SHRIRAMPPSNSE14 February 2024

Shriram Properties Limited has informed the Exchange about Investor Presentation

Shriram Properties Limited

February 14, 2024

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 February 9, 2024 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 ended December 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

Investor Presentation Q3 FY24 Results

February 2024

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.

KPI Summary – 3Q | 9M FY24

Sales Volume

Sales Value

Collection

Handovers

1.11 msf

6% YOY

12% YOY

-3% YOY

34% YOY

588 Cr.

334 Cr.

787 No's

22% YOY

19% YOY

1,055 Cr.

1,619 No's

48% YOY

29% YOY

68%*

72%*

66%*

54%*

~4.8 msf

20% YOY

~Rs.2,330 Cr.

26% YOY

~Rs. 1,600 Cr.

47% YOY

~3,000 units

50% YOY

Sales Volume Target

Sales Value target

Collections Target

Handover Targets

s ’ I P K 4 2 Y F 3 Q

s ’ I P K 4 2 Y F M 9

n a P 4 2 Y F

Muted growth in Q3 due to adversities resulting in deferred launches and delayed income recognition

___________ *- % of FY24 Target Achieved

Deferred, not lost - Likely to be recouped during Q4 FY24

Q3FY24: Muted Growth due to deferred launches & handovers

Unprecedented rains and floods in Tamil Nadu impacted launch momentum in Chennai

Delayed launches

Q3FY24 Headwinds

Plan approval delays (prolonged process & Jurisdictional ambiguity) delayed launches @ B’lore

Delays in receipt of OC in Bangalore (prolonged procedural delay & Jurisdictional ambiguity)

Kolkata registration momentum slowed due to delay in receipt of approval from local authorities

Deferred Launches to Q4 FY24

Handovers & Income recognition delayed to Q4

Deferred Revenue recognition to Q4 FY24

t c a p m

P K 3 Q L P S

Volume Impact 01 ~0.2 - 0.3 msf of potential

sales moved to Q4

Handover Impact

~ 1,000 units OC received only in Dec’23; Handover moved to Q4

Revenue impact ~ 145 Crores of potential income recognition deferred to Q4

Collections ~35 Crores of potential collection deferred to Q4

KPI Impact of Deferred Launches & Handovers

Delayed/Deferred Launches

Delayed Handovers

Deferred Revenue recognition

Shriram122 West - Delayed & launched only by end Dec’23

Shriram Greenfield Phase II - OC received by End-Dec (30-45 days delay)

Shriram Saphire* - Moved from Q3 to Q4 - Launching in Feb’24

Adde Vishwanathapura** - Moved from Q3 to Q4 FY24

Shriram Liberty Square - OC received by End-Dec (30-45 days delay)

Shriram Chirpingwoods T-5 - Writ petition challenging levy of certain additional fee by BBMP delayed OC - Favorable order received, but only by End- Dec impacting handover

Shriram Grand City - Deferred due to late receipt of statutory approvals prevented handover/sale deed

Shriram Chirpingwoods T-5 - Delayed OC led deferred sale deed registration

Shriram 122 West & Adde - Loss of DM Income due to deferred / delayed launches

Project Name

Potential Volume Loss in Q3

Potential Value Loss in Q3

Project Name

No. of units

Handed over in Q3

Project Name

Potential Area lost in ATS/Sale deed

Potential Revenue/ DM lost

122 West

1.0 -1.2 lacs

~55-65 Crs.

Saphire

~0.7 lacs

~40 Crs.

Adde

~0.7 lacs

~35 Crs.

Greenfield P-II

Liberty Square

Chirpingwoods T-5

653

644

148

Total

~2.4-2.6 lacs

~130-140 Crs.

Total

1,445

153

Nil

164

Grand City

~1.9 lacs

~70 Cr.

Chirpingwoods T-5

~1 lacs

~65 Cr.

Adde

122 West

Total

~0.7 lacs

~0.8 lacs

~5 Cr.

~145 Cr.

