SHRIRAMPPSNSE29 May 2023

Shriram Properties Limited has informed the Exchange about Investor Presentation

Shriram Properties Limited

May 29, 2023

National Stock Exchange of India Limited The Listing Department Exchange Plaza, 5th Floor Plot C 1 – G Block Bandra-Kurla Complex, Bandra (E) Mumbai 400 051 Scrip Code: SHRIRAMPPS

BSE Limited Dept of Corporate Services Phiroze Jeejeebhoy Towers Dalal Street, Fort Mumbai 400 001 Scrip Code : 543419

Dear Sir/Madam,

Sub: Investor Presentation

Further to our intimation on May 29, 2023 and pursuant to Regulation 30 read with Schedule III Part a Para a of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached the presentation to be made to the Analyst / Investors on the Audited Financial Statements for the financial year and quarter ended March 31, 2023.

We request you to take the above information on record.

Thanking you. Regards

For Shriram Properties Limited

D. Srinivasan Company Secretary FCS 5550

Shriram Properties Limited

Shriram Properties Limited Results Presentation Q1FY23 Results Presentation Q4 & 12M FY23

August 2022 May 2023

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Shriram Properties Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward- looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the real estate industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.

Shriram Chirping Woods, Bangalore

Residential Real Estate Sector Overview

Robust Sector Dynamics; Housing Demand Strong

• Strong sequential growth in demand in key markets (+28% YoY in CY22)

• Supply growth robust as well (+15% YoY in CY2022)

• Pan India inventory on downward spiral – at ~12 months in Dec’22

• Absorption outweighs supply by 25% in Q4FY23; Inventory declined 12%

• Demand outlook strong, especially in mid-market & affordable segments

Tier – 1 Cities Absorption, Supply & Inventory Trends

• Prices across Tier-1 cities grew between 6%-20% YoY in Q4FY23

•

Impact of rising interest rates modest, housing loan demand strong

Long Term Demand Drivers - Largely remain intact

• Housing affordability remains favorable, despite rate hikes

•

Large branded players continue to dominate

• Plotted developments in high demand

• Positive outlook for pricing, supported by strong demand, cost

considerations and consolidation impact

• Affordable segment witnessed highest drop in inventory

• Mid-market segment seeing highest share of launches

Home Affordability @ 3.3x, highest in 25 years#

________________ Source: Propequity India’s Real Estate Outlook – 2022 # Source : HDFC Investor Presentation

SPL’s Core Markets’ Trends

• Strong growth in launches and absorption seen across our core markets

•

Inventory levels in Bengaluru is among lowest across Tier-1 cities

• Chennai and Kolkata inventory overhang levels down to 13-15 months

• Average Price increase for CY2022 at

− 6% in Bengaluru

− 15% in Chennai

− 13% in Kolkata

• Affordable and mid-market segments account for 70-83% of supply and

74%-86% of absorption in Bengaluru, Chennai & Kolkata

Pricing & Segment wise Trends 2022– Core Markets

Bengaluru

Chennai

Kolkata

Bengaluru : Absorption & Supply Trends

Chennai : Absorption & Supply Trends

Kolkata: Absorption & Supply Trends

________________ Source: Propequity India’s Real Estate Outlook – 2022 and Anarock Research

Shriram Park63, Chennai Actual Image at Site

Operational Highlights : Q4 &12M|FY23

________________ Note: Data presented in this section reflects aggregate for the Company, covering all projects under all development formats viz., Own, JV/JDA and the DM

Key Highlights & Developments – FY23

Operational Performance

Project Execution

Sales volumes at 4.0 msf (net) - a new high for SPL

Highest-ever sales, both Volume and Value

Realisation growth at ~8% YoY; on top of 8% in H2FY22

Sales-at-launch @ 44% reflecting sustained launch efficiency

Plotted development share at ~27% of sales volume

Strong collections from existing sales; New sales led collections mirrored launch trends

•

Handed-over 2,000+ units/plots - new record for SPL

Completed 7 projects- 3 resi. & 4 plotted; TSA* of 3.8msf

Strong registrations momentum in recently completed projects - Southern Crest & Grand One

