi Seven 39,550 5,650 33,900 100%
Slide 27: Ongoing residential projects status
Est. Sales Base Price Area in Revenue Residential Projects Saleable Area Sold Value of Completed of Last Inventory Recognised Area Area Sold Transaction (sqft.) (sqft.) (sqft.) (Rs. Lakhs) (Rs. Lakhs) (%) (Rs./sqft.) Oberoi Splendor 1,279,152 1,183,413 95,739 135,318 118,527 86% 16,750* Oberoi Exqui
Slide 28: Investor Relations contacts
Investor Relations efforts are coordinated by: Saumil Daru Chief Financial Officer saumil.daru@oberoirealty .com Chirag Savla Executive Assistant to Managing Director [email protected] For any further information please write to [email protected] or contact on (+91 22) 66773333
Slide 29: Abbreviations and notes
Abbreviations: •EBITDA = Earnings before Interest, Tax, Depreciation and Ammortisation •EPS = Earnings Per Share •GLA = Gross Leasable Area •GSA = Gross Saleable Area •Lakhs = Hundred Thousand •nos. = Numbers •PAT = Profit After Tax •PBT = Profit Before Tax •ROCE = Return on Capital Employed •RONW =