Marathon NextGen Realty –
Q1 FY 25 concall and results highlights –
Revenues – 162 vs 210 cr
EBITDA – 53 vs 61 cr ( margins @ 33 vs 29 pc )
PAT – 38 vs 43 cr ( interest expenses have fallen sharply from 25 cr to 19 cr )
Area sold @ 72.9k Sq Ft
Debt on books @ 750 vs 783 cr on 31 Mar
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
Premium – Monte South project continues to progress at a rapid pace reflecting company’s commitment to delivering premium and high quality development on time
In commercial segment, Futurex project is garnering significant traction – this project has high value inventory. Likely to result in robust sales in coming Qtrs
Panvel project has got a boost due development of Mumbai – Trans harbour link. Post the commercialisation of the link – seeing increased demand
Millenium project in Mulund with its small ticket commercial offerings is performing exceptionally well
Bhandup – is a nice location for luxury projects. Company being present there for over 6 yrs with their NeoHomes project is a dominant player in Bhandup market
Bhandup area is witnessing a lot of Infra development. Hence the prices are going up. It’s also attracting a lot of other players to Bhandup. Goregaon – Mulund Link Road is also adding a lot of value to the Bhandup area. Company believes, their Bhandup real estate is a gold mine. Company has been hiking prices @ 5 pc for past few years without hampering sales in this area
Company is guiding for a 20 pc + CAGR growth in booking value for next 2-3 yrs
Board has approved an enabling resolution to raise 500 cr via QIP. Aim is to reduce debt and acquire some new assets
Launch pipeline for next 4-5 qtrs should be around 1300 cr. This will comprise of – 1.5 lakh Sq Ft @ Bhandup, 2 Lakh Sq Ft @ Byculla, 2.5 lakh Sq Ft @ Panvel
For any RE company, festive Qtr is when bulk of the sales happen. In other times, sales are generally slower
Company’s Panvel land parcel is located close to the new International airport – that should go live in 9-12 months. So- that’s an added advantage
Company is also looking at merging some of the assets of unlisted entity within the listed entity. The process is on. Should materialise with the materialisation of the QIP
Disc: holding, biased, not SEBI registered, not a buy/sell
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