Q1FY25 CONCALL NOTES:
- Vishal Kamath (MD) was not available. CFO led the call
- Pune will go under renovation
- Ayodhya and Mumbai are doing exceptionally well
- Other expenses increased from 22 to 30 yoy
- They guided Rs 10 cr only
- CFO said it’s a detailed question and will take later!!
- Int cost will be Rs 5 cr per quarter
- But Maths :
- 115 cr debt @ 10.75% = 3.09 cr per quarter
- Analyst presented this maths, she said yes to this also
- But Maths :
- Will guide next quarter about revenue and ebitda
- “its too premature to comment on this”
- Rs 6 cr lease rental for IRA Mumbai
- 1 cr some fees paid
- 2 cr increase is due to payroll increase due to increase in no. of properties
- New properties :
- Combination of Orchid and IRA
- Chandigarh Property got delayed because the owner was unwell
- They were earlier confident of having Rs 400 cr revenue for fy25 but they didn’t anticipate the decline due to elections
- Analyst explicitly asked them to be conservative with guidance because they miss very often
- The new merger contains a property that is close to sewage treatment plant in Vile Parle
- Analyst said this would add no value to company – so why high valuations of the merged entity?
- Ans : huge land bank – minimum value Rs 300 cr of 1 single land + few more lands
- This was the most messed up call ever.
- People asked about interest cost 7-8 times
- 12 cr renovation cost for Goa
- Another property 12 cr
- Total 24 cr for full yr
- Q1 – they didn’t spend much, only 2 cr
- These go to CWIP
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