What a smart move by the management.At one side they reduce the debt and on other side they don’t lose the hotel and their expertise to run that hotel will become Win-Win for both the party.My only ques is why a new company first buy the hotel and then give back to the same owner back on lease,is the owing group is too large that have so much money but lack expertise in that field or what is the case.?And which group bought that hotel any idea?

At last thank you so much .

How Athletic Brewing Co. Became The King Of Non-Alcoholic Beers

Non Alcoholic beer and wines in Glass bottles. Great market – should add more to the kitty. Underserved i must say.

Also, non alcoholic beers and wines have de stigmatised a lot of things.

No I meant that frog data services will be beneficial for dealer as it revenue generative for him so it will be an investment and not an ordinary sales and marketing expenditure and USA has a massive second hand car retail market and frog data services of IZMO equips him with real time data analytics that gives a dealer an edge.

@Surender

Techno funda includes technicals as well as fundamentals. Usually in bull runs in fancied sectors (ones which last a few quarters to 2-3 years) valuations often take a backseat. The run up atleast in the early stage happens only on a narrative. At these times, its difficult to take a call based purely on TTM earnings. There has to be some extrapolation/projections.

An example where I was able to board the bus was stocks like HBL, Usha etc. But in stocks like railway stocks, most defence stocks, the technical picture was quite encouraging, but fundamental picture was not clear and hence I was not able to participate in the upmoves.

I try to take big bets where I can visualise the business growth in good technical set ups. Sometimes it works the other way round too…

Marathon NextGen Realty –

Q3 and 9M FY 24 results and concall highlights –

Company profile –

52 yrs + of experience

100 + delivered projects

Portfolio includes – Luxury residential, Commercial, Affordable housing and Retail

Ongoing projects at –

Bhandup ( Neo Homes )

Byculla ( Monte South )

Panvel ( Nexzone )

Mulund ( Millenium )

Futurex ( Lower Parel )

Greater than 4 mn Sq Ft under development

9M results highlights –

Area sold – 4.34 lakh sq ft

Realisations – Commercial @ 19.6k / sq ft, Residential @ 12.4k / sq ft

Revenues – 549 cr

EBITDA – 242 cr

PAT – 128 cr

Q3 financial highlights –

Area sold – 1.71 lakh sq ft

Avg realisation ( commercial + residential ) @ 15k / sq ft

Revenues – 210 vs 278 cr

EBITDA – 96 vs 143 cr ( margins @ 43 vs 49 pc )

PAT – 51 vs 80 cr

Debt on books- 733 vs 840 cr on 31 Mar 23

Estimated sales that can be realised from projects under development @ 2600 cr

Year wise estimated sales from ongoing projects ( unsold area ) –

2024 – 632 cr

2025 – 439 cr

2026 – 323 cr

2027 – 915 cr

Upcoming projects –

Monte South phase 3 – Byculla

Nexzone phase 3 – Panvel

Neopark phase 3 – Bhandup

Current land bank –

Panvel > 100 acres

Thane > 100 acres

Bhandup > 100 acres

Dombivali > 50 acres

Assuming FSI of 2.0 for the above mentioned land bank, the company can potentially do a sales of 30,000 cr ( assuming a selling price of Rs 10k/sq ft ) over say – next 10 yrs. However, this is just a rough calculation done by me

Most of the land bank is held by the parent company ( of the Marathon group ). They get into an agreement with Marathon Nextgen to develop and sell in return for 12.5 pc of the topline of the project sold. This is a low capital intensity model and should work out well for the company

Confident of hitting 15-20 pc CAGR in revenues in years to come

Company makes an EBITDA margin band of 35-45 pc for most projects. In some commercial projects, EBITDA margins go to as high as 50 pc

Company has no plans to go beyond MMR region as of now. Company is likely to go for re-development projects in future. These are high RoI projects as the company doesn’t have to buy land

Aim to reduce debt by 20 pc every year. Aim to be at minimal debt levels in 3-4 yrs

Disc: holding, added recently, biased, not SEBI registered