Impact only short-term – Likely to be recouped during Q4 FY24 Despite Q3 challenges, YTD achievements at ~ 60-70% of FY24 KPIs Q4 is traditionally stronger quarter and hence remain confident of FY24 guidance

________________ Note: *Formerly Shriram Royal Court (**) Project Launch name yet to be finalized

Q4 is traditionally best quarter, due to seasonality

Historical Q4 trends – Sale Volume

Historical Q4 trends – Sales Value

24%

45%

31%

32%

37%

19%

50%

32%

25%

28%

FY20

FY21

FY22

FY23

9m Q4

FY24 KPI FY24P (9M Actuals; 4Q residual target)

FY20

FY21

FY22

FY23

9m Q4

FY24 KPI FY24P (9M Actuals; 4Q residual target)

Historical Q4 trends - Launches

Historical Q4 trends - Collection

28%

38%

28%

26%

34%

FY20

FY21

FY22

FY23

9m Q4

FY24P FY24 KPI (9M Actuals; 4Q residual target)

FY20

FY21

FY22

FY23

9m Q4

FY24P FY24 KPI (9M Actuals; 4Q residual target)

Q4 FY24 targets in sync with historical Q4 trends With approvals/OCs in place, SPL is confident of achieving target launches and handovers

Shriram 107 Southeast

Operational Highlights: 9M|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 – 9M | FY24

Operational Performance

Financial Performance

• YTD Sales 3.03 msf (+12% YoY); Q3 at 1.11 msf (+6% YoY)

• Satisfactory 9M performance despite Q3 adversities

• Aggregate Sales Value at Rs.1,654 crs YTD (+22% YoY)

• EBITDA up 14% YoY, PBT up 11% YoY, PAT at Rs.55.3 Crs

• Q3 would have been stronger but for deferred launches

• EBITDA Margins stable at 25%

o Shriram 122 West EOI Process begun

• Earnings would have been stronger but for delayed Ocs;

o 4 launches in Q4; 2 ready for launch and 2 at

Most of the OCs received late Dec’23 / Jan’24

advanced stage of approval

• Recoup of deferred revenues in Q4 FY24; SPL’s full year

• YTD collections cross Rs.1,000 Cr mark; Up 19% YoY

expectations largely intact

• Construction momentum improving

o Activity start at new projects to accelerate spending

o Q3 completion focus in ongoing projects paid off;

Delivering projects ahead of RERA timelines

• Cash From Operations at Rs.178 crs, compared to

Rs. 115 crs in full year FY23

•

Interest cost flat, overall finance cost up 15% YoY due to one-time costs related to Shriram 122 West acquisition.

• Cost of debt stabilising around 11.5%

Project Execution

Business Development & Project Pipeline

• Handed over ~1,600 units in 9M

• Pune Market Entry

• OC for 1,000 units received only in Dec’23, to support

o ~1.7 msf resi project at Undri, Pune on DM Model

record high handovers in Q4

o Target launch by Mar/Apr’24

• 3 B’lore Projects received OC – (Greenfield, Chirping Woods T5, Liberty Square) – ahead of RERA timelines

• On track for FY24 handover/revenue recognition targets

• Strong project pipeline to support growth momentum

o 42 projects with ~44 msf development potential

o Includes 24 msf across 26 projects in ongoing projects. • LOGOS deal to be closed in FY24, subject GoWB approvals

________________ Note: Data presented herein reflects aggregate for the Company, covering all projects under all development formats viz., Own, JV/JDA and the DM; * OC receipts at the end of Dec 23 not considered for completion due to hand over not commenced before Dec

Performance Snapshot: 9M|FY24

Pre-Sales Volume (msf)

Sales Value (Rs. Cr.)

12%

3.0

2.7

4.0

1.3

4.8

1,654

22%

1.8

1,352

+12%

2.7

3.0

2,300

646

887

1,846

494

+22%

1,352

1,654

Collection (Rs. Cr.)

19%

1,055

1,600

1,195

545

307

+19%

887

1,055

9MFY23

9MFY24

FY23A

FY24P

9MFY23

9MFY24

FY23A

FY24P

9MFY23

9MFY24

FY23A

FY24P

Sales by Segment

Sales by Dev. Model

Others 11%

Plots 14%

DM 23%

Own 38%

Apartment 75%

JV 21%

JDA 18%

Sales by Region

Others 1%

Kolkata 9%

Bangalore 56%

Chennai 34%

Satisfactory growth despite deferred/delayed launches; Sustenance sales played key

