Transindia Real Estate Limited has informed the Exchange about Investor Presentation
November 10, 2023
To, Listing Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai – 400 001 BSE Scrip Code: 543955
To, Listing Department National Stock Exchange of India Limited Exchange Plaza, C-1, Block G Bandra Kurla Complex, Bandra (East), Mumbai – 400 051 NSE Symbol: TREL
Dear Sir/ Madam,
Subject: Revised Investor Presentation
In pursuance to Regulation 30 of SEBI (Listing Obligations and Disclosures Requirement) Regulation and earlier Investor Presentation submitted to the Stock Exchanges on November 09, 2023 for Investors Meet scheduled to be held on November 10, 2023, we hereby enclose the revised Investors presentation for the quarter and half year ended September 30, 2023 with corrections relating to data table headers in Consolidated Income Statement (slide number 21/page number 22). The header Q1FY24 was inadvertently mentioned as Q2FY23 and Q2FY23 was mentioned as Q1FY24.
The same has been rectified. Request you to take the revised presentation on your record.
Please note that the revised presentation is also uploaded on the website of the company at: www.transindia.co.in.
Thanking you.
Yours Faithfully,
For Transindia Real Estate Limited (Formerly known as Transindia Realty & Logistics Parks Limited)
Jatin Chokshi Managing Director (DIN: 00495015)
Encl: a/a
INVESTOR PRESENTATION Q2 FY24
Safe Harbor
This presentation and the accompanying slides (the "Presentation”), which have been prepared by Transindia Real Estate 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 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.
Q2FY24 Key Financial Highlights - Consolidated
Revenue
₹ 24.9 Cr.
5%
QoQ
EBITDA
₹ 15.7 Cr.
PAT
₹ 75.2 Cr.
18%
QoQ
NM
QoQ
24%
YoY
12%
YoY
NM
YoY
EBITDA: ₹ 15.7 Cr.
Q2FY24
Q1FY24
Q2FY23
63%
51%
54%
EBITDA Margin (%)
Key Balance Sheet
Sep ‘23
Mar ‘23
Share Holders’ Fund
₹ 1,053 Cr.
₹ 968 Cr.
Cash Balance
Debt
₹ 15 Cr.
₹ 16 Cr.
₹ 68 Cr.
₹ 108 Cr.
Logistics Industry Overview
Revenue Growth in Logistics Industry (USD Bn)
380
RANK
1
2
3
4
5
250
170
Australia
Logistics & Industrial
Residential PRS
Offices
Healthcare
Data Centres
2017
2021
2025
Size and Outlook of Logistics Industry in India (Source: JLL Report)
India
Offices
Logistics & Industrial
Development Land
Healthcare
Retail/ Student Housing
Transportation
Japan
Residential PRS
Offices
Retail
Logistics & Industrial
Student Housing/ Hotel & Leisure
70%
Warehousing
15%
Frieght Forwarding
10%
5%
Value Added Logistics
South Korea
Chinese Mainland
Offices
Development Land
Residential PRS
Retirement
Logistics & Industrial
Residential PRS
Healthcare
Offices
Data Centres
Student Housing/Life Sciences
Percentage of Modal Mix (Source: JLL Report)
Top Real Estate Investment Sectors in APAC by HNI’s (Source: Knight Frank Report, 2022)
Note: Slide contains forward looking statements
India Warehouse Market
n M
( e c a p S e s u o h e r a W
) t f q s
600
500
400
300
200
100
0
9.2%
210.8
122.7
88.1
2019
12.0%
287.6
153.5
10.8% 329.2
168.3
375.1
9.8%
476.4
424.1
8.9%
212.4
182.9
197.6
8.0%
264.0
134.1
160.9
192.2
226.5
10.1%
237.8
134.7
103.1
2020
2021
2022
2023*
2024*
2025*
Grade A
Grade B
Vacancy (%)
16.0%
12.0%
8.0%
4.0%
0.0%
)
%
( y c n a c a V
69%
31%
61%
39%
59%
41%
2019-20
2021-22
2023-24F
Developers backed by Institutional Investors
Domestic Developers
YoY Growth of Warehousing Stock in Tier I Cities (Source: JLL Report)
Supply Share of Developers backed by Institutional Investors (Source: CBRE)
40
30
20
10
0
Pre COVID
32.0
Post COVID
19.2
19.3
20.2
29.4
25.6
31.6
20.9
33.5
25.0
2019
2020
2021
2022
2023
Suuply
Absorption
7%
9%
4%
9%
5%
36%
2017-19 Pre- Pandemic
21%
9%
3PL
Auto
E-Commerce
Electronics/ White Goods Engineering
FMCG
7%
10%
5%
8%
5%
2021-22 Post Pandemic
27%
33%
5%
Warehousing Stock Supply & Demand Trends (Mn Sq.ft.) (Source: CBRE)
Sectoral Shift in Warehousing Post Pandemic (Source: JLL Report Q3, 2022)
Parentage – Allcargo Group
I
N A H C E U L A V S C I T S I G O L E H T S S O R C A T N E S E R P P U O R G O G R A C L L A
S E I N A P M O C P U O R G S T I
H G U O R H T
International Supply Chain
Transindia Real Estate Limited
Express Logistics
Contract Logistics
CFS/ICD
Industrial & Logistics Parks & Other Logistics Real Estate Assets
Demerged Entity
Transindia Real Estate Limited is a key player in industrial & logistics real estate sector with real estate footprint across sectors like warehousing, ICD/CFS, etc.
