Draft Residential Shopping Mall Commercial Hotel Nitesh Estates Ltd. Investor Presentation Quarter Ended December 31, 2012
Q3 FY2013 Summary Quarterly Performance Q3 FY2013 Consolidated performance highlights Financial Highlights: Revenue of Rs. 158.6 mn Gross Profit of Rs. 36.9 mn and margin of 23.3% Net Debt of Rs. 735.2 mn and a Debt to Equity ratio of 0.25x as of December 31, 2012 Operational Highlights: 10.08 mn sq. ft. of area currently under development 0.08 mn sq. ft. area sold for Rs. 623.5 mn Collection of Rs. 606.1 mn compared with Rs. 311.3 mn in Q3 FY2012 Average price realization of Rs. 7,965 per sq. ft. compared with Rs. 4,377 per sq. ft. in Q3 FY2012 Cumulative sales value of Rs. 6,829.0 mn achieved through the sale of 1.63 mn sq. ft. area Commenting on the results and performance, Mr. Ashwini Kumar, Executive Director and Chief Operating Officer of Nitesh Estates said: “We are delighted that our Sales Value for this quarter has stayed resilient at Rs.623 million and similarly cash collections have followed at Rs. 606 million. This is a strong reflection of the quality of our residential portfolio and a brand associated with premium developments. However, revenue recognition continues to lag our marketing achievements with Rs 4,908 million still unrecognized for accounting purposes at the end of the quarter. Our Camp David project has now been completed and delivered, we look forward to the launch of three new projects in Q4. We continue to see high levels of customer interest across the portfolio and feel the sales pipeline is maintaining momentum. This should be supported by an environment where interest rates are expected to decline and consumer confidence to remain robust. ” Investor Presentation: Q3 FY2013 1
Q3 FY2013 Summary Quarterly Performance Expected sales of Rs. 26,599 mn from residential projects plus recurring annual income from Ritz Carlton and Nitesh Mall Ongoing 15 projects: 13 residential, 1 hotel and 1 mall 13 residential projects having total sales potential of Rs. 26,599 mn o 8 residential projects have crossed the threshold limit for income recognition o Nitesh Cape Cod is also expected to cross the threshold limit for income recognition during FY2014 o Nitesh Napa Valley, Nitesh Park Avenue, Nitesh Hunter Valley and Nitesh Palo Alto are under pre-construction stages Unrecognized income of Rs. 4,908 mn till December 31, 2012 o 1 project completed and delivered o 7 income generating projects are expected to be completed by FY2014 39% of sales booked still to be collected in cash: Rs. 2,653 mn Further income potential of Rs. 19,770 mn from sale of ongoing residential projects by FY2017 The Ritz Carlton Hotel is also expected to become operational in Q1 FY2014 Nitesh Mall is expected to become operational in FY2016 Expected rental income of Rs. 500 – 600 mn per annum o Investor Presentation: Q3 FY2013 2
Q3 FY2013 Financials Quarterly Performance Unrecognized income of Rs. 4,908 mn till December 31, 2012: Increasing recognition will significantly enhance profitability Q3 Q2 Nine Months (Rs. mn) FY2013 FY2012 FY2013 FY2013 FY2012 Revenue 1 158.6 345.0 301.9 786.3 765.1 Gross Profit 36.9 131.9 67.4 197.1 232.5 Margin (%) 23.3% 38.2% 22.3% 25.1% 30.4% EBITDA (92.0) 29.5 (45.2) (181.1) (34.2) Profit After Tax (PAT) 2 (770.8) 19.4 (124.1) (931.6) (31.4) Net Profit 2 (741.0) 12.9 (125.6) (907.3) (40.7) Basic EPS (Rs.) (5.08) 0.09 (0.86) (6.22) (0.28) Q3 Q2 Q4 Q2 (Rs. mn) FY2013 FY2013 FY2012 FY2012 Total debt 3 940.5 908.1 626.8 1,115.2 Cash and Cash Equivalents 205.3 339.7 202.0 170.9 Net Debt 735.2 568.4 424.8 944.3 Equity 3,722.5 4,463.3 4,629.7 4,572.9 Debt / Equity 0.25x 0.20x 0.14x 0.24x Convertible Debentures 944.8 970.0 620.0 620.0 Notes: 1. Revenue includes Net Sales plus other income 2. Net Income has been impacted by a Rs. 668 million due to loss on premium on redemption of debentures 3. Total debt excludes Convertible Debentures Investor Presentation: Q3 FY2013 3
Q3 FY2013 Financials Quarterly Performance 39% of sales booked still to be collected in cash: Rs. 2,653 mn Sales Value (Rs. mn) Collections (Rs. mn) 762 623 618 669 606 499 527 434 427 311 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Area Sold (mn sq. ft.) Average Price Realization (Rs. per sq. ft.) 0.11 0.11 7,965 0.09 0.08 0.08 5,797 5,529 5,024 4,377 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Investor Presentation: Q3 FY2013 4