• Ongoing project progress remains strong; on track

for completion within RERA timelines

Financial Performance

Business Development & Project Pipeline

Earnings turnaround momentum continued, consistent growth since IPO

Improving profitability and returns – Improving scale & operating leverage. Rising DM fee and cost control helped

Total Revenues up 57% YoY; Net profit jumps 3.8x to Rs.68 crs from Rs.18 crores in FY22

Interest costs dropped, despite RBI rate hike impact

o o

CoD at 11.8% from 12.5% in FY22 and 13.7% pre-IPO 230bps drop despite RBI Rate Hike impact (250 bps)

CRISIL assigned “A-/Stable” rating in Mar’23

•

Added 10 projects with 8.1msf area during 9M

Pipeline has 51 projects with 53 msf dev. potential − Includes 24 msf across 26 projects in ongoing projects − Live pipeline of 44msf; 8.6msf likely to take more time

ASK co-investment platform taken-off well − Shriram Pristine Estates launched in Feb’23 − 2nd project under finalisation for H1-FY24 launch

LOGOS deal progressing satisfactorily

Xander Gateway Office completed - DM being received – ~Rs.600 Mn received in Apr’23; Rs.750 Mn in aggregate so far

•

________________ * TSA – Total Saleable Area; Msf - million square feet

KPI Trends : FY23

Pre-Sales Volume (msf)

Sales Value (Rs. Mn.)

4.0

3.8

13,524

18,461

25%

14,824

2.7

1.3

4,937

9MFY23

Q4FY23

FY23

FY22

9MFY23

Q4FY23

FY23

FY22

Gross Collections (Rs. Mn.)

Construction (Rs. Mn.)

11,943

12,631

6,435

5,001

8,871

3,774

3,072

1,227

9MFY23

Q4FY23

FY23

FY22

9MFY23

Q4FY23

FY23

FY22

Sales volume growth would have been higher but for delayed launches during Q4

Satisfactory overall performance

Sales-at-launch Trends: FY23

Impressive Sales-at-Launch

# of project launches

Key Challenges

52%

48%

35%

38%

34%

44%

FY18

FY19

FY20

FY21

FY22

FY23

FY18

FY19

FY20

FY21

FY22

FY23

•

2 projects (1 in Chennai and 1 in Bangalore) deferred to FY24**

Pristine Estates and Chirping Ridge

deferred to Q4FY23 from Q3FY23

Negative impact on volumes and DM

Fee income in FY23

Few Recent Launches and Sales-at-launch

FY23 Launches

Segment

Launch

Launch Area

Sold at launch

% sold

Park63 (2B)

Mid-market

Jun’22

376,207

80,764

Shriram Golden Acres

Eden 144 – Phase 2

Shriram Pristine Estates

Shriram Chirping Ridge

Plots

Aug’22

Sep’22

Feb’23

241,646

240,169

800,000

72,313

187,140

201,929

466,550

318,259

Average Sales-at-launch* (% of project launched) ____________________________________________________________________ • ** Both are project code names and are yet to be named for launch

Sales-at-launch = Actual sales during first 90-days of launch; # Excludes projects launched in Mar’23 (less than 30 days) i.e, The Poem by Shriram and Shriram Solitaire

21%

30%

78%

26%

68%

44%

7 launches during FY23, below Plan despite strong pipeline

2 projects launched only in Mar’23 and additional 2 launches deferred to FY24

Encouraging Pricing Trends: Realisation up 8% from Mar’22 levels

Price Increase by Project – Top Projects only

Project

Development Type

Realisation Mar’22

% Change from Sep’21

Realisation Mar’23

% change from Mar’22

SouthEast Phase 2

Apartments

Southern Crest

Apartments

WYTfield – Phase 1

Apartments

WYTfield – Phase 2

Apartments

Chirping Grove

One City – 1

One City – 2

Villas

Plots

Temple Bells (IV)

Apartments

Sanjeevini

Apartments

Park 63(1A)

Apartments

Park 63(2A)

