Ventive Hospitality Limited has informed the Exchange about Investor Presentation
Date: February 12, 2025
To, National Stock Exchange of India Limited Exchange Plaza, C‐1, Block G Bandra Kurla Complex Bandra (E), Mumbai – 400 051
BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai – 400 001
Symbol: VENTIVE
Scrip Code: 544321
Subject: Intimation under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirement) Regulations 2015 for Investor / Analyst Presentation
Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), we are enclosing herewith a copy of the presentation for the Conference Call scheduled to be held i.e. on Thursday, February 13, 2025 at 11.00 a.m. (IST), in respect of the Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ended December 31, 2024.
We request you to take the above information on record.
Thanking You. For Ventive Hospitality Limited
Pradip Bhatambrekar Company Secretary & Compliance Officer Membership No: A25111
Encl As Above
INVESTOR PRESENTATION | Q3 FY 2025
12TH FEBRUARY 2025
1
DISCLAIMER
This presentation prepared and issued by VHL for general information purposes only without regards to specific objectives, financial situations or needs of any particular person and should not be construed as legal, tax, investment or other advice. This presentation is not a prospectus, a statement in lieu of a prospectus, an offering circular, an offering memorandum, an advertisement, an offer or an offer document under the Companies Act, 2013, the Securities and Exchange Board of India (Issue of Capital and Disclosure) Regulations, 2018, as amended, or any other applicable law in India.
This presentation does not constitute or form part of and should not be construed as, directly or indirectly, any offer or invitation or inducement to sell or issue or an offer, or any solicitation of any offer, to purchase or sell any securities. This presentation should not be considered as a recommendation that any person should subscribe for or purchase any securities of: VHL, its subsidiaries, joint ventures, promoters or promoter group and should not be used as a basis for any investment decision.
Unless otherwise stated in this presentation, the information contained herein is based on management information and estimates. The information contained in this presentation is only current as of its date, unless specified otherwise, and has not been independently verified. Please note that, you will not be updated in the event the information in the presentation becomes stale. This presentation comprises information given in summary form and does not purport to be complete and it cannot be guaranteed that such information is true and accurate. You must make your own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as you may consider necessary or appropriate for such purpose. Moreover, no express or implied representation or warranty is made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. Further, past performance is not necessarily indicative of future results. Any opinions expressed in this presentation are subject to change without notice.
Certain statements in this presentation concerning our future prospects are forward-looking statements. Forward-looking statements by their nature involve a number of risks and uncertainties that could cause actual results to differ materially from market expectations.
These risks and uncertainties include, but are not limited to macroeconomic factors, geopolitical events affecting tourism, regulatory environment, our ability to manage growth, competition within the industry, various factors which may affect our profitability, such as, our ability to attract and retain highly skilled professionals, reduced demand for office space, our ability to successfully complete and integrate potential acquisitions, political instability, legal restrictions on raising capital, cyclicality and operating risks associated with the hospitality sector.
VHL may, from time to time, make additional written and oral forward-looking statements, including our reports to shareholders. These forward-looking statements represent only the Company’s current intentions, beliefs or expectations, and any forward looking statement speaks only as of the date on which it was made. The Company assumes no obligation to revise or update any forward-looking statements.
2
1.Portfolio Overview
Conrad Rangali Island 3
THE LARGEST LUXURY FOCUSED HOSPITALITY PLATFORM
Portfolio – Key Stats
11
Hotels
2
Countries
2k + 3.4 Msf
80%
Keys + Annuity Area
Luxury Focus(1)
Rs 22k/ $257
95%
Q3 FY25 ARR
Q3 FY25 Annuity Occupancy
1. 80% of hospit alit y re ve nue is cont ribut e d by Luxury asse t s
4
VENTIVE HOSPITALITY: Q3 FY25 EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
IPO Raise (Dec’24)
Consolidated EBITDA (Rs. M)
10x+
Subscription
50k+
Investors
Rs 16,000M
100%
IPO Raise
Primary Raise
2,776
+31%
2,115
Q3 FY24
Q3 FY25
Use of Proceeds (Rs. M)
Hospitality EBITDA (Rs. M)
805
1,195
16,000M IPO Raise
14,000
IPO Expense
GCP
Debt Repayment
1,470
+33%
1,102
Net Debt (Rs. M) Interest cost reduced by 210bps through refinancing Maldives debt
31,990
46% Reduction
17,317
Pre-IPO
Post-IPO
RevPAR (Rs.)