______________________ • Msf = Million Square Feet

YTD Launch Trends & Q4 Launch Outlook

FY24 Launches so far

Projects

Type

Launch

Launch Area

Sold at launch

% sold

48%

Shriram Esquire

New

May’23

1,31,870

57,835

Shriram Hebbal 1

Shriram Paradiso

Shriram 122 West

New

May’23

1,44,328

63,750

Sep’23

10,71,330

4,64,087

Dec’23

9,06,098

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

44%

43%

Impressive Sales-at-Launch

44%

43%

38%

34%

Q4 FY24 Revised Launch Outlook

FY20

FY21

FY22

FY23

FY24

Projects deferred to FY25

Projects

Original timeline

Revised Timeline

Region

Shriram Sapphire

Oct’23 Mar’24

Bangalore

Shriram Shubham (Plots)

Feb’24 Mar’24

Chennai

Total Area (msf)

0.5

0.4

Current Status

Market warm-up underway

Launch preparation underway

Pune (Undri)

New

Adde Vishwanathapura

Oct’23

End Mar’24/ Apr’24

Pune

1.6

Final leg of approvals underway

Bangalore

0.4

Plan approval received; RERA awaited

Projects

Kolkata Villas

Kolkata Plots

Kolkata Commercial

Kolkata total

Judicial layout

Total area deferred

Total area (msf)

0.34

0.26

0.17

0.77

0.55

1.32

____________________________________________________________________ * Sales-at-launch = Actual sales during first 90-days of launch; ^^ Shriram 122 West Pre-launched at the end of Dec’23.

Strong line-up for seasonally strong quarter (Q4)

Encouraging Pricing Trends: Realisation up 15% from Mar’23 levels

Price Increase by Project – Top Projects only

Avg. Portfolio Price increase Trends

Project

Development Type

March’23

9M FY24

Increase in 9m FY24

Shriram 107 Southeast -Phase 3

Apartment

Shriram Southern Crest

Shriram Greenfield Phase 2

Park 63 - 2A

Shriram Earth at One City

Shriram Chirping Ridge

Shriram WYT FIELD - II

Shriram Pristine Estates

Shriram WYT FIELD

Park 63 - 2B

Park 63 - 1B

Apartment

Plots

Apartment

Plots

Apartment

4,300

7,409

5,231

6,375

1,566

2,221

5,397

3,943

5,639

6,713

6,889

5,081

8,729

5,881

7,091

1,707

2,422

5,879

4,260

6,052

7,146

7,190

18%

12%

11%

✓ Avg. realisation up ~15% during 9MFY24** • Beyond the ~8% hike seen in FY23 • Compared to avg. price hike of 7% in B’lore & 4% in Chennai^

✓ Our mid-market avg. realization rising gradually - at ~Rs.6,200 vs. ~5,000/sqft in FY22 ✓ Reflects success of consistent efforts to rise on the price curve through portfolio enhancements ✓ Industry-wide price improvement seen across all core markets ✓ Positive outlook for pricing over the next 12-18 months

_________________________________ *Excluding Shriram Esquire ultra luxury project for comparability; ** - Growth since Mar’23; ^Source – Knight frank India Real Estate

15%*

Avg realisation increase during

9M FY24

Avg realisation increase during

FY23

Realizations Trends by Development Type (Rs/Sqft)

8 0 0 , 6

8 6 1 , 6

4 8 2 , 5

4 7 8 , 4

7 0 5 , 4

1 1 1 , 4

3 0 9 , 2

2 5 0 , 3

2 8 5 , 2

Plots

Affordable

Mid-Market

FY22

FY23

Dec-23

Project Execution Trends: Q4 Handover Readiness

Project Name

Total Area

No. of units

RERA date

Handed over

Project Current Status

Shriram Greenfield Ph II

7,04,355

653

30-Dec-23

11 OC Received

Chirping Wood Tower 5

2,20,740

Liberty Square

5,84,780

148

644

30-Mar-24

Nil OC Received

14-Nov-24

153 OC Received

Southern Crest Tower D

75,735

21-Oct-25

Nil OC Applied

Temple Bells

4,72,570

448

31-Jul-24

186

Partial OC recd., Hand over commenced

Park 63 2A

4,01,755

254

22-Jan-25

Nil Registration Commenced in few towers

Project Progress (Actual site Photos)

Registration Momentum started already

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 : Q3 &9M|FY24

Financial Highlights | 9MFY24

o Satisfactory 9M performance despite Q3 Adversities:

• Near flat revenues, EBITDA up 14% YoY, PBT up 11% and Net Profit at Rs.55.3 crs in 9MFY24

• Q3 suffered on delayed receipt of OC’s and consequent deferred handover/sale deed regn resulting in deferment

of revenue recognition to Q4 FY24

• Q3 deferred launches impacted potential DM Fee income from new launches for the quarter

•

YTD interest cost also reflects one-time interest cost of 12 Crs absorbed during H1FY24, associated with the acquisition Chennai project (Shriram 122 West) till its transfer to ASK co-investment platform

o Confident of recouping deferred revenues/earnings in Q4FY24; External dependencies minimal now

• With three projects OC received & couple of projects getting OC ready, Q4 looking promising quarter.

o Re-acquisition of JV economic interest in Shriram Park63 from Mitsubishi Corporation – a material

value accretive transaction during FY24

•

Project de-risked significantly (Phase-1 handover; Phase-2 construction at advanced stage and over 75% sold)

Acquisition accretive – Over Rs.500crs of incremental revenue (MC’s share of JV becomes SPL subsidiary income)

Impact visible already - ~20% of Q3 revenues from Park63 (Ph1 handovers & Ph2 sale deed started).

However, has impact on gross debt and finance cost (re-acquisition of JV interest meant assumption of debt from JV to SPL Consolidated from Aug’23). Interest burden likely to continue till full exit to MC in Dec’24.

o Gross debt to be on declining path again in FY25; Cost of debt stabilizing around 11.50% levels

o DM remains steady contributor: ~10% of total revenues; volume share to rise further with launches

Financial Highlights : Profit & Loss|Q3 & 9MFY24

Particulars (Rs. Crores)

9MFY24

9MFY23

YoY (%) Q3FY24 Q3FY23

YoY(%)

FY23

Total Revenues

Cost of revenue

Employee benefit expense

Other expenses

Total Operating Expenses

EBITDA

Finance Costs

- Interest expense

- Unwinding Impact (non-cash charge)

- Interest expense (one time)

- 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

629.0

335.3

64.4

72.3

471.9

157.1

86.8

51.1

15.7

11.9

8.1

6.6

63.8

0.2

64.0

8.7

55.3

643.0

389.9

59.5

56.0

505.4

137.6

75.5

52.3

16.4

6.8

5.8

56.2

1.5

57.8

5.4

52.4

-2%

-7%

14%

15%

-2%

13%

11%

240.6

153.7

22.0

26.3

222.0

132.4

19.5

19.4

202.0

171.2

38.6

27.6

20.2

5.3

2.1

2.2

8.8

5.0

13.8

(4.7)

18.5

50.8

22.7

14.4

5.7

2.6

2.0

26.0

(3.8)

22.2

(0.1)

22.4

18%

-24%

21%

40%

-66%

-38%

-17%

813.9

453.2

78.7

99.1

631.0

182.9

106.4

74.0

22.1

10.3

7.8

68.7

2.9

71.6

3.3

68.3

9M FY24

EBIDTA Rs. 157.1 Cr

14% YoY

Interest Expense Rs. 51.1 Cr

2% YoY

PBT Rs. 64 Cr

11% YoY

________________________________________________________ * Includes DM fee of INR 53 Cr, INR 62 Cr, INR 12 Cr, INR 15 Cr & 62 Cr in 9MFY24, 9MFY23, Q3FY24, Q3FY23 and FY23 respectively

Deferred Q3 Income Recognition impacted Q3 Earnings, resulting in mutated growth in 9M FY24 Handover/Income Recognition catchup likely in Q4; Remain confident on Strong Q4 / FY24 earnings

Financial Highlights (contd.): Profit & Loss|Q3 & 9MFY24

9M | FY24

❑ Revenue growth muted, primarily due to OC led hand over delays suffered in Q3FY24

• ~60% of Revenues to-date driven by recently completed projects - Grand City, Shankari, Southern Crest, Liberty Square and Park63.

• DM fee accounted for 10% of Revenues, driven by 3 key B’lore projects; New project in Chennai (122 West) yet to make an impact.

• With scheduled DM launches in Q4, DM fee will contribute significantly to profits in future.

❑ Cost of Revenue dropped 14% YoY, reflecting improved mix of products reaching revenue recognition threshold.