Apartments

Grand One

Apartments

Sunshine One

Apartments

Sunshine Two

Apartments

4,294

6,762

5,309

5,329

6,438

3,521

1,474

3,966

3,980

6,600

6,318

3,863

3,875

3,752

10%

-2%

13%

10%

19%

18%

10%

5,176

8,281

5,709

5,649

6,433

3,780

1,648

4,188

4,401

6,935

7,292

3,980

4,141

4,087

21%

22%

12%

11%

15%

FY23 Increase in Average realization on comparable basis

H2 FY22 Increase in Average realization

Realizations Trends by Development Type (Rs/Sqft)

2 4 9 5

8 0 0 6

0 7 1 5

7 0 5 4

3 5 1 4

0 0 9 3

9 8 7 2

3 0 9 2

6 2 0 2

✓ SPL avg realisation up ~8% in FY23, beyond the ~8% hike seen in H2FY22

✓ More than offset temporary cost inflation seen in Q1FY23

✓ Strong demand trends supportive of price hikes; Industry consolidation adding strength

✓ Industry-wide price improvement seen since Sep-Oct’21 and trend continued during 2022

✓ Uptrend in pricing seen across all our core market segments during the FY23

Plots

Affordable

Mid-Market

H1FY22

H2FY22

FY23

KPI Quarterly Trends|FY23

Sales volume (msf)

Sales value (Rs. Mn)

1.2

1.0

1.3

0.6

0.7

6,054

4,937

4,792

4,159

4,345

3,126

3,399

2,476

Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23

Gross Collections (Rs. Mn)

Construction (Rs. Mn)

3,232

3,368

3,607

3,236

3,148

3,072

1,958

2,207

2,424

2,486

1,371

1,370

1,351

1,227

1,052

899

Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23

KPI Quarterly Trends|FY23 (contd.)

Sales Volume (Msf*)

Sales Value (Rs. Mn.)

Sales volume – By Segment

+26%

1.31

1.04

6,054

4,937

Q3FY23

Q4FY23

Q3FY23

Q4FY23

Villa 1%

Apartment 46%

Plots 53%

✓ Sales volume up 26% QoQ to 1.31 msf, despite 2 launches deferred to FY24

✓ Sales value lower sequentially - at Rs. 4,937 Mn in Q4 vs. Rs. 6,054 Mn in Q3FY23 due to increased share

of plotted sales (Pristine Estates and Chirping Ridge launched in Q4FY23)

✓ Rising trend in realisation continued in Q4FY23 across all segments

✓ Collections and construction stable, on track in terms of monthly run-rates

✓ Handed over 200 units and 150+ plots in Q4

______________________ • Msf = Million Square Feet 1. Weighted average realization of both plots and apartments

Shriram Summit, Bangalore Actual Image at Site

Financial Highlights : Q4 & 12M FY23

Financial Highlights | FY23

o Strong full year performance, in line with guidance

o Strong earnings growth story – healthy quarterly improvement since IPO/Q3FY22

o Driven by improving operating leverage and project execution as well as rising DM share

o Revenue recognition momentum strong, helped by robust execution and handover

o Significant reduction in leverage and cost of debt, reflecting success of ongoing efforts

o Strong operational momentum and aggressive launch plans to support robust growth in sales

volume, revenues, earnings and profitability going forward.

Financial Highlights : Profit & Loss|Q4 & 12M FY23

Particulars (Rs. Mn)

9M FY23

Q4 FY23

FY23

FY22

YoY (%)

Total Revenues

Cost of revenue

Employee benefit expense

Other expenses

Total Operating Expenses

EBITDA

Finance Costs

- Interest expense - Unwinding Impact (non-cash charge) - Other finance costs (net of finance income)

Depreciation

Profit before share of JV Income/(Loss)

Add: Share of profit/(loss) of JVs

Profit Before Tax

Tax expense

Net Profit

6,430

3,899

595

560

5,054

1,376

755

523 164 68

562

578

524

1,710

8,139

5,178

57%

633

193

431

4,532

1,823

787

991

730

807

1,257

6,311

3,360

88%

Total Revenues Rs. 8,139 Mn

57% YoY

1,828

1,818

1,064

1,199

-11%

-21%

Interest Expense Rs. 740 Mn

453

308

216 57 35

124

138

(20)