13,573
+8%
12,537
Note: All subsidiaries were acquired in August 2024; therefore, the numbers presented in this presentation are on the basis of pro-forma financial statements
5
Q3 FY24
Q3 FY25
Q3 FY24
Q3 FY25
STRONG TRACK RECORD OF ACCRETIVE BROWNFIELD AND GREENFIELD DEVELOPMENT
# of keys
83
2007
166
191
546
167
2,036
DoubleTree by Hilton, Pune
200
415
115
153
2009
2010
2013
2016
2019
2021
2023
2024
Completed Keys Operational Keys
Acquisitions
New Developments
6
2.Hospitality Macro
Aasmana: The Ritz-Carlton 7 77
INDIAN HOSPITALITY SUPPLY: GROWING TRAVEL AND TOURISM INDIAN HOSPITALITY - UNDERPENETRATION
Existing stock of India, especially in Ventive markets(1) is significantly low No near-term luxury supply expected in Pune however office absorption is strong (6.9M sf in CY24, +23% YoY)
Low Penetration in India Hotel Keys Per Msf Of Office Space
1,241
637
486
897
573
(2)
118
Low supply in Ventive Markets Hotel Inventory (‘000 KEYS)
83
8% CAGR
66
3% CAGR
11
10
London
San Francisco
Singapore
Hong Kong
Tokyo
India
FY24
FY27
FY24
FY27
150
56
78
77
162
(3)
94
India – Luxury and upper upscale
Ventive Markets(1)– Luxury and upper upscale supply
in 000’s
Source: Horwath HTL 1. Ve nt ive Marke t s- (Pune , Be ngaluru & Varanasi) 2. Re pre se nt s ave rage for t op 8 hot e l marke t s in India; 3. Simple ave rage for t op 8 hot e l marke t s in India.
8
INDIAN HOSPITALITY - GROWING TRAVEL AND TOURISM
Rising foreign and domestic travel to boost hospitality demand
FTA projected to grow by 9% Foreign Tourist Arrivals (in millions)
Growing Domestic Air Traffic Domestic Air Passengers (in millions)
Air Infra Upgrades (Near Pune)
30.4
9% CAGR
9.2
13% CAGR
100
7%
163
152
144
7% CAGR
10.9
8.8
48%
6.2
PUNE’S NEW AIRPORT TERMINAL
Improved capacity 12M passengers p.a. (vs 7.1M previously)
2016
2019
2022
2023
2037E
2016
2019
2023
2024
Source: Horwath HTL and IATA
NAVI MUMBAI INTERNATIONAL AIRPORT
Full operational capacity of 90M passengers p.a. (90min from Pune)
9
MALDIVES - GROWING TRAVEL AND TOURISM
Maldives has a diverse pool of demand from across the globe 3x expansion airport capacity expansion with new airport expected to open in H2’25
Growing Foreign Tourist Arrivals (in millions) 1
110% vs pre-covid
+9% Growth
+9.8% CAGR
1.3
CY16
6.0
1.7
CY19
6.3
1.9
2.0
CY23
7.6
CY24
7.9
1. Source : Minist ry of Tourism, Re public of Maldive s- Tourism St at ist ics De ce mbe r 2024
Average Length of Stay (days)
Diversified Customer Base (% Share In Arrivals in CY24)1
OTHERS 18%
UNITED KINGDOM 9%
ITALY 7%
U.S.A. 4%
INDIA 6%
CHINA 13%
RUSSIA 11%
GERMANY 8%
REST OF EUROPE 24%
10
3. Financial Performance
Unwind at Rangali Bar, Conrad 11
FINANCIAL HIGHLIGHTS – Q3 FY25
Strong performance in the quarter with 33% growth in Hospitality EBITDA 31% growth in overall consolidated EBITDA
Financial Highlights
Hospitality Revenue (Rs M)
Consolidated
Hospitality
Revenue
Rs 5,664 M
15%
Rs 4,200 M
12%
EBITDA
Rs 2,776 M
31%
Rs 1,470 M
33%
EBITDA Margin (%)
49%
600
bps
35%
600
bps
Other Revenue
Rs 393
F&B Revenue Rs 1,519
Room Revenue Rs 2,288
9%
36%
55%
Represents YoY growth
12
VENTIVE HOSPITALITY KPIs INDIA HOSPITALITY KPIs
ADR (Rs.)
Occupancy (%)
RevPAR (Rs.)
+9%
11,275
10,378
64%
7,181
200bps
62%
+12%
6,418
Q3 FY24
Q3 FY25
Q3 FY24
Q3 FY25
Q3 FY24
Q3 FY25
13
VENTIVE HOSPITALITY KPIs MALDIVES HOSPITALITY KPIs
Occupancy (%)
TRevPAR (Rs.)
