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Posts in category All News
ValuePickr- Mumbai (13-07-2024)
Does govt plan to junk MTNL, BSNL merger? (13-07-2024)
Sukhvinder Singh Sukhu spent crores on bypolls but still lost in home district Hamirpur: HP BJP chief Rajeev Bindal (13-07-2024)
Acquittal for Pakistan’s Khan and Wife in Illegal Marriage Case (13-07-2024)
SG Mart- Can it successfully create a marketplace? (13-07-2024)
Neera gupta shareholding is coming from Sahil gupta; Sahil gupta used to own 13.45% in dec shareholding now he owns only 1.34% and 12.1% is ownd by neera gupta in June shareholding
NINtec Systems Limited: A High Potential Microcap IT Company (13-07-2024)
The only concern with this stock is it’s very expensive valuations.
Manipur assembly session from July 31 (13-07-2024)
Ranvir’s Portfolio (13-07-2024)
Marathon NextGen Realty -
Q4 and FY 24 results and concall highlights -
Established in 1978. Total projects delivered till date @ 100 +
Ongoing projects at ( MNRL’s share ) -
Panvel - Nextzone ( 91 pc )
Bhandup - NeoHomes ( 100 pc )
Byculla - Monte South ( 40 pc )
Mulund - Millennium ( 100 pc )
Lower Parel - Futurex ( 100 pc )
Total homes in pipeline - 15k+
Land under development - 40 lakh Sq ft
Business highlights of FY 24 -
Acquired 14 acres ( aprox 6.1 lakh Sq Ft ) land parcel in Bhandup with a total development potential of 21 lakh sq ft and GDV of 2250 cr
Marathon Futurex - one of the biggest commercial towers of Mumbai received occupation certificate upto 38th floor ( top floor )
Monte South Wing A received occupation certificate upto 51st floor
Marathon Millennium - one of the biggest commercial tower of Mulund received occupancy certificate till 20th floor
Monte South - received best Ultra Luxury Project award - ZeeBusiness Real Estate
FY 24 outcomes -
Area sold - 5.61 lakh sq ft ( Avg realisation @ Rs 14,563 / sq ft )
Booking value - 817 cr
Revenues - 705 cr
EBITDA - 309 cr, margins @ 41 pc
PAT - 169 cr, margins @ 24 pc
Debt on books @ 751 vs 838 vs 1190 cr ( for last 3 FYs ). As the Debt keeps coming down, cost of debt should also keep reducing
Q4 outcomes -
Area sold - 1.26 lakh sq ft ( Avg realisation @ Rs 13,888 / sq ft )
Booking value - 175 cr
Revenues - 155 cr
EBITDA - 67 cr, margins @ 40 pc
PAT - 40 cr, margins @ 26 pc
Company’s landbank -
Panvel - 100 acres
Thane - 100 acres
Bhandup - 100 acres
Dombivali - 50 acres
Just a broad brush calculation / assumption - if the company were to develop and sell all of this land bank over next 10 yrs @ avg per sq ft rate of 13k/Sq Ft, FSI of 2.5, PAT margins of 20 pc … they can earn profits of around 9700 cr over next 10 yrs
Note : this is just a broad brush, back of the envelop calculation based on certain assumptions☝️
Total estimated revenue from currently unsold inventory @ 1500 cr ( aprox ) - assumed at prevailing mkt rates
Avg cost of Debt in FY 23 was 15.5 pc. In FY 24, it fell to 12.5 pc
Launch pipeline for FY 25 @ 12 lakh sq ft valued at around 1400 cr
Targeting a booking value of between 1000 - 1200 cr for FY 25. Booking value for FY 24 was 817 cr
Current unsold but completed inventory ( residential + commercial ) that the company is holding is around 380 cr ( expected to receive this much cash as and when this is sold )
In next 3 yrs or so, company should be able to do an annual pre-sales of around 2000 cr / yr ( provided the up cycle sustains )
Disc: holding, biased, not SEBI registered, not a buy / sell recommendation
SG Mart- Can it successfully create a marketplace? (13-07-2024)
And Neera Gupta is Apl chairman’s wife
Time technoplast (13-07-2024)
At such high price / valuation it is better to wait for the Q1 results…