158

740 221 103

687

716

683

940 205 54

552

24%

(226)

326

119%

146

180

279%

21% YoY

Net Profit Rs. 683 Mn

3.8x FY22

_________________ * Includes DM fee of INR 441 Mn, INR 178 Mn, INR 619 Mn and INR 1,043 Mn in 9MFY23, Q4FY23, FY23 and FY22 respectively

Growth momentum continues; Significant jump in Revenues and PAT

EBITDA growth impacted by lower base of FY23

Financial Highlights (contd.): Profit & Loss| FY23

❑ Total Revenues Up 57% YoY to Rs. 8.14 Bn

•

New projects reached revenue recognition threshold - Southern Crest (B’lore) & Grand-1 (Kolkata)

80% of revenue from operations from Southern Crest, Grand-1, Shreshta, Summit & Temple Bells (Phase III)

DM remains a key contributor (Rs.619 Mn recognised). Could have been higher but for the impact of delayed launches

❑ Total operating expenses grew by 88% YoY to Rs.6.31 Bn

•

Higher cost of revenue on YoY basis reflect project mix led lower base in FY22. In FY22, high-margin own/JDA plotted development projects dominated revenue recognition (viz., Shriram Earth Whitefield (Bangalore) and Shriram One City (Chennai))

Other expense is higher due to provision for certain overdue receivables/deposits and constructive obligations towards legacy JV.

Employee cost higher only by 8% YoY, reflecting impact of routine increments and head count increase during the year

❑ Absolute EBITDA flat; EBITDA Margins at 22%, improved operating leverage and cost control efforts continuing to support margin

improvement sequentially.

❑ Overall finance cost lower by 11% YoY; Actual interest expenses down 21% YoY

•

Interest costs down to Rs.740 Mn vs. Rs.940 Mn in FY22, reflecting falling gross debt and lower cost of debt

Cost of debt* lower at 11.9% despite impact of RBI Rate hikes (250bps approx), down from 12.5% in FY22 and ~14% pre-IPO

Non-cash charge associated with royalty payment to GoWB in Bengal Shriram; Other finance cost reflect refinancing costs

❑ Share of JV Income Positive - Income recognition in Park 63 offset by share of marketing and refinancing for lower costs in other JVs

(viz., Shriram 107 Southeast and Shriram WYTfield) pending income recognition.

❑ Net profit at Rs.683 Mn vis-à-vis Rs.180 Mn in FY22 – reflecting a growth of 3.8x

_________________ * Includes CoD on SPL CFS Debt and JV Debt

Annual P&L Trends

Total Revenues (Rs. Mn)

PBT & PAT Trends (Rs.Mn)

7,238

6,318

5,013

5,178

8,139

PBT

PAT

FY19*

FY20

(303)

(735)

(408)

(864)

FY21 (120)

(680)

683

687

552

180

FY22

FY23

FY19*

FY20

FY21

FY22

FY23

EPS (Rs)

Peer Group Trailing PER** PE Ratio (X) on LTM Earnings

3.9

96x

10.1

20.6

7.8

8.7

12.6

15.7

2.8

52.4

3.9

FY23 EPS

FY19*

FY20

FY21

FY22

FY23

0.6

(4.9)

(5.8)

(4.6)

66x

65x

45x

43x

32x

29x

18x

17x

e r d o G

^ a h b o S

h c e t o r c a M

^ a r d n h a M

e d a g

i r B

^ e g i t s e r P

L P S

a r a k n a v a r u P

y t l a e R

o r e b O

Growth momentum across key P&L metrics; Significant potential to generate value as SPL currently trading considerably lower than peer group

_________________ * Post removal of exceptional gain under IndAS (though operational in nature) | ^ Annualised based on 9MFY23 EPS | ** Data Source: Company presentation. Stock Price (NSE) as of 25th May

Financial Highlights : Balance Sheet|FY23

Particulars (Rs Mn)

31-Mar-23

31-Mar-22

ROCE Trends (%)