❑ EBITDA margins at 25%, compared to 21% in 9MFY23. Increased confidence on stabilising around mid-20s in FY24.

❑ Overall finance cost up 15% YoY, but interest expense remains flat.

• Despite, one-time finance cost associated with Shriram 122 West till its transfer to ASK Platform / JV

•

Interest expense flat despite interest rate reduction efforts; Impact masked by rise in gross debt related to Mitsubishi JV re-acquisition (Park63);

Mitsubishi debenture coupon to continue till Dec’24 (3 tranche acquisition with 2 tranches paid already).

❑ PBT higher marginally at Rs.64 Crores; Share of JV near zero, despite renewed marketing costs at 3 JVs (WYTfield, 107 South

East and Pristine Estates) that have not reached income recognition threshold.

❑ Net Profit at Rs. 55.3 crores (+5% YoY), despite deferred revenues in Q3. 9M EPS at Rs.3.24

3Q | FY24

❑ Q3 financials/revenue recognition affected by adversities – delayed OCs deferring revenue recognition to Q4

• Deferment of revenue recognition in 2 projects and delayed launch in 2 projects impacting DM fee - Potential revenues of approx. Rs. 125-145crs

deferred to Q4FY24 (OCs received by end Dec’23 / Jan’24)

• Material impact on P&L – EBITDA, PBT and PAT reflects negative growth on YoY basis.

❑ EBITDA at Rs. 38.6 crs (-24% YoY); PBT at Rs.13.8 crs (-38% YoY) and PAT at Rs.18.5 crs (-17% YoY) _________________________________ * BTA- Business Transfer Agreement

Financial Highlights: Consolidated Cash Flows | Q3 & 9M FY24 (Excl. DM & JV cashflows)

Amount in Rs. Crores

9M FY24

Q3FY24

Q2FY24

Q1FY24

FY23

Collections

DM Income

Other Inflows

Operating Inflow

Construction

Mktg. & Admin Overheads

Other Operating outflows

Operating Outflow

499

118

618

(264)

(134)

(42)

(440)

189

211

(91)

(46)

(14)

171

198

(87)

(47)

(15)

139

209

(86)

(41)

(13)

(151)

(149)

(140)

Cash flow from Operations

178

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.

115

(204)

(89)

(53)

(9)

(151)

(86)

(59)

120 61

(74)

(7)

(17)

(18)

(42)

(57)

(39)

100 61

(40)

(8)

(24)

(22)

(12)

85 100

(90)

(74)

(12)

(1)

(87)

(18)

(17)

120 85

524

582

(296)

(149)

(23)

(467)

115

441

(367)

(64)

(9)

116

(136)

(20)

141 120

Collection Trends SPL Own & JDA / JVs / DM

1,053 124

430

499

430

196

171

332

112

189

291

122

139

1,194

251

420

524

9MFY24

Q3FY24

Q2FY24

Q1FY24

FY23

Own/JDA

DM Total

✓ Healthy Operating cashflows

✓ Construction outflow in line with execution

progress and fueling collections

✓ Free Cashflow (FCF) before new project investments positive and to gain further scheduled handover/ momentum with income recognition during Q4FY24

✓ New Project Investment of over Rs.85crs, to

strengthen development pipeline

_________________ * 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 & Park 63

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

0.70

553

120

508

432

447

481

141

341

0.36

0.30

13.70%

12.50%

11.90%

11.46%

Mar-21

Mar-22

Mar-23

Dec-23

Mar'21

Mar'22

Mar'23

Dec'23

Mar'21

Mar'22

Mar'23

Dec'23

Net Debt

C & CE

Gross Debt

✓ Gross Debt mostly on construction funding at the project level.

✓ Gross Debt at Rs.508 Crores; Net Debt Rs. 447 Crores.

•

Increase in gross debt in Q2 due to regaining of economic Interest in Park 63 from JV Partner (Mitsubishi) in Q2.

✓ Acquisition of JV from Mitsubishi is key for higher interest outflow; Likely till MC full exit in Dec’24

• Not a new burden, as the interest was incurred at JV level (and hence was not in CFS earlier) and has come into consolidated

financials since JV became a Subsidiary in Q2FY24.

✓ Cost of debt stabilizing around ~11.50% levels

✓ Focus remains on bringing down gross debt and the cost of debt further.

