Questions across 38 calls

Karan Khanna

Ambit Capital

Aditya Birla Real Estate Limited

Aditya Birla Real Estate Limited CC-Mar25.pdf · 2025-05-15

Yes, hi. Thanks for the opportunity. K .T., if you can give some qualitative thoughts on the footfalls conversion and the booking that you are seeing in this quarter? And specifically on Niyaara, can you please share the number of units that were sold last quarter? And as a follow up, what is the outlook going into FY26 -- are you still looking at year end launch for phase-III or will you look to move it to third quarter?

And in one of the slides, K.T., you mentioned that your Birla Vanya is the only project that is expected to be delivered this financial year. Given the kind of growth and the business development that you have done in the last few years, will FY26 the focus be towards more of BD and launches or will you shift gears and focus toward the execution of the existing projects?

Aditya Birla Real Estate Limited CC-Sep24.pdf · 2024-10-22

K.T., just a couple of questions from my side. Firstly, on the NCR portfolio, in 1Q FY'25 presentation, you had mentioned that the launch of Delhi Mathura Road project was planned for this fiscal year. But in the 2Q presentation, this is not featured in FY'25 launch pipeline. So could you elaborate on the reasons for this delay? And secondly, the presentation also doesn't talk about the Noida land parcel you have taken under development. So could you provide more insights into this project as well in terms of, terms of arrangement, revenue sharing, etcetera, between the company an d Lotus Group? And what can be the anticipated development potential for this project?

Just a follow-up. By when do you expect these terms to be complied with by the partners?

Aditya Birla Real Estate Limited CC-Jun24.pdf · 2024-07-16

I had a couple of questions on the real estate business. Firstly, if we consider the company has a GDV pipeline of about INR54,000 crores. Given where we are in terms of the cycle, how are you internally strategizing as far as launches are concerned? And if you could also reiterate the timeline around the launch of this INR54,000 crores of GDV pipeline?

So can you, just as a follow-up to this. If I look at slide number 17 of the presentation. So FY '20 to FY '24, we've seen launches of about two projects a year. But this year, you've laid out a fairly ambitious plan of about launching 9 projects in the rest of FY '25. So how confident are you about these launches as we've also observed delays in terms of launches such as RR Nagar project in Bangalore?

The Indian Hotels Company Limited

The Indian Hotels Company Limited CC-Mar25.pdf · 2025-05-05

Good evening, everyone, and thank you for taking my question. And congratulations to the team on a great ending to an exceptional year, and also for the growth sustaining in the current quarter as well. My first question is regarding greenfield hotel openings. Puneet and Ankur, you have in the past spoken about how current economic rates are still not viable for greenfield asset development. But if I look at recent industry reports, more than 50% of hotel signings in CY '24 were in the form of greenfields. How much headroom do you think still exists before we start seeing a lot more conversions in the form of greenfield additions? Or rather at what rates do you think these projects should start looking more viable?

This is helpful. Thanks. My second question, in Slide # 26 of the investor presentation, we can see that the share of bookings from your own website has increased by 100 bps to 15% in FY '25. Could you highlight the savings that accrue to you from change in this mix? And what aspiration or plans that you have to increase this share going ahead? And if you can also quantify what cost efficiencies do you expect accruing because of that?

The Indian Hotels Company Limited CC-Jun24.pdf · 2024-07-19

Hi. Thanks for the opportunity. J ust a couple of questions. Firstly, if you were to dissect this double-digit growth aspiration that you have for rest of FY '25 further. How do you see the trends as far as the leisure and the business markets are concerned for the rest of FY '25? And with so many visa-free and well-priced destinies now available to Indian passports, do you see outbound tourism potentially cannibalizing domestic tourism as well as for the rest of FY '25?

Sure. Thanks for the detailed clarification. My second question is on the FTA front. As we understand bulk of the 10 million FTAs that you've seen in CY '19 people of Indian origin with foreign passports and most of the genuine foreign tourists, I think that's understandably a much lower number. So w hat are the trends that you're seeing in terms of the recovery as far as this segment of the FTA recovery is concerned?

The Indian Hotels Company Limited CC-Mar24.pdf · 2024-04-24

I've got 3 questions. Firstly, if I look at Slide 17 of your presentation, and Puneet if you could talk more about the supply narrative because I was going through an article and effectively, if you look at the top 5 international hotel sales and their growth aspirations for next 3 to 5 years, we're looking at close to 400, 450 hotels that are getting added , effectively 50,000 to 60,000 keys that are being added by these hotel chains. So in that context, how should we think of this narrative about supply remaining constrained, over 3 to 5?

My second question, given the significant surge in airfares, especially post-COVID almost 40%, 50% versus pre -COVID. How should one think about the ab ility for hospitality change to continue driving ARR growth, given the ADR is also up 30%, 40% versus pre-COVID. And as a follow-up, at what point do you think international destination perhaps become more attractive or more lucrative in the context of rising airfares and hotel rates?

Chalet Hotels Limited

Chalet Hotels Limited CC-Dec24.pdf · 2025-01-30

Congrats, Sanjay and Nitin and team, for another strong quarter. So my first question, Sanjay: when we talk about the MMR market, where for 9 months FY '25 you've seen a RevPAR growth of about 6%, while when we look at your peers, they've reported about 12 % to 14% RevPAR growth over the same period. Could you highlight key reasons for this, given you've been highlighting the scarcity of upcoming supply in the market? And as a follow -up, what kind of an impact are you expecting from the upcoming Fairmont hotel which is expected to open up in the next couple of months?

Sure. And your investor presentation continues to suggest that the share of foreign guests continues to stand at 39%, which is good but that has remained flat Y -o-Y, so are you seeing any signs of recovery in FTAs given this would possibly aid in higher ARR growth?

Chalet Hotels Limited CC-Sep24.pdf · 2024-10-