Fixed Assets

Investments and loans

Inventories

813

1,526

823

1,810

22,208

21,882

Cash and Bank Balances

1,204

1,405

11%

10%

Other Assets

Total Assets

Less: Liabilities*

Net Assets

Equity

Borrowings

- External Borrowings

- Inter-company borrowings (from JVs)

10,679

10,418

36,431

36,338

FY19

FY20

FY21

FY22

FY23

18,017

19,598

ROCE : Peer Group Comparison (%)**

18,414

16,740

11,998

11,309

6,415

5,526

889

5,431

4,811

620

13%

11%

10% 10%

Total Equity + Borrowings

18,414

16,740

_________________ * Includes customer advances, trade payables, provisions excl. borrowings ** Data from Company presentation/Financials; 9MFY23 Data annualized for Sobha and Prestige

Strong Balance Sheet with headroom for growth; Improving Debt Equity;

ROCE among the highest in peer group

Financial Highlights: SPL CFS Cash Flows | Q4FY23 (Excl. DM & JV cashflows)

(In Rs Mn)

Collections

DM Income

Other Inflows

Operating Inflow

Construction Spending

Marketing & Admin Costs

Other Operating flows

Operating Outflow

Cashflow from operations

IPO Proceeds

Loan Drawls

Loan Repayment

Net flows from borrowing

Interest expense, net

Other financing cashflows

Cash flow from Financing

FCF before New Project Inv.

9M FY23

Q4 FY23

FY23

FY22

3,853

1,390

5,243

5,346

455

4,313

(2,266)

(1,090)

(189)

117

1,509

(695)

(396)

(37)

572

5,821

(2,961)

(1,486)

(226)

721

6,073

(3,645)

(1,329)

(36)

8,871

1,899

3,119

(3,545)

(1,128)

(4,673)

(5,010)

3,853

Gross Collection Trends SPL Own & JDA / JVs / DM

11,943

2,506

12,631

3,578

4,194

3,707

5,243

5,346

3,072 607 1,075

1,390

768

3,213

(2,804)

409

(495)

(88)

(174)

594

381

1,199

(866)

333

(147)

188

569

(134)

435

1,148

4,412

(3,670)

742

(642)

(86)

1,161

(1,364)

(201)

1,063

2,775

1,059

(3,349)

(2,290)

(807)

(323)

740

(207)

533

9MFY23

Q4FY23

FY23

FY22

Own/JDA

JV's

Grand Total

✓ Operating cashflows remain strong

✓ Significant new project investments in FY23

✓ Significant repayment, including pre-payments in

the context of ongoing refinancing activities

✓ FCF before new project investments strong at Rs.

1.16bn – highest in 5 years

✓ Overall enterprise cashflows remain strong, with

Less: New Project Investments*

(1,230)

Net Free Cash Flow

(636)

Opening Cash & Cash Equiv. Closing Cash & Cash Equiv. _________________ * Includes cash outflows for acquisition of Suvilas Realties and SPL’s share of investment in Shriram Pristine Estates (“JV”) under ASK platform

872 1,405

769 1,204

1,405 769

1,405 1,204

adequate liquidity

Ongoing efforts to reduce debt and cost of debt

Gross & Net Debt Trends*

Debt Equity Ratio*

Cost of Debt (%)**

Rs. Mn

10,000

8,000

6,000

8,047 603

4,000

7,444

2,000

6,724

494

6,558

864

6,230

5,694

4,811

1,405

3,407

5,526

1,204

4,322

0.70

14.1%

13.7%

13.5%

0.36

0.30

12.5%

11.9%

Mar'19

Mar'20

Mar'21

Mar'22

Mar'23

Mar'20

Mar'21

Mar'22

Mar'23

FY19

FY20

FY21

FY22

FY23

Net Debt

C & CE

Gross External Debt

✓ Gross Debt mostly on construction funding at project level

✓ Increase in net debt due to new project investments

✓ Committed efforts to bring down debt/ CoD yielding results

• Repaid Rs.2.0 billion; Refinanced Rs.1.83 Bn SPL debt & Rs.4.8 Bn JV debt in FY23