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

New Market Entry: PUNE

PUNE: A promising new market with promising great prospects

Pune: The City on expressway in the journey of growth 01

Pune market is predominantly Affordable & Mid Market focused, and also end-use driven. Reflects significant similarity to our core markets.

Second largest market among Top-7 markets; Seen highest absorption and lowest inventory levels in 2023.

Consistent strong performer in recent years, supported by diversified and buoyant economic activity and growing infrastructure investments

Market dynamic similar to SPL’s core market; SPL entry through DM Project approach

Why Pune & What’s There for “Shriram”

Pune “Undri” region

Most sought after alternative residential micro market. Availability of large trackts of land for future developments

Key Segment

Market dynamics

Brand leverage

Competitor Presence

Significance presence of Affordable and mid – segement properties

Key advantage

Rapidly developing real estate precincts in the southern corridor of Pune

Largely IT sector crowd. 1. 2. Compact sized apartments

preferred by the working community. 3. Significant capital appreciation Improved connectivity, significant thrust on infrastructure. 5. Rapid urbanization. 6. Demand dominating supply

Strong brand image in Pune by “Shriram” group

Future Growth

1. Kolte Patil 2. Godrej Properties 3. Sobha Developers 4. Macrotech developers 5. Nyati Group

Undri is In early phase of Growth, It will act as Corridor for entry into Pune & Mumbai region

Ticket Size

Good fit for SPL asset light growth strategy

Pune Undri Market ticket size for Mid market product is very similar to Bengaluru market in the range of Rs. 5500-8500/sft

Significant Presence in Mid Market segment and catering to the demand of IT professionals, Shriram is confident of marking significant presence in Pune.

Project details

Area

14 Acres

Saleable area

~1.7 msf residential & 0.3 msf commercial

Segment

Mid Market

Type

Apartment (DM Model)

Current Status & Launch

• Final leg of approvals underway.

• RERA to be applied soon.

• SPL establishment setup; Building cross

functional team.

Targeting mid march Launch, subject to statutory approvals.

Shriram Blue

Outlook: FY24 & Beyond

FY24 Outlook | Context & Strategic Objectives

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

FY 24 & FY25 Context FY24 Context

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

➢ FY24 - SPL remains confident of delivery

➢ FY25 to be a promising year with strengthened long-term fundamentals, for the sector and SPL

– Markets conducive for new launches with improving outlook

–

Strong pipeline to support robust launch sales and

Greater visibility on handover and revenue recognition

3-year earnings outlook strong with greater visibility (FY24-FY26)

✓ ~ 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 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

Green Building Initiatives through EDGE

✓ SPL committed to “Green Buildings”, as part of its growth strategy and

sustainable development efforts

✓ EDGE: A measurable solution from IFC, a part of the World Bank Group

✓ Significant progress made already in our residential projects

✓ 3 EDGE Certified project already

▪ Shriram Blue (B’lore)

▪ Shriram Southern Crest (B’lore)

▪ Shriram Park63 (Chennai)

EDGE - ADVANTAGES FOR DEVELOPERS

Positioning as a first mover in the market with a major marketing and communications push backed by the World Bank Group brand

Potentially higher prices or quicker sales through differentiation

Online certification process from A to Z with the most affordable certification fees and free use of the design software.

Lowered Project costs by incorporating EDGE early into the design process

Awards & Recognitions: Q3 | FY24

Enterprise Security Award – Indian Express Technology Senate South Awards, 2023 Shriram Properties

L&D Excellence Award – 14th Edition Future of

L&D Summit & Awards 2023

Shriram Properties

Developer of the year,

residential –15th Realty+

Conclave & Excellence Awards 2023, South

Shriram Properties

Residential Complex of the Year - 15th Realty+

Conclave & Excellence Awards 2023, South

Park 63

Project Pipeline Update – December’23

Project Pipeline (msf)

Upcoming – 20 msf

8.6

53.1

Ongoing – 24 msf

7.8

44.5

Pipeline – March’23

1.6

10.6

4.1

11.9

8.5

Less: Projects Completed

Add: Projects Added

Pipeline – December’23

Ongoing Owned

Ongoing JV / JDA

Ongoing DM

Upcoming Owned

Upcoming JV / JDA

Upcoming DM

Sub-Total

Deferred

Total

# projects

Msf

(4)

52.9

(1.8)

1.9

53.1

Pipeline – By Region

Pipeline – By Development Type

11%

24%

38%

27%

18%

28%

17%

✓ Completed 4 projects till 9M – Shriram Blue, Eden 144,

38%

Rainforest, Shriram Earth at One City.