Pan India presence across top tier cities in India
Industrial & logistics parks across Bangalore, Mumbai, Delhi NCR, Chennai, Hyderabad, and Goa
Real Estate Assets for CFS/ICD operations at Mumbai, Chennai, and Delhi NCR
Planned future development in logistics real estate sector across tier I & II cities of India
Transindia Timeline
• Formation of Allcargo Logistics & Industrial Park as Industrial Real Estate Development platform of Allcargo Logistics Limited
2019
2020
2021
2022
2023
Future Plan
• Entered into downsale agreement with Blackstone for approx. 5.5 million sft of warehouse space across India
• Delivered ~4.0 Mn sft of Grade A warehouse space across Delhi-NCR, Bangalore and Hyderabad
• Jhajjar Logistics Park awarded as the Best Industrial & Warehousing Project of the Year • Decathlon building at Malur received the Platinum Rating (2nd warehouse building in India to receive Platinum rating by IGBC)
• Demerger of Transindia Real Estate Limited (Transindia) from Allcargo Logistics Limited • Transindia is one of India’s key listed players in the industrial real estate sector
• Planned Greenfield development of integrated Industrial & Logistics parks and other logistics sector real estate assets across India • Scale into upcoming opportunities i.e. data centres, multi-modal logistics parks, in-city warehouse, etc.
Business Presence
Ready assets at Farukhnagar (NCR), Malur, Hyderabad, and Goa are part of the transaction with Blackstone and has been exited by Transindia Real Estate Limited (Transindia) or in process. Presence across micro-market and sectoral distribution as presented here considers the ready assets including the assets exited/ to be exited to Blackstone.
Mubarikpur PFT/ICD (NCR) Total Area: 58.0 Acres
JNPT CFS Total Area: 36.0 acres
JNPT (Khopta) Total Area: 7.0 acres Development – 0.1 million sf
JNPT Total Area: 23.0 acres Development – 0.53 million sf
Goa Total Area: 5.5 acres Development – 0.10 million sf
Malur Total Area: 96.7 acres Development – 1.95 million sf
Mubarikpur (NCR) Total Area: 40 acres Development - 1.0 million sf
Farukhnagar (NCR) Total Area: 92.5 acres Development - 2.20 million sf
Hyderabad Total Area: 27.0 acres Development – 0.55 million sf
1%
8%
6%
7%
16%
22%
40%
Bangalore
Delhi NCR
Mumbai
Patna
Hyderabad
Chennai
Goa
Presence Across the Micro-markets*
3% 2% 1%
4%
3PL
E-commerce
Retail
Chennai CFS Total Area: 23.8 acres
20%
40%
Express Logisitics
Malur New Total Area: 75.3 acres Development – 1.50 million sf
Hosur Total Area: 11.7 acres Development – 0.21 million sf
30%
FMCG
NVOCC
Engineering
Ready Assets Exited – 4.8 Mn sf Ready Assets with Transindia – 0.8 Mn sf
CFS Land – 59.8 Acres Planned PFT/ICD Land – 58.0 Acres Planned Development – 2.5 Mn sf
Sectoral Distribution of Existing Clientele
Business Model
• Development of Grade
A warehouse & industrial buildings
• Leasing of
warehouses and industrial buildings to key market players on long term basis
• Collaborating with
institutional investors to explore investment opportunities in both existing and new projects
Industrial & Logistics Parks
Real Estate Assets for ICD/CFS Operations
Collaboration with Institutional Investors
Other Real Estate Assets for Logistics Sector
• Development of real estate assets for CFS/ICD operations • Leasing of CFS/ICD
assets to group companies as well as other industry players
• Development of multi- modal logistics park, in-city warehousing, cold storage, etc.