56%
59%
63,124
+11%
69,906
Q3 FY24
Q3 FY25
Q3 FY24
Q3 FY25
14
SIGNIFICANT DEBT HEADROOM
With low leverage, Ventive has significant headroom for growth
Rs Debt (Rs M)
USD Debt (Rs /$ M)
Total Debt (Rs M)
Rs 6,719M Reduction
21,089
14,370
$171M
14,638
Rs 7,954M Reduction
$78M
6,684
Rs 14,673M Reduction
35,727
21,054
Pre-IPO
Post-IPO
Pre-IPO
Post-IPO
Pre-IPO
Post-IPO
8.3%
8.3%
9.5%
7.4%
Avg. Cost of Debt p.a.
Net Debt Rs 17,317M
Cash & Cash Equivalents Rs 3,737M
15
70+ F&B OFFERINGS
Our Top F&B Offerings
Leveraging our F&B Experience
Ithaa, Conrad – World’s first undersea restaurant
Alto Vino – Best Italian Premium Dining
Spice Kitchen – Best Buffet Restaurant
Dhoni Bar, Anantara
Paasha – Best Rooftop Restaurant
Ukiyo – Best Japanese Restaurant – Premium Dining
Echo Lounge & Bar – Aloft, ORR
Tao-Fu – JW Marriott, Pune
Senses AI Fresco – Marriott Suites, Pune
Multiple award-winning restaurants across the portfolio
6 out of 10 Pune’s top restaurants in our portfolio(1)
Proactive refurbishments and repurposing initiatives enhancing customer experience
Largest ballroom in Western India among luxury hotels (JW Marriott, Pune)
Demonstrated turnaround capabilities (developed un-utilized terrace / repurposed restaurant)
1. Base d on TripAdvisor Rankings
16
GROWTH PIPELINE
Bengaluru
Varanasi
Sri Lanka
Expansion + Development
Brownfield Development
Greenfield Development
Conversion of brand
Strategically located near airport
Located near Yala East National Park
17
4.Governance and Others
Dhoni Bar, Anantara 18
ESG
Energy Initiatives
People Centric Initiatives
Waste Management
Water Conservation
50%+ green energy(1) (incl installed solar panels & windmill)
Targeting 75% energy consumption through green sources by FY28
EV-charging machines at key hotels
E-waste, alkaline batteries are stored separately for proper recycling
Plastic waste reduction - supply reusable glass water bottles in our guestrooms and F&B outlets
Offering Internship programs to local Maldivian students
Recruiting people with disabilities – In process
Utilizing grey water for landscaping
Environmental conservation initiatives such as reef cleaning and coral planting in Maldives
Coral planting at Anantara
Solar installation, Maldives
Captive Windmill, India
Plastic Free Hotels(2)
1. In JW Marriot t , Pune , Court yard by Marriot t , Pune , Marriot t Suit e s, Pune and The Rit z-Carlt on, Pune for FY24 2. Supply of re usable glass wat e r bot t le s in t he gue st rooms and F&B out le t s wit h t he aim of re ducing t he usage of single use plast ic. The re sort s in Maldive s also adhe re t o st rict plast ic fre e e nvironme nt guide line s
19
BOARD OF DIRECTORS
Atul I. Chordia
Founder of Panchshil Realty
Awarded the Hoteliers Award – Developer of the Year,
Asia One-World’s Greatest Leaders
Tuhin Parikh
Head of Blackstone Real Estate India
Director, Nexus Select Mall Management Private
Limited
Nipun Sahni
Bharat Khanna
Advisor at Apollo Global Management & Founder of
Rezone Investments
Previously at: Apollo Global Management, DSP Merrill Lynch Capital Ltd, GE Capital Services India and IVCA
Managing Director and Head of India at BGO
Previously at: Och-Ziff Asia Real Estate, Morgan
Stanley Real Estate Investing
Punita Kumar Sinha
Director at Lupin Limited, Tata Asset Management
Private Limited & Embassy REIT
Thilan Manjith Wijesinghe
Founder and Chairman of TWCorp Pvt Ltd and
director at MJF Leisure
Previously at: Blackstone Asia Advisors, Infosys Limited
Previously at: Overseas Realty (Ceylon) PLC as group
and JSW Steel Limited
Managing Director
Independent Directors
20
PORTFOLIO OVERVIEW
HOTELS
JW MARRIOTT
THE RITZ-CARLTON
ANANTARA
CONRAD
RAAYA BY ATMOSPHERE
MARRIOTT SUITES
DOUBLETREE BY HILTON
OAKWOOD RESIDENCES
MARRIOTT ALOFT ORR
COURTYARD BY MARRIOTT
MARRIOTT ALOFT WHITEFIELD
TOTAL COMPLETED HOTELS
ANNUITY ASSETS
BUSINESS BAY
ICC OFFICES
LOCATION
SHIVAJINAGAR, PUNE
YERWADA, PUNE
DHIGU, VELI AND NALADHU MALDIVES
RANGALI, MALDIVES
RAAYA, MALDIVES
KOREGAON PARK, PUNE