• Remarkable shift in focus towards Banks, from NBFC

✓ Increment debt (refinancing) raised in the 9.0-10.5% range

✓ Cost of debt down to 11.9%; despite RBI rate hikes (~ 2.5%)

✓ Focus remains on bringing down overall cost of debt to ~11.5% levels, subject to further rate hikes at macro level

_________________ * SPL CFS Data; ** - Including cost of JV debt

Awards & Recognitions: FY23

(Economic Times Awards – ET Achievers 2022)

Certified as Great Place To

Work by the prestigious

body GPTW World

Residential Real Estate Project of the Year –

PARK 63

Senior Citizen Housing Project of the Year

Shriram Golden Cove

Affordable Housing Project of the Year

Shriram WYTFIELD

Affordable Housing Project of the Year Shriram 107 Southeast Asia Real Estate Excellence Awards 2022

Budget Housing Project of the Year Shriram 107 Southeast Realty+ Conclave & Excellence Awards 2022

Shriram Luxor, Bangalore

Outlook: FY24 & Beyond

FY24 Outlook | Context & Strategic Objectives

Strategic Objectives

➢ Ensure growth momentum: Target 20%+ CAGR in sales over the next 2-3 years

➢ Ensure sustained profitability; Positive net earnings with Improving profitability and returns; and

➢ Progress towards ‘Zero Net debt’ objective

FY24 Context

➢ SPL standing firm on its growth path – Need to leverage established sales & execution machine optimally

➢ FY24 to be a promising year with strengthened long-term fundamentals, for the sector and SPL

– Markets conducive for new launches with improving outlook

– Opening inventory from ongoing projects at ~5.7 msf currently to drive sustenance sales in FY24

–

Launch pipeline robust with 11-13 projects - Greater visibility & launch readiness

20% YoY

~4.8

msf

26% YoY

~23,000

Rs. Mn

47% YoY

~16,000

Rs. Mn

51% YoY

~7,500

Rs. Mn

FY24 Sales volume target

FY24 Sales Value Target

FY24 Collections Target

FY24 Construction Target

FY24 Outlook | Annual KPI Trends

Sales Volume (Msf)

CAGR 17%

~ 4.8

4.0

3.8

Sales Value (Rs. Mn)

CAGR 23%

~23,000

18,461

3.0

14,824

12,443

FY21

FY22

FY23

FY24P

FY21

FY22

FY23

FY24P

Net Collections (Rs. Mn)

Construction (Rs. Mn)

CAGR 24%

~16,000

11,835

10,936

8,309

CAGR 44%

6,435

~7,500

5,001

2,505

FY21

FY22

FY23

FY24P

FY21

FY22

FY23

FY24P

Robust growth outlook, both on YoY and CAGR

FY24 – Launch Pipeline Profile

•

Launch pipeline of 11-13 projects with 7.0 Msf saleable area across regions

o 7 projects at the fag end of the approval process, incl 1.1 msf awaiting for only RERA for Q1 launch

o Reflect robustness and reliability on launch timelines planned through the quarters

~ 50% of launch pipeline likely launch ready by H1FY24, giving ample time to our well-oiled sales machine

FY24 launch comprises of ~75% JDA and DM projects (8 projects), resonating emphasis on asset light strategy.

• Gearing up for an entry into new markets

o We are excited about entry into Hyderabad/Pune market as the home buyer base is comprised of a

substantial IT workforce which is similar to our target audience in our core markets.

o However, we are cautious in evaluating new opportunities in these markets.