Financial Approach
Prudent Prudent utilization of utilization of cash flows cash flows
Investment in Investment in profitable profitable ventures ventures
Shareholders Shareholders value creation value creation
Minimize risks Minimize risks in business in business
Debt Optimization
Blackstone Transaction
As part of downsale agreement in 2020, ALIPPL agreed for 90% stake sale to Blackstone at Malur Logistics & Industrial Parks Private
Limited, Venkatpura Logistics & Industrial Parks Private Limited, Kalina Warehousing Private Limited, Panvel Warehousing Private
Limited, and Allcargo Logistics & Industrial Park Private Limited.
Post demerger, Malur Logistics & Industrial Parks Private Limited, Venkatpura Logistics & Industrial Parks Private Limited, Kalina
Warehousing Private Limited, Panvel Warehousing Private Limited, and Allcargo Logistics & Industrial Park Private Limited formed
part of the demerged entity Transindia Real Estate Limited (Transindia).
On June 6th 2023, Transindia announced the proposed divestment of certain undertakings & subsidiary to funds managed or advised
by Blackstone, a global investment firm. The divestment includes 100% stake sale of logistics park at Jhajjar and remaining 10%
stake held in projects as mentioned above.
The logistic park in Jhajjar will be sold at an enterprise value of approximately INR 625 Crore, enabling TREL to realize substantial
value from divestment.
The agreement to divest remaining 10% stake held at Malur Logistics & Industrial Parks Private Limited, Venkatpura Logistics &
Industrial Parks Private Limited, Kalina Warehousing Private Limited, Panvel Warehousing Private Limited, and Allcargo Logistics &
Industrial Park Private Limited, for an equity consideration of approximately INR 60 Crore.
Post completion of these divestments, Transindia will receive over INR 400 Crore. The infusion of capital will support Transindia’s
future growth plans, enhance its financial capabilities, and enable strategic investment in new opportunities.
Existing Warehouses
Koproli, JNPT
• Located near to one of the • Located near to one of the largest consumer center of largest consumer center of India India
• Major gateway for international • Major gateway for international
trade and commerce trade and commerce
• Facility located at the biggest • Facility located at the biggest container handling port in India container handling port in India
• Strategically located near the • Strategically located near the Mumbai Trans Harbour Link, Mumbai Trans Harbour Link, (Sewri–Nhava Sheva Trans (Sewri–Nhava Sheva Trans Harbour Link) Harbour Link)
• Efficient customs clearance • Efficient customs clearance
process process
Land Area: 23 acres
Warehouse space (Total development): 0.53 million sq. ft.
Type of land: Warehousing
Main access: Abutting NH 348 (JNPT Road), a 6-lane access-controlled highway
Hosur, Chennai
• Located along the golden • Located along the golden
quadrilateral providing excellent quadrilateral providing excellent connectivity to the rest of India connectivity to the rest of India
• Designated as industrial corridor • Designated as industrial corridor between Bangalore and Chennai. between Bangalore and Chennai.
• Short distance from SIPCOT • Short distance from SIPCOT
Industrial Area, Hosur Industrial Area, Hosur
• One of the most developed • One of the most developed industrial areas in the state. industrial areas in the state.
• Strategically located along • Strategically located along
National Highway 44 National Highway 44 (Bengaluru – Chennai Highway) (Bengaluru – Chennai Highway) and close proximity from and close proximity from Bengaluru city centre Bengaluru city centre
Land Area: 11.7 acres
Warehouse space (Total development): 0.21 million sq. ft.
Type of land: Warehousing and Industrial
Main access: Abutting NH 44 which connects Bangalore and industrial city Hosur
Upcoming Projects
Malur New, Bangalore
• Easy access to railway stations • Easy access to railway stations
and International airport and International airport
• •
Ideal location for industries that Ideal location for industries that require easy access to other require easy access to other cities and markets. cities and markets.
