SHRIRAMPPSNSE10 November 2023

Shriram Properties Limited has informed the Exchange about Investor Presentation

Shriram Properties Limited

November 10, 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 November 6, 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 Unaudited Financial Statements for the quarter and half year ended September 30, 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 Q1FY23 Results Presentation

Q2FY24 Results Presentation

August 2022 November 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 healthcare 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 WYTFIELD

Residential Real Estate Sector Overview

Residential Real Estate Sector: Strong Undercurrent Continues…

Growth momentum strong despite ambivalent global economy *

KEY EMERGING TRENDS – Largely remain intact

• Top-7 City sales at decade high - 1.20 lac units, Up 36% YoY

• Supply growth strong at 1.16 lac units – up 24% YoY in Q3CY2023

•

Inventory on downward spiral; Down 3% at 6.1 lac units (13 month)

• Price trends encouraging; Grown by 3-8% in Q3CY2023; 7-20% YoY

in H1FY24 in Tier-1 cities

• Housing affordability favorable, Rate hike impact minimal

•

Large branded players continue to dominate

• Plotted developments in high demand

• Positive outlook for pricing, supported by strong market

• Mid-market and affordable segments remained star performers,

demand and consolidation impact

accounting for 65% of overall sales in Q2FY23

• Mid-market segment seeing highest share of launches

• Market outlook favourable, with expectations of continued growth.

• Rising commodity prices and geopolitical tensions and consequent

fears of global recession, to be closely monitored

• Expect strong festive season – H2 is traditionally strong quarter

in our core markets

Top-7 Cities – Launches*

Top-7 Cities – Sales*

Top-7 Cities – Inventory*

Affordable & Mid Market Segment dominating new sales

________________ * Data Source: Anarock Research – Residential Markets View Point Q3 CY2023 & Propequity India’s Real Estate Overview – Q32023

Pricing & Segment wise Trends 2023– Core Markets Chennai Bengaluru

Kolkata

SPL’s Core Market Trends

• Positive absorption trends in SPL’s core markets

• Remarkable drop in inventory levels, at a near decade low

− Chennai & Kolkata among lowest across Tier-1 cities

− Bengaluru inventory levels have reduced

• Average Price increase at

− 6% QoQ in Bengaluru (+20% YoY in Q3 2023)

− 9% QoQ in Chennai (+8% YoY in Q3 2023)

− Stable pricing in Kolkata QoQ (-5% YoY in Q3 2023)

• Affordable and mid-market segments dominate

− 49%-88% of supplies and 56%-83% of absorption in key

markets

Bengaluru

Chennai

Kolkata

________________ Source: Propequity India’s Real Estate Overview – Q3 2023

Shriram 107 Southeast

Operational Highlights : Q2 |FY24

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

Key Highlights & Developments – Q2 | FY24

Operational Performance

Project Execution

• Sales volumes up 14% YoY; Sales Value up 40% YoY in Q2.

• Customer handover at 470+ units in Q2, pushing H1

• Successful pre-launch of Shriram Paradiso, Chennai. 2 phase launches done with encouraging initial response.

handover to 830+ units.

• Shriram Earth at One City (Plots) with 0.42 msf saleable

• Shriram 122 West (Chennai) launch efforts commenced;

area moved to completed portfolio.

formal launch in Q3 to capture festive demand.

• Execution momentum rising with targeted completion of

• Quarterly collection at record high; H1FY24 at record high as well. Muted Q1 offset by higher Q2 flows.

• Construction momentum strong – activity start at new projects & completion focus in key ongoing projects.

5 projects* in H2 FY24.

• 5 project completion & handover involve 2,500+ units;

On track to reach ~3,000 units handover in FY24.

______________________ * Projects include Liberty Square, Chirping Woods T5, Southern Crest Tower D, and Shriram Shankari

Financial Performance

Business Development & Project Pipeline

• Rising earnings momentum with strong margins.

• Revenues up 47% QoQ; EBITDA up 22% QoQ & 27% YoY.