Launch pipeline strongly placed with greater control and visibility compared to FY23

Encouraging Earnings Visibility for FY24

FY24 Revenues: 4 projects to account for 70% of projected revenues in FY24 and are under control

Key Projects

Occupancy Certificate status

Sale Deed Registrations

Grand One

Sale Deed registration pending

Over 420,000 sft registered. Registrations to gain further momentum

Liberty Square

OC expected in H2FY24 and on-track

Registrations to commence

Chirping Woods (T-5) OC expected in Q2FY24 and on-track

Registrations to commence

Southern Crest

OC received

Registrations ongoing. Last tower to complete in FY24

DM Revenues: 80% FY24 Projected DM Revenues to come from ongoing projects

✓ 9 ongoing DM Projects to contribute about 80% of FY24 DM income - Additional planned launches to support growth

✓ ~21% of FY24 sales from DM projects; To support revenue recognition in FY24

✓ 75% of plotted development sales to come from DM projects and therefore, quick realisation both in terms of revenues

and cashflows

3-year earnings outlook strong with greater visibility

✓ ~ 70% of aggregate revenues over next 3 years to come from volumes sold as of Mar’23

✓ ~ 55% of aggregate DM fees over next 3 years to come from projects launched already

✓ Nearly Rs.3 Bn of FCF likely in next 3 years at an enterprise level

_________________ * excl. likely revenues from sale of mall land and Kolkata land monetisation

Strong Income Recognition Outlook (FY24-25e)

Sales Volumes (msf)

4-year cumulative sales of 14msf

4.0

3.8

3.2

3.0

FY20

FY21

FY22

FY23

Ongoing Projects – By Region (msf)

# Projects

Completed 3.8 msf in FY23

Handed over ~2,000 units in FY23

Project Completion Trend (msf)

# units handover

2,093

2,885

2,280

~10,000

10.7

6.9

3.5

2.4

9.6

FY14-16

FY17-19

FY20-22

FY23-25e

5.6

4.3

Bangalore

Chennai

Kolkata

✓ Poised to complete and deliver 10+ msf in 3 years, largely reflecting sales ramp-up in last 4 years (SPL sold over 14 msf in 4 years) ✓ Construction progress encouraging and projects mostly on track ✓ Sharp rise in handovers to improve revenue recognition potential over the next 3 years ✓ Over 2,000 units handed over in FY23 and likely to handover ~3,000 units in FY24

Project Pipeline Update – Mar’23

Project Pipeline (msf)

Upcoming – 20 msf

8.6

52.8

Ongoing – 24 msf

7.6

44.1

3.6

8.7

5.3

9.9

9.0

Ongoing Owned

Ongoing JV / JDA

Ongoing DM

Upcoming Owned

Upcoming JV / JDA

Upcoming DM

"Live" Pipeline

Deferred to Future

Total Pipeline

✓ Completed 7 projects - Park63 (1A), Summit, Earth Whitefield, Southern Crest, Earth Mysore Road, Raynal Gardens & Elite Sai Gardens

✓ Added 10 new projects – with aggregate saleable

area of 8 msf

✓ 3 Projects deferred/removed due to project

uncertainty

✓ Overall pipeline impressive; 51 projects with 53 msf potential with 24 msf ongoing and 29 msf upcoming projects

Pipeline – By Region

Pipeline – By Development Type

Others, 14%

Chennai, 22%

Bangalore, 47%

Kolkata, 17%

DM, 29%

Own, 31%

JDA, 30%

JV, 10%

DM Model : Stabilised Growth Engine

Residential DM Projects

Dev. Type

Location

Project Area (msf)

Sold Area (msf)

Status

Earth (Mysore Road)

Raynal Gardens

Elite Sai Garden

Plots

Bangalore

Blue

Apartments

Bangalore

Chirping Grove

Villas

Bangalore

Westwoods

Eden-144

Northern Clouds

Rainforest

Plots

Bangalore

Divine City -1

Apartments

Chennai

Eden 144 (Phase -2)

Chirping Ridge

Plots

Bangalore

To be launched (Bangalore/Chennai)

0.49

0.39

0.20

0.71

0.50

0.25

0.23

0.50

2.21

0.24

0.47

9.79

0.48

0.33

0.20

0.71

0.40

0.47

0.15

0.97

0.50

Completed

OC Received

Under progress

0.60

Under progress

0.20

0.32

Under progress

To be launched

FY18 Sales volume – 2.4 msf

JV, 37%

JDA, 26%

DM, 20%

Own, 18%

✓Profitable, Sustainable growth

opportunity that is value accretive to LO & Developer

✓Successfully stabilised the DM Model -

now account ~30% of pipeline and ~30% of Sales

✓Core DM in 11-12% to SPL

✓DM Fees ranging from 10%-22% of

project revenues, based on services/cost structure

FY23 Sales volume – 4.0 msf

DM 39%

JDA 27%

Own 13%

JV 21%

Strategies for Unlocking Potential from Kolkata Progressing Well

Kolkata Development Strategy

Own development of c.10msf over next 3-5 years

Monetising remaining land bank c.22msf

Development Status Update

Monetisation Update

❑ Shriram Grand-1: (2.1 msf, almost entirely sold)