• Preferred choice for industries • Preferred choice for industries that require large amounts of that require large amounts of land for their operations land for their operations
• A robust infrastructure, including • A robust infrastructure, including a well-developed road network, a well-developed road network, reliable electricity supply, and a reliable electricity supply, and a water supply system water supply system
3D model image
Land Area: 75.3 acres
Development: 1.5 million sq. ft.
Strategically located close to Bengaluru and borders two important states, Andhra Pradesh and Tamil Nadu.
Client associations across locations
Includes clients from the exited assets
Experience Management Team
Board of Directors
Mohinder Pal Bansal Chainman & Independent Director A Chartered Accountant by qualification, Mohinder Pal Bansal has more than 40 years of experience across industries in India, Asia and Europe. He is currently on board of several companies such as Blacksoil Realty Investment Advisors LLP, Concorde Motors India Limited, Navneet Learning LLP and others.
Jatin Chokshi Managing Director Jatin Chokshi is a Chartered Accountant & Company Secretary by qualification. He has more than 40 years of work experience in industries like Shipping, Consumer Durables and Industrial Chemicals. He joined Allcargo Logistics Ltd. Group in 2001 and worked in the capacity of Financial controller, CFO & CEO across business verticals.
Kaiwan Kalyaniwalla Non-Executive Director Kaiwan Kalyaniwalla is a Solicitor and Advocate of the Bombay High Court and a Senior Partner in the law firm of Maneksha & amp; Sethna in Mumbai. Mr. Kalyaniwalla is enrolled as a Solicitor of the Supreme Court of England and Wales. He serves on the board of public listed and private Indian and foreign companies.
Alka Arora Mishra Independent Director Alka Arora Misra is currently the Chief Executive Officer for the World Skill Centre. A postgraduate in from Allahabad Economics and a Gold Medalist University, she recently retired as Additional Member Human Resources of the Railway Board. She won the Railway Minister’s Award for excellence and was also selected for a Chevening Scholarship.
Vinit Prabhugaonkar Independent Director Vinit Prabhugaonkar has over 23 years of experience in various facets of Real Estate and is presently the Managing Partner at WSB (formerly Walton Street India), an AIF platform. He holds an MBA from ICFAI University and a bachelor’s degree in civil engineering from University of Mumbai.
Shloka Shetty Non-Executive Director Shloka Shetty holds a Bachelor of Arts degree in Economics from Northwestern University, Chicago. In the past she has been involved in various projects at organizations like CDI Global, KPMG, Allcargo Logistics, and Deloitte Delivers. She is also the Founder of the Tribal Empowerment Initiative of the Jaag Foundation in Mumbai.
Management Team
Jatin Chokshi Managing Director is a Chartered Accountant & Jatin Chokshi Company Secretary by qualification. He has more than 40 years of work experience in industries like Shipping, Consumer Durables and Industrial Chemicals. He joined Allcargo Logistics Ltd. Group in 2001 and worked in the capacity of Financial controller, CFO & CEO across business verticals.
Ashok Parmar Chief Financial Officer Ashok Khimji Parmar is a Chartered Accountant by qualification. He joined Allcargo Logistics Ltd. Group in 2018 and worked in the capacity of real estate business financial controller of vertical. He has 20+ years of work experience in the field of financial management, business advisory and corporate restructuring, transaction services, taxation, audit, and accounts.
Consolidated Income Statement
Particulars (INR Cr.)
