Ranvir’s Portfolio

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