✓ Overall pipeline remains impressive; 50 projects with 53 msf potential with 24 msf ongoing and 20 msf upcoming projects.

✓ Several new projects at advanced stage.

Bangalore

Chennai

Kolkata

Others

Own

JDA

Shareholding Pattern as at 31st December 2023

Category

No.of Holders

Promoters

Strategic Investor

Institutional Investors

Body Corporates

Public

Total

534

75,811

28%

14%

10%

12%

36%

76,369

100%

Promoter Shareholding Composition

Promoter Name

Shriram Properties Holdings Pvt Ltd (SPHPL)*

27.8%

SGEWT

M Murali

0.1%

Total

28.0%

Shareholding Pattern as at 31st December 2023

Public , 35%

Promoters , 28%

Body Corporates , 12%

Strategic Investor , 14%

Institutional Investors , 10%

__________________________ * out of 28% held by Promoters, Mr. M. Murali held 7.42% directly & indirectly through holding shareholding in SPHPL

Promoter Group holding to remain stable

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 organizational 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 39 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 December 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

Shriram WYTFIELD

Residential Real Estate Sector Overview

Residential Real Estate Sector: Resilient & Attractive Investment

Growth momentum strong despite ambivalent global economy *

KEY EMERGING TRENDS – Largely remain intact

• Top-7 City sales decade high for CY23 – 5.36 lac units, Up 16% YoY

• Supply muted YoY for CY23, however highest in last 5 years.

•

Inventory overhang declines; Down 14% at 4.9 lac units (11 month)

• Price increase trends encouraging; Grown by 4-11% in H2CY2023;

• Mid-market and premium outperformed affordable segment.

• Resurgent demand & steady price driving the growth.

• Defying global headwinds, India continues to shine in GDP growth

• Housing affordability favorable, Rate hike impact minimal

•

Large branded players continue to dominate supply

• Plotted developments in high demand

• Positive outlook for pricing, supported by strong market

demand and consolidation impact

________________ * Data Source: Anarock Research – Residential Markets View Point Q3 CY2023 & Propequity Annual report– CY2023

SPL’s Core Market Trends

• Absorption continue to dominate in SPL’s core markets

• 79% of absorbed units for CY23 in top 5 cities (Bangalore,

Hyderabad, Thane & Pune)

•

Inventory overhang on downward trajectory

− Bengaluru amongst lowest Inventory levels

• Average Price increase

− 17% YoY in Bengaluru for CY2023

− 6% YoY in Chennai for CY2023

− 3% YoY in Kolkata for CY2023

• Affordable and mid-market segments dominate

− 50%-87% of supplies and 61%-84% of absorption in key

markets

Bengaluru

Pricing & Segment wise Trends 2023– Core Markets Chennai Bengaluru

Kolkata

Chennai

Kolkata

________________ Source: Propequity India’s Real Estate Annual report 2023

Thank You

Shriram Luxor Shriram Chirping Woods

Annexures

Annexure-1: Projects Snapshot by Development Models

Own Developments

Joint Developments

Joint Ventures

Development Management

Execution Track Record

Completed ✓ 7 projects ✓ 5.1 msf.

Ongoing Projects ✓ 8 Projects ✓ 7.5 msf.

Under Pipeline ✓ 7 Projects ✓ 9.6 msf.

Completed ✓ 23 projects ✓ 10.7 msf.

Ongoing Projects ✓ 6 Projects ✓ 6.0 msf.

Under Pipeline ✓ 10 Projects ✓ 10.2 msf.

Completed ✓ 3 projects ✓ 2.1 msf.

Ongoing Projects ✓ 5 Projects ✓ 6.9 msf.

Under Pipeline ✓ 1 Project ✓ 1 msf.

Completed ✓ 7 projects ✓ 4.5 msf.

Ongoing Projects ✓ 7 Projects ✓ 4.1 msf.

Under Pipeline ✓ 7 Projects ✓ 7.8 msf.