CHINCHWAD, PUNE
NAYLOR ROAD, PUNE
OUTER RING ROAD, BANGALORE
HINJEWADI IT PARK, PUNE
WHITEFIELD, BANGALORE
LOCATION
YERWADA, PUNE
SHIVAJINAGAR, PUNE
PANCHSHIL TECH PARK
HINJEWADI IT PARK, PUNE
ICC PAVILION (RETAIL SPACE)
SHIVAJINAGAR, PUNE
TOTAL ANNUITY ASSETS
COMPLETED PORTFOLIO
POSITIONING
KEYS (#)
LUXURY
LUXURY
LUXURY
LUXURY
LUXURY
UPPER-UPSCALE
UPSCALE
UPSCALE
UPSCALE
UPSCALE
UPSCALE
415
198
197
151
167
200
115
83
191
153
166
2,036
AREA (MSF)
1.80
0.93
0.22
0.44
3.40 / 95% OCCUPIED
2,036 KEYS / 3.40 MSF
21
FINANCIAL HIGHLIGHTS – 9M FY25
Strong YTD performance with 46% growth in Hospitality EBITDA and 33% growth in overall consolidated EBITDA
Financial Highlights
Consolidated
Hospitality
Revenue
Rs 14,423 M
17%
Rs 10,198 M
13%
EBITDA
Rs 6,415 M
33%
Rs 2,825 M
46%
EBITDA Margin (%)
44%
500
bps
28%
600
bps
Hospitality Revenue (Rs M)
Other Revenue
Rs 995
F&B Revenue Rs 3,614
10%
35%
Room Revenue Rs 5,589
55%
Represents YoY growth
22
GENERAL NOTES & DEFINITIONS
Notes:
Term
Definition
3Q/Q3/Three Months ended
Quarter ending Dec’24
• All figures in this presentation are as of Dec 31, 2024, unless otherwise
K / M / B
Thousands / Millions / Billions
specified
M sf
Million square feet
• All subsidiaries were acquired in August 2024; therefore, the numbers presented in this presentation are on the basis of pro-f orma financial statements for 9MFY25. Q3FY24 and 9MFY24 numbers are based on company Management Information System data.
• All figures corresponding t o year denoted with “FY” are as of or for the one-year period ending (as may be relevant) March 31st of the respect ive year. Similarly, all figures corresponding to year denoted with “ CY” are as of or for the one-ye ar period ending (as may be relevant) December 31 of the respective year
•
Some of the figures in this Presentation have been rounded-o ff to the nearest decimal for the ease of presentation
• All details included in the presentation considers 100% stake in Ritz
Carlton, Pune. Our Company owns 50% economic interest in PCPPL entity which owns Ritz Carlton
• Other than the number of hospitality assets and the number of keys, all operational and financial data presented in this Presentation excludes data relating to Raaya by Atmosphere, Maldives, which was launched in July 2024. Our Company indirectly owns a 50.28% equity interest in Kudakurathu Island Resort Private Limited (which holds Raaya by Atmosphere, Maldives)
Average Room Rate or ARR or ADR
Average room rate, being room revenues (plus service charges with respect to our Maldives hospitality assets) during a given year divided by total number of room nights sold in that year
Occupancy
GCP
For hospitality assets, total room nights sold during a relevant year divided by the total available room nights during the same year
General corporate purposes as defined in our prospectus
Revenue per Available Room or RevPAR
Revenue per available room, calculated by multiplying ARR charged and Occupancy. RevPAR does not include other ancillary, non-room revenues, such as revenue from the sale of food and beverages and other hotel services including banquet income and membership fees generated by a hospitality asset
Total Revenue per Available Room or TRevPAR
Total revenue per av ailable room, c alculated by dividing the revenu e from operations for the relevant hospitality asset(s) by the total number of room nights available in that year. TRevPAR includes other ancillary, non-r oom revenues, such as revenue from the sale of food and beverages and other hotel services including banquet income and membership fees generated by a hospitality asset
Horwath HTL
Crowe Horwath HTL Consultants Private Limited
CAGR
F&B
KPI or KPI's
QoQ
Compounded Annual Growth Rate
Food and beverage
Key performance indicators
Quarter on quarter
Basis points or bps
Basis points
• Unless otherwise indicated, industry, macroeconomic and market data and all industry related statements have been extracted from Horwath HTL
FTA
Foreign tourist arrivals
23