Q3 FY2013 Operational Update Quarterly Performance Total of 15 projects under various stages of construction Structure Complete Nitesh Camp David The Ritz Carlton Hotel Nitesh Central Park Construction in Progress Nitesh Flushing Meadows Nitesh Columbus Square Nitesh Hyde Park Nitesh Fisher Island Nitesh Logos Nitesh Caesar's Palace Nitesh Cape Cod Pre-construction Nitesh Mall Nitesh Napa Valley Nitesh Park Avenue Nitesh Hunter Valley Nitesh Palo Alto Note: Projects are sorted on the basis of completion date within each of the above 3 categories; signifies non-residential projects Investor Presentation: Q3 FY2013 5
Q3 FY2013 Operational Update Quarterly Performance Remaining Income Potential of Rs. 19,770 mn from sale of ongoing residential projects by FY2017 Residential projects summary Total Developable Area (mn sq. ft.) 10.08 Total Saleable Area (mn sq. ft.) 6.58 Total Saleable Area (mn sq. ft.) – Company’s share 4.58 Area Sold till December 31, 2012 (mn sq. ft.) 1.63 A. Total Sales Value Potential (Rs. mn) 26,599 A1. Sales booked till December 31, 2012 (Rs. mn) 6,829 A2. Collections till December 31, 2012 (Rs. mn) 4,176 A3. Income Recognized till December 31, 2012 (Rs. mn) 1,921 B. Total Expected Project Cost (Rs. mn) 19,789 B1. Cost Recognized till December 31, 2012 (Rs. mn) 1,495 C. Income Unrecognized till December 31, 2012 (Rs. mn) 4,908 D. Remaining Income Potential from sale of ongoing projects by FY2017 (Rs. mn) 19,770 Investor Presentation: Q3 FY2013 6
Q3 FY2013 Operational Update Quarterly Performance Rs. 6,829 mn of sales value achieved through the sale of 1.63 mn sq. ft. area Q3 FY2013 Cumulative Area Sold (mn Units Sales Value Avg. Realization % Units Units Sales Value Projects sq. ft.) Sold (Rs. mn) (Rs. per sq. ft.) Sold Sold (Rs. mn) Nitesh Central Park - - - - 77 479.7 100% Nitesh Flushing Meadows 0.009 6 39.2 4,479 77% 154 630.1 Nitesh Camp David - - - - 3 60.0 75% Nitesh Hyde Park 0.009 10 49.2 5,231 71% 380 1,350.7 Nitesh Caesar's Palace 0.004 3 17.7 4,911 214 1,006.7 59% Nitesh Cape Cod 0.016 10 90.2 5,624 52% 150 1,192.4 Nitesh Columbus Square 0.003 2 13.8 5,003 121 736.3 49% Nitesh Fisher Island - - - - 29% 6 468.2 Nitesh Logos - - - - 2 156.0 25% Nitesh Napa Valley 0.038 11 413.4 10,960 12% 19 749.0 Total 0.078 42 623.5 7,965 1,126 6,829.0 Q3 FY2012 0.114 78 499.0 4,377 Q2 FY2013 0.107 74 618.0 5,797 Investor Presentation: Q3 FY2013 7
Nitesh Estates: At a Glance Company Overview An Integrated Property Developer With Strong Brand Recall and Presence Across All Assets Class Project development through JDAs/JVs/Leases Efficient Access to premium city centric properties at low upfront capital outlay Business Efficient capital utilization - funds utilized only for project execution as compared to acquiring land Model Higher internal rate of return Brought ~ 22 mn sq. ft. of area under development in 8 years since inception Established Completed 9 premium residential and office projects totalling 1.42 mn sq. ft. Track Strong brand recall for timely execution of prestigious projects Record In-house fully integrated property development team Total 15 projects with 10.08 mn sq. ft. of area currently under development Balanced ~ 8.3 mn sq. ft. of area planned for future developments Project Projects across all assets class with predominant focus on residential segment Pipeline Well located projects in cities of Bangalore, Chennai, Goa and Kochi Eminent board and strong management team with significant experience across industries Strong Investments from leading institutional investors like Apollo and HDFC AMC at project level Leadership & Partnership with leading firms like KPF, WATG, Callison and L&T for design and construction services Partnerships Developing India's first Ritz Carlton Hotel in Bangalore Investor Presentation: Q3 FY2013 8
Land Portfolio Company Overview One of India's Most Recognized Luxury Real Estate Brands With Focus in South India Total Land 215.9 acres ~ 20 mn sq. ft. area available for ongoing and upcoming projects Bangalore Chennai Land 186.7 acres Land 8.3 acres 14 ongoing projects with developable area of Plans for future development of 1mn sq. ft. 9.88 mn sq. ft. area for commercial and hospitality segments Plans for future development of ~5.3 mn sq. ft. area for residential and commercial segments Kochi Goa Land 11.6 acres Land 9.3 acres Plans for future development of over 2 mn Ongoing luxury villa project with sq. ft. area for residential, commercial and developable area of 0.20 mn sq. ft. hospitality segments Investor Presentation: Q3 FY2013 9
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