Annexure-2: Consolidated Cash Flows

– With and Without JV Cashflows

Particulars

SPL Consolidated (CFS)

SPL Enterprise (100%)1 (Excl DM)

Amount in Rs. Crores

Q1FY24

Q2FY24 Q3FY24

9M FY24 Q1FY24

Q2FY24 Q3FY24

9M FY24

Collections DM Income Other Inflows Operating Inflow

Construction

Mktg. & Admin Overheads

Other Operating outflows

Operating Outflow

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.

139 70 0 210

(86)

(41)

(13)

171 26 1 198

(87)

(47)

(15)

189 22 - 211

(91)

(46)

(14)

(140)

(149)

(151)

69 16

(90)

(74) (12) (1)

(87)

(18)

(17)

(35)

120 85

49 32

(40)

(8) (24) 10

(22)

(12)

85 100

60 67

(74)

(7) (17) (18)

(42)

(57)

(39)

100 61

499 118 1 618

(264)

(134)

(42)

(440)

178 115

106 31

(204)

(114)

(89) (53) (9)

(83) (35) 3

(151)

(114)

(86)

(59)

120 61

(8)

(19)

(27)

183 156

261 70 0 332

347 26 0 374

(154)

(143)

(54)

(17)

(65)

(18)

3147 21 0 335

(135)

(56)

(17)

(226)

(208)

148 57

(71)

(14) (44) (1)

(59)

(74)

156 170

127 73

(103)

(30) (27) (44)

(102)

(82)

(57)

170 114

922 118 0 1,040

(432)

(175)

(52)

(659)

381 161

(288)

(127) (106)

(42)

(275)

106

(175)

(70)

183 114

_________________ • •

Includes cash outflows for acquisition of Suvilas Realties and SPL’s share of investment in Shriram Pristine Estates (“JV”) , Park 63, Shriram 122 West (“JV”) under ASK platform, 1 Enterprise Cashflows include SPL CFS Cashflows plus 100% share of JVs. Excludes DM project cashflows

Annexure-3: Business Model Dynamics

Range of Services offered by SPL under DM Model

DESIGN

APPROVALS

SALES

MARKETING

CONSTRUCTION

CRM

HANDOVER

MAINTENANCE

Development Model

Scalability

Capital Intensivity

Return

Risk

Rewards to LO

Risk to LO

Own

Low

JDA

Moderate

Low

High

Moderate Moderate

Low

High

Low

Least/NA

Better than Sale

Least risky

Shared with SPL

High

Note: Details dynamics of each model is Annexed.

Annexure-3: Business Model Dynamics (Contd.)

Developement ModelProject & Product Design ApprovalBrandingSales & MarketingCRMProject ExecutionDelivery & RERA responsibilityMaintenanceOverall EconomicsRevenueConstruction CostsMarketing CostsDebt & Interest CostsFree Cashflow Sharing BasisOwnSPLSPLSPLSPL100% SPL100% to SPL100% to SPL100% to SPLin SPL Books100% to SPLJDALandownerSPLSPLSPLRevenue / Space sharing 100% - LO Share100% to SPL100% to SPLin SPL Books100% to SPLJVJointSPLSPL / LOSPLProfit Sharing100% to SPV 100% to SPV 100% to SPV 100% to SPV Proportionate to economic interest in the SPV. SPL gets DM fee in additionDMLandownerSPLSPL / LOLandownerFee activity - All upside/downside to LO SPV100% to DM/LO Company100% to DM/LO CompanyDepends on DM Fee arrangement - to LO/DM Co if on Net basis, else grossed up in fees100% in DM/LO Company100% to LO Partner. SPL gets only DM Fee linked to sales & construction progressFinancialsLand Ownership100% SPL EffortsShriram Brand100% SPL Efforts100% SPL Efforts100% SPL Efforts till HOA Take-over of MaintenanceProject Launch & ExecutionDeliveryAnnexure-4: Our Project Presence - Bangalore

Annexure-4: Our Project Presence - Chennai

Annexure-4: Our Project Presence - Kolkata

For further information, please contact:

Company :

Investor Relations Advisors :

Shriram Properties Limited CIN – L72200TN2000PLC044560

Strategic Growth Advisors Pvt. Ltd. CIN - U74140MH2010PTC204285

Mr. Shrikanth D S, AGM – Finance Email Id – ir.spl@shriramproperties.com

www.shriramproperties.com

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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