Revenue from Operations
Expenses
EBITDA
EBITDA Margin (%)
Other Income
Finance Cost
Depreciation and amortization expenses
PBT before associates, joint ventures
Share of profit from associates and joint ventures
Exceptional Items
Profit before Tax
Tax Expense
PAT
PAT Margin (%)
Diluted EPS (INR)
Q2FY24
Q1FY24
24.9
9.2
15.7
63%
2.5
2.4
4.1
11.6
-
96.8
108.4
33.2
75.2
NM
0.1
26.3
13.0
13.3
51%
1.2
3.0
4.2
7.4
-
(2.7)
4.6
1.7
3.0
11%
0.1
Q-o-Q
(5%)
18%
58%
NM
NM
5%
Q2FY23
32.9
15.0
17.9
54%
6.0
11.8
6.2
5.9
-
-
5.9
0.1
5.9
18%
0.3
Y-o-Y
(24%)
(12%)
95%
NM
NM
(59%)
Consolidated Balance Sheet
Particulars
As at As at September 30, 2023 Unaudited
As at As at March 31 ,2023 Audited
Particulars
Assets Non-current assets
Property, plant and equipment Right of use assets Capital work-in-progress Investment property Investment property under development Financial assets
Loans Other financial assets Deferred tax assets (net) Income tax assets (net) Other non-current assets
Current assets Inventories Financial assets
Current Investments Trade receivables Cash and cash equivalents Other bank balance Loans Other financial assets
Contract Assets Other current assets Assets classified as held for sale
Total Assets
As at As at September 30, 2023 Unaudited
As at As at March 31 ,2023 Audited
1,246 38 - 75,470 2,598
378 154 140 169 3,868 84,061
1,243 47 - 52,033 1,159
378 231 127 63 5,915 61,197
Equity and liabilities Equity
Equity share capital Other equity Equity attributable to equity holders of the parent Non-controlling interests
Total equity
Liabilities Non-current liabilities Financial liabilities
Lease Liabilities Borrowings Other financial liabilities Deferred tax liabilities (net) Other non-current liabilities
38
53
Current liabilities
6,327 3,321 1,519 7 24 2,410 1,460 193 52,500 67,798 1,51,860
682 2,010 1,648 7 44 15,470 3,290 741 58,373 82,318 1,43,515
Financial liabilities Lease Liabilities Trade payables Other payables Borrowings Other financial liabilities
Net employee defined benefit liabilities Other current liabilities Income tax liabilities (net)
Liabilities directly associated with assets held for sale
Total Equity and Liabilities
4,914 1,00,236 1,05,149 108 1,05,258
23 6,833 1,358 2,312 1,073 11,599
15 349 2,015
528 70 757 1,648
4,914 91,779 96,693 101 96,794
30 6,816 993 2,488 251 10,579
15 439 203 3,958 117 58 397 10
29,620 35,003 1,51,860
30,947 36,143 1,43,515
Consolidated Cash Flow Statement
Particulars (₹ Cr.)
Profit before Tax
Adjustment for Non-operating Items
Operating Profit before Working Capital Changes
Changes in Working Capital
Cash Generation from Operations
Less: Direct Taxes Paid
Net Cash from Operating Activities
Cash Flow from Investing Activities
Cash Flow from Financing Activities
Net Increase/ (decrease) in Cash & Cash Equivalent
Cash & Cash Equivalents at the beginning of the period
Cash & Cash Equivalents at the end of the period
H1FY24
113.1
78.1
34.9
65.4
100.3
(21.3)
79.0
(35.4)
(44.9)
(1.3)
16.5
15.2
H1FY23
19.0
(69.0)
88.0
(41.5)
46.5
(5.5)
41.0
(37.2)
(19.5)
(15.7)
-
14.4
Appendix
Future Plans
Focus on Environment, Social and Governance (ESG) in line with Sustainable Development Goal (SDG) framework
Scale new opportunities like Data Centers, Multi- modal Logistics Parks, In- cold city Warehouse, storage, etc.
Greenfield Planned development of Integrated Industrial & Logistics parks and other real logistics estate assets across India
sector
focusing
warehouse Connected on spaces optimization increased through of Artificial Intelligence (AI)
adoption
ESG
Our Commitment to Environment, Social, and Corporate Governance
Environment
Committed to reducing our carbon footprint and
minimizing environmental impact.
Our Founder & Group Chairman Mr. Shashi Kiran Shetty is a signatory to the 'Statement of Support' of the Forum Supply Chain & Transport Community to accelerate a zero-emission future
One million trees planted to green the earth's cover
Social Inclusive programs in Education, Environment, Health, Women Empowerment, Disaster Relief, and Sports
Corporate Governance We adhere to the highest standards of governance,
creating an enabling ecosystem
We have made a difference to over 4,00,000 lives to
Certified ISO 31000 framework for risk
date
Employee volunteering encouraged through activities like clean-up drives, running marathons to support social causes, blood donation camps, etc.
management and ISO 27001 for information security
Business conducted in a free, fair, and ethical
manner
Electricity generation using and solar power to help
We encourage Diversity and Inclusion with team
Well-defined plan for business continuity and to
reduce carbon emissions
members from various cultures and nationalities, and more than 50% women in our global workforce
build resilience
letspartner@transindia.co.in
www.transindia.co.in
HO: Transindia Real Estate, Allcargo House, CST Road, Santacruz (E), Mumbai - 400098.