FSI sale progressing well – LOGOS integral part of this strategy

– Handed over ~450 units in FY23. To deliver 800

units in FY24

– Construction in full swing in other clusters

❑ Shriram Sunshine: (2.3msf, launched in 3 phases)

– Already sold ~87% of Phase-1 and 64% of Phase-2

(aggregate 1.11 msf)

❑ Upcoming : ~5.7 msf to be launched over next 3 years

– Villa development to be launched in H1FY24

LOGOS Deal – DD & documentation efforts nearing closure

Investment Summary

8. Access to Capital

➢ Strategic relationships with domestic and

international financial investors

➢ Early recipient of FDI in the sector

7. Low Leverage

➢ Well capitalized, with leverage levels of 0.36x1

6. RERA Beneficiary

➢ Well-positioned to reap benefits of RERA led

industry consolidation

➢ Built deep project pipeline

➢ Proven ability to manage partnerships

5. Scalability

➢ Asset light, highly scalable business model

➢ DM being core part of strategy

➢ Strong organisational build up in recent years

1. Corporate Governance ➢ Shriram Group DNA and marquee investor presence for a decade contribute to strong governance and transparency practices

2. Trust and Brand

➢ ‘Shriram’ brand benefits from strong trust

and recall among target customers

3. Track Record

➢ Robust execution track record

➢ Delivered 36 projects

4. Strong Growth Outlook

➢ Visible growth pipeline with continued focus

on mid-market & affordable segment

➢ Demonstrated ability to ramp-up

➢ Core strategy unchanged – Focus on mid-

market and affordable housing in South India

___________________________________________________ Note: 1. As of March 31, 2023. Net debt calculated as (Gross debt – Cash & cash equivalents). Gross debt excluding unsecured inter-company loans (from JVs)

Some glimpses of Cluster A & B Handover

Well-positioned to navigate key challenges of the real estate industry

31 Entrance of Cluster A&B of Grand-1

Shriram Greenfield, Bangalore

Thank You

Annexure - Projects Snapshot by Development Models

Own Developments

Joint Developments

Joint Ventures

Development Management

Execution Track Record

Completed ✓ 6 projects ✓ 4.7 msf.

Ongoing Projects ✓ 7 Projects ✓ 8.3 msf.

Under Pipeline ✓ 7 Projects ✓ 7.4 msf.

Completed ✓ 23 projects ✓ 10.7 msf.

Ongoing Projects ✓ 5 Projects ✓ 5.4 msf.

Under Pipeline ✓ 11 Projects ✓ 10.5 msf.

Completed ✓ 3 projects ✓ 2.1 msf.

Ongoing Projects ✓ 4 Projects ✓ 4.5 msf.

Under Pipeline ✓ 1 Project ✓ 0.8 msf.

Completed ✓ 4 projects ✓ 3.1 msf.

Ongoing Projects ✓ 10 Projects ✓ 6.0 msf.

Under Pipeline ✓ 6 Projects ✓ 9.8 msf.

For further information, please contact:

Company :

Investor Relations Advisors :

Shriram Properties Limited CIN – U72200TN2000PLC044560 Mr. Vineel Naidu, General Manager – Finance & Accounts Email Id – vineel@shriramproperties.com

www.shriramproperties.com

Strategic Growth Advisors Pvt. Ltd. CIN - U74140MH2010PTC204285 Mr. Rahul Agarwal / Ms. Brinkle Shah Jariwala rahul.agarwal@sgapl.net / brinkle.shah@sgapl.net +91 98214 38864 / +91 96193 85544 www.sgapl.net

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