• Completed 2nd co-investment under ASK Platform - Shriram 122 West; getting ready for launch in Q3.

• Net Profit at Rs.20 crs – up 21 % QoQ.

• Re-acquiring economic interest in Shriram Park63 – JV

• Enhanced scale and operating leverage, stable DM and

with Mitsubishi Corporation.

cost control supporting profitability.

− Incremental revenue potential of Rs.500crs (Phase 2)

• Cash From Operations at Rs. 49 Crs; FCF at Rs. 15 crs.

and enhanced project returns.

• Debt marginally higher due to re-acquiring of MC’s

interest & consequent debt consolidation as subsidiary.

• Cost of Debt drops further to 11.4% in Q2.

• Strong project pipeline to support growth momentum − 42 projects with ~43 msf development potential − Includes 24 msf across 26 projects in ongoing projects.

• LOGOS deal progressing well; Likely closing during H2.

Performance Snapshot: Q2|FY24

Sales Volume (Msf*)

Sales Value (Rs. Cr.)

Collections (Rs. Cr.)

Construction (Rs. Cr.)

+48%

1.15

0.78

Q1FY24

Q2FY24

+14%

s d n e r T Q o Q

s d n e r T Y o Y

1.15

1.01

435

+32%

608

+48%

430

+12%

146

459

291

131

Q1FY24

Q2FY24

Q1FY24

Q2FY24

Q1FY24

Q2FY24

+40%

608

+37%

430

315

+8%

146

135

Q2FY23

Q2FY24

Q2FY23

Q2FY24

Q2FY23

Q2FY24

Q2FY23

Q2FY24

✓ Strong QoQ growth trends - Sales volumes up 48% QoQ, encouraging sustenance sales momentum

✓ DM projects accounted for 10% of volumes; Share of Plotted development at 17%

✓ Sales value up 32% QoQ to Rs. 608 Crores in Q2, compared to Rs. 459 Crores in Q1FY24

✓ Gross collections at highest ever quarterly levels; Averaged ~Rs.140crs in Q2; catch-up from Q1 slippage.

✓ Construction spend up 12% on QoQ basis, despite excessive monsoon/unseasonal rains

✓ Realisation (constructed units) higher at Rs.6015/Sqft in Q2 (vs. Rs.4,805/Sqft in FY23)

______________________ * Msf = Million Square Feet

Performance Snapshot: H1|FY24

Pre-Sales Volume (msf)

Sales Value (Rs. Cr.)

14%

1.9

1.7

4.8

43%

1,066

4.0

1.3

1.0

+14%

1.7

1.9

747

2,330

107

1,846

494

605

747

+43%

H1FY23

H1FY24

FY23A

FY24P

H1FY23

H1FY24

FY23A

FY24P

Sales by Segment

Sales by Dev. Model

Sales by Region

Others 10%

Plots 17%

DM 10%

JV 25%

Own 49%

Chennai 25%

Apartment 73%

JDA 16%

Others 1%

Kolkata 9%

Bangalore 65%

Strong sales performance, primarily driven by sustenance sales from Ongoing Projects

______________________ • Msf = Million Square Feet

Launch Outlook & Launch updates

FY24 Launches

Projects

Type

Launch

Launch Area

Sold at launch

% sold

48%

Shriram Esquire

Shriram Hebbal 1

Shriram Paradiso

New

May’23

1,31,870

57,835

May’23

1,44,328

63,750

Sep’23

6,07,243

Average Sales-at-launch* (% of project launched)

44%

Impressive Sales-at-Launch

44%

38%

34%

Additionally, 2 Phase Launches done successfully

107 South East (Imperial Heights) and Pristine Sovereign Plots

Q3 FY24 Launch Outlook

Projects

Own. Type

Launch Timeline

Region

Shriram 122 West

Own Nov’23

Chennai

Shriram Royal Court

Own

Dec’23

Bangalore

Adde Vishwanathapura DM Dec’23

Bangalore

Area (msf)

1.9

0.5

0.4

Status

Pre launch

Plan approved; RERA awaited

Pre-RERA stage

•

122 West launch ready; moved to Q3 due to build momentum on festivity demand

Adde Vishwanathapura & Shriram Royal Court – Final leg of approval for launch

Robust launch pipeline and readiness for H2-FY24, our traditional busy season

FY20

FY21

FY22

FY23

H1FY24

# of launches Quarterly trends

FY22

2 1 FY23

FY24P

____________________________________________________________________ * Sales-at-launch = Actual sales during first 90-days of launch; ^^ Shriram Paradiso Pre-launched at the end of Sep’23.

Remain confident of H2 launches, given advanced stage of approvals

Encouraging Response to Ongoing Launches – New Phases

✓ Shriram Esquire, Koramangala, B’lore (Apartments)

- Exceptionally strong launch response

- EOI since Apr’23; Formal Launch in May’23

- 75,000+ sft - Nearly 57% sold already

✓ Shriram Pristine Estates, Bengaluru (Plots)

- New Phase (premium plots) launched

- Benefitting 40%+ higher realization vs. launch (Rs.3900)

✓ Shriram Imperial Heights, Bengaluru (Apartments)

- New phase under 107 SouthEast, Anekal, Bengaluru

- New phase focussed on differentiated product (premium

units) with higher realization

Encouraging Response to Ongoing Launches – New Projects

✓ Shriram Paradiso, Chennai (Apartments)

Launch efforts commenced during End-Sep’23.

- Encouraging initial response.

Likely to boost Q3 sales volumes

✓ Shriram 122 West (Apartments)

- Pre launch activities under full swing

- EOI to commence shortly

Formal launch in Q3 FY24

Encouraging Pricing Trends: Realisation up 14% from Mar’23 levels

Price Increase by Project – Top Projects only

Avg. Portfolio Price increase Trends

Project

Development Type

Sep'22 (H1)

FY'23

Sep'23 (H1)

Shriram 107 Southeast -Phase 3

Apartment

4,175

4,300

5,055

Shriram Southern Crest

Apartment

7,191

7,409

8,491

Shriram Earth at One City

Plots

1,618

1,566

1,780

Shriram Greenfield Phase 2

Apartment

5,066

5,231

5,870

Park 63 - 2A

Apartment

6,168

6,375

7,110

Shriram Chirping Ridge

Plots

2,221

2,429

Shriram WYT FIELD - II

Apartment

5,328

5,397

5,826

Shriram Pristine Estates

Apartment

3,943

4,225

Park 63 - 2B

Shriram WYT FIELD

Park 63 - 1B

Apartment

6,641

6,713

7,157

5,484

5,639

5,967

6,556

6,889

7,284

% chg. from FY'23

18%

15%

14%

12%

✓ Avg. realisation up ~14% during H1FY24**, beyond the ~8% hike seen in FY23

✓ Mid-market avg. realization rising gradually - at ~Rs.6,378 vs. sub 5,000/sqft in FY21

✓ Industry-wide price improvement seen across all core markets, since Oct’21.

✓ Positive outlook for pricing over the next 12-18 months

_________________________________ *Excluded Project Esquire for comparability; ** - Growth since Mar’23

14%*

Avg realisation increase during

H1 FY24

Avg realisation increase during

FY23

Realizations Trends by Development Type (Rs/Sqft)

9 3 2 6

8 0 0 6

8 7 3 6

8 6 8 4

3 2 5 4

7 0 5 4

6 0 2 3

3 0 9 2

2 5 9 2

Plots

Affordable

Mid-Market

H1 FY'23

FY'23

H1 FY'24

Project Execution trends: H2FY24 Handover Readiness

Project Name

Total Area

RERA date

% sold

% work done

Project Current Status

Shriram Greenfield Phase II

7,04,355

30-Dec-23

100%

83% OC Ready, Handover by Dec’23

Chirping Wood Tower 5

2,20,740

30-Mar-24

Liberty Square

5,84,780

14-Nov-24

99%

98%

94% FIRE NOC applied & OC Application stage

81% Q4 Handover; 7 months ahead of Schedule

Southern Crest Tower D

75,735

21-Oct-25

100%

68%

Temple Bells

Park 63 2A

4,72,570

31-Jul-24

4,01,055

22-Jan-25

98%

86%

Project Progress (Actual site Photos)

OC Applied, Handover to commence soon, 20 months ahead of RERA timelines 3

85% Handover commenced in 2 towers

78% Registration Commenced in few towers

FY24 handover projects on-track to deliver on (or) ahead of schedule Near zero inventory at projects nearing completion; Projects to be delivered for FY24 within RERA timelines

Shriram Southern Crest

Financial Highlights : Q2 &H1|FY24

Financial Highlights | Q2FY24

o Earnings growth exhibits a consistent and remarkable upward trajectory.

o Healthy quarterly improvement since IPO/Q3FY22 continues; Driven by improving operating

leverage and project execution.

o Revenue recognition momentum strong, helped by robust execution and handover. H2FY24 to boost

revenues given scheduled completion/handover in 4 projects.

o Strong operational momentum and Projects getting ready for Handover in H2FY24 to support

revenues, earnings and profitability going forward.

o SPL re-acquires economic interest in Shriram Park63 from Mitsubishi Corporation (“MC”).

•

Early exit to Mitsubishi, as the project is significantly de-risked.

Partial OC received for Phase-1 and Phase-2 has sold well and progressing ahead of schedule.

• MC exit to enable potential higher income to SPL, due to savings in return on MC’s investment.

• Becomes wholly owned subsidiary against earlier accounting treatment as JV, due to change in

control. Impacts gross debt but provide significant incremental revenue and earnings.

o Cost debt continues to drop - At 11.4% in Sep’23 compared to 11.9% in Mar’23 and 13.7% in Mar’21.

Financial Highlights : Profit & Loss|Q2 & H1FY24

Particulars (Rs. Crores)

Q2FY24 Q1FY24 QoQ (%) Q2 FY23 YoY (%) H1FY24 H1FY23 YoY (%)

FY23

Total Revenues

Cost of revenue

Employee benefit expense

Other expenses

231.3

157.2

47%

275.9

-16% 388.5

420.9

-8% 813.9

120.8

23.6

21.7

60.7

18.8

24.3

185.8

20.8

17.9

181.5

257.5

42.4

46.0

40.0

36.7

453.2

78.7

99.1

224.5

-26% 269.9

334.2

-19% 631.0

Total Operating Expenses

166.1

103.8

EBITDA

Finance Costs

- Interest expense

- Unwinding Impact (non-cash charge)

- Interest expense (one time)

- Other finance costs (net of finance income)

Depreciation

65.2

26.3

14.9

5.3

5.0

1.1

2.3

60%

22%

53.4

27% 118.6

51.4

27.0

32.9

-20%

-3%

16.0

-7%

19.2

-22%

5.1

6.9

4.9

2.2

5.5

2.3

1.9

59.2

30.9

10.4

11.9

6.0

4.5

Profit before share of JV Income/(Loss)

36.6

18.3

101%

22.4

63%

54.9

30.2

83%

68.7

Add: Share of profit/(loss) of JVs

(10.8)

6.1

(4.2)

Profit Before Tax

Tax expense

Net Profit

25.8

24.4

18.2

41%

5.7

7.7

20.2

16.7

21%

(1.4)

19.7

(4.7)

50.2

13.4

36.9

EPS

1.18 ________________________________________________________ * Includes DM fee of INR 25 Cr, INR 18 Cr, INR 11 Cr, INR 44 Cr , INR 29 Cr & 62 Cr in Q2FY24, Q1FY24, Q4FY23, Q2 FY23, H1FY24, H1FY23 and FY23 respectively

1.67

1.15

2.16

0.98

86.7

52.7

37% 182.9

12% 106.4

37.8

-18%

10.8

4.2

3.8

74.0

22.1

10.3

7.8

5.3

2.9

35.5

41%

71.6

5.5

30.0

23%

3.3

68.3

3.88

H1FY24

EBIDTA Rs. 118.6 Cr

37% YoY

Interest Expense Rs. 30.9 Cr

18% YoY

Net Profit Rs. 36.9 Cr

23% YoY

Strong earnings growth momentum, consistent with expectations

Financial Highlights (contd.): Profit & Loss|H1 FY24

❑ Total Revenues marginally lower in H1, but has grown sequentially between quarters (Q2 vs Q1).

• Higher base of H1/Q2 last year impacted YoY growth - Shriram Southern Crest (B’lore) received OC in Q2FY23.

• H2 Revenue growth will be stronger with scheduled OC in 3 Bangalore projects (Chirping Woods T5, Southern Crest – Tower D and

Liberty Square) as well as partial OC in Shriram Shankari Chennai.

• Q2 revenues grew sequentially by 47% QoQ on continued registration momentum in recently completed projects. Sequential

momentum to continue even in Q3.

❑ DM Fee incom4 at ~11% of total Revenues; remains a key contributor and reflects DM model maturity.

❑ Cost of Revenue dropped 19% YoY to Rs. 182 crores in H1, reflecting Improved product mix during the quarter.

❑ EBITDA margins at 31% in H1FY24, compared to 21% in H1FY23. Increased confidence on stabilising around mid-20s in FY24.

❑ Overall finance cost lower by 1% YoY, but Interest expense down 18% YoY.

•

Interest expense down 18% YoY at Rs.31 Cr in H1FY24, reflects the impact of refinancing to reduce cost of debt.

• Unwinding impact of Bengal 4% GoWB liabilities stable at Rs.10 Crore in H1.

• One time finance cost reflects impact of Shriram 122 West project acquisition in May (i.e., erstwhile debt related cost as part of

acquisition incurred by SPL from acquisition date to its transfer to the ASK co-investment platform in Aug’23).

❑ PBT higher by 41% YoY at Rs.50 Crores in H1FY24, after absorbing share of JV expenses.

❑ Share of JV marginally negative, as renewed campaign/marketing costs at 3 JVs (WYTfield, 107 South East and Pristine Estates)

that have not reached income recognition threshold.

❑ Net Profit at Rs.37 crores, up 23% YoY.

_________________________________ * BTA- Business Transfer Agreement

Financial Highlights (contd.): Profit & Loss|Q2 FY24

❑ Sequential growth trends encouraging (Q2 vs Q1 FY24):

• Total Revenues higher by 47% QoQ – at Rs.231crs.

• Catch-up in registration & handover lost in Q1 due to Kaveri2.0 snag issue and continued registration in recently completed projects.

• DM Fee at Rs.25crs reflected a growth of 40% QoQ, driven by higher sales led fee accruals in Chipping Ridge, Chirping Grove and

Pristine Estates.

❑ Revenue growth trends on YoY basis negative, due to higher base of last year.

• Receipt of OC in Shriram Southern Crest led to spurt in revenue recognition in Q2FY23 and this higher base distorting YoY comparisons.

❑ EBITDA grew by 27% YoY and 22% QoQ; EBITDA margins at 28% in Q2, compared to 19% in Q2FY23.

❑ Overall finance cost lower by 3% YoY and 20% QoQ. Importantly, interest expenses down 22% YoY and down 7% QoQ

•

Interest expense down 7% QoQ at Rs.15 Cr in Q2FY24.

Unwinding impact of Bengal 4% GoWB liabilities stable at Rs.5 Cr in Q2.

One time finance cost assumed by BTA in Q1, till drop of Project to ASK Platform in August 23.

❑ Consequently, PBT after share of JV losses higher by 41% YoY and 6% higher sequentially.

❑ Net Profit at Rs.20 crores, up 21% QoQ and flat YoY.

_________________________________ * BTA- Business Transfer Agreement

Financial Highlights: Consolidated Cash Flows | Q2 & H1 FY24 (Excl. DM & JV cashflows)

Amount in Rs. Crores

Q2FY24

Q1FY24

H1 FY24

H1 FY23

FY23

Collections

DM Income

Other Inflows

Operating Inflow

Construction

Mktg. & Admin Overheads

Other Operating outflows

171

198

(87)

(47)

(15)

139

210

(86)

(41)

(13)

310

408

273

310

(173)

(161)

(88)

(28)

(76)

(9)

Operating Outflow

(149)

(140)

(289)

(246)

Cash flow from Operations

Loan Drawls

Loan Repayment

Net flow from Borrowings

Interest expense, net

Other financing cashflows

Cash flow from Financing

FCF before New Project Inv.

Less: New Project Inv.*

Net Free Cash flow

Opening Cash & Cash Equiv. Closing Cash & Cash Equiv.

(40)

(8)

(24)

(22)

(12)

85 100

(90)

(74)

(12)

(1)

(86)

(17)

(18)

(35)

120 85

118

151

(130)

(167)

(367)

(82)

(36)

(108)

(30)

(20)

120 100

(15)

(30)

(5)

(50)

(49)

(36)

141 105

(64)

(9)

116

(136)

(20)

141 120

524

582

(296)

(149)

(23)

(467)

115

441

Collection Trends SPL Own & JDA / JVs / DM

430

196

171

721 93

318

638

164

202

1,194

251

420

310

273

524

291 30

122

139

Q2FY24

Q1FY24

H1FY24

H1FY23

FY23

Own/JDA

Total

✓ Healthy Operating cashflows

✓ Construction outflow in line with execution

progress and fueling collections.

✓ Overall enterprise cashflows remain strong

and Net FCF Positive in Q2

✓ New Project investment at Rs.31 crs in H1

_________________ * Includes cash outflows for acquisition of Suvilas Realties and SPL’s share of investment in Shriram Pristine Estates (“JV”), Shriram 122 West (“JV”) under ASK platform

Financial Highlights : Balance Sheet|H1FY24

Particulars (INR Cr)

30-Sep-23

31-Mar-23

ROCE Trends (%)

Fixed Assets

Investments and loans

Inventories

Cash and Bank Balances

Other Assets

Total Assets

Less: Liabilities*

Net Assets

Equity

Borrowings

- External Borrowings

- Inter-company borrowings (from JVs)

187

2,635

100

1,028

4,024

2,134

1,899

1,246

653

579

Total Equity + Borrowings _________________ * Includes customer advances, trade payables, provisions excl. borrowings ** Data from respective Company financials/presentation; H1FY24 Data annualized for all

1,899

153

2,221

120

1,068

3,643

1,802

1,841

1,200

642

553

1,841

11%

10%

12%

FY20

FY21

FY22

FY23

FY24e

ROCE : Peer Group Comparison (%)**

14%

12%

10%

Strong Balance Sheet with headroom for growth; Improving ROCE

Ongoing efforts to reduce debt and cost of debt

Gross & Net Debt trends

Debt Equity Ratio*

Cost of Debt (%)**

656

569

Cr.

700

600

500

400

300

200

100

553

120

532

100

432

481

141

341

0.7

13.7%

12.5%

11.9%

11.4%

0.4

0.3

Mar-21

Mar-22

Mar-23

Q2FY24

Mar'21

Mar'22

Mar'23

Sep'23

Mar'21

Mar'22

Mar'23

Sep'23

Net Debt

C & CE

Gross Debt

✓ Gross Debt mostly on construction funding at project level.

✓ Gross Debt at Rs.532 Crores; Net Debt Rs. 432 Crores.

• Higher due to regaining of economic Interest in Park 63 from JV Partner (Mitsubishi).

• MC’s residual investment of Rs.143crs treated as subsidiary debt compared to earlier treatment as JV).

✓ Committed efforts to bring down CoD yielding results; Average cost dropped further during H1FY24.

✓ Cost of debt to stabilize around ~11.5%-11.8% for FY24, subject to RBI monetary policy impact.

✓ Focus remains on bringing down overall cost of debt lower further, assuming macro rates stabilize.

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

Shriram Blue

Outlook: FY24 & Beyond

Encouraging Earnings Visibility for H2FY24

FY24 Revenues: 5 projects to account for 90% of projected revenues in H2FY24 and are under control

Key Projects

Occupancy Certificate status

Sale Deed Registrations

Grand One

Partial OC Received

Liberty Square

OC expected in Q4FY24

Chirping Woods (T-5) OC expected in Q3FY24

Southern Crest (T-D)

OC expected in H2FY24

Over 6.8 lacs sft registered. Registrations to gain further momentum in Q3 & Q4

To commence in Q4

To Commence in Q3

To commence in Q3

Park 63 2A

Partial OC expected in H2FY24

Registration commenced in few towers

DM Revenues: 60% H2FY24 Projected DM Revenues to come from ongoing projects

✓ 6 ongoing DM Projects to contribute about 70% of H2FY24 DM income - Additional planned launches to support growth

✓ FY24 sales from DM projects; To support revenue recognition in H2FY24

✓ 70% of plotted development sales in H2 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.300 Cr 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

8.6

5.6

4.3

Bangalore

Chennai

Kolkata

Completed 3.8 msf in FY23 ~2,000 units Handover in FY23

To Hand over ~3,000 units in FY24

Project Completion Trend (msf)

# units handover

2,093

2,885

2,280

2,000+

~8,000

6.9

3.5

3.8

2.4

FY14-16

FY17-19

FY20-22

FY23

FY24-25e

✓ 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

FY24 Outlook | Context & Strategic Objectives

Strategic Objectives

➢ Sustain 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 ~5.4 msf currently to drive sustenance sales in FY24

–

Launch pipeline robust with 11-12 projects - Greater visibility & launch readiness

20% YoY

~4.8

msf

26% YoY

~2,330

Rs. Cr

47% YoY

~1,600

Rs. Cr

51% YoY

~750

Rs. Cr

FY24 Sales volume target

FY24 Sales Value Target

FY24 Collections Target

FY24 Construction Target

Awards & Recognitions: H1 | FY24

Certified as Great Place To

Work by the prestigious

body GPTW World

L&D Excellence Award – USB forums

Shiram Properties

Best Gated Community

of the year - REISA

Shriram Park 63

Iconic brands of the year

– Prime Insights

Shriram Properties

Project Pipeline Update – September’23

Project Pipeline (msf)

Upcoming – 18 msf

8.6

51.1

Ongoing – 24 msf

5.3

42.5

2.1

10.6

3.0

13.0

8.5

Ongoing Owned

Ongoing JV / JDA

Ongoing DM

Upcoming Owned

Upcoming JV / JDA

Upcoming DM

Sub-Total

Deferred

Total

Pipeline – March’23

Less: Projects Completed

Pipeline – September’23

# projects

Msf

(4)

52.9

(1.8)

51.1

Pipeline – By Region

Pipeline – By Development Type

11%

14%

24%

38%

20%

45%

28%

22%

Bangalore

Chennai

Kolkata

Others

Own

JDA

DM JV

✓ Completed 4 projects in H1 – Shriram Blue, Eden 144, Rainforest,

Shriram Earth at One City.

✓ Overall pipeline remains impressive; 49 projects with 51 msf potential with 24 msf ongoing and 18 msf upcoming projects.

✓ Several new projects at advanced stage.

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 msf, almost entirely sold)

• FSI sale progressing well; MoU with LOGOS,

– Handover progressing in some clusters; To deliver

– Documentation done; Awaiting GoWB clearances

~800 units in FY24

– Construction in full swing in other clusters

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

– Already sold ~90% of Phase-1 and 60% of Phase-2

(aggregate 1.3 msf)

❑ Upcoming : ~5.5 msf to be launched over next 3 years

– Villa development likely to be launched in H2FY24

– Targeted closing in H2- FY24

• Likely interest from another large global player

Shareholding Pattern as at 30th September 2023

Shriram Properties Limited has informed the Exchange about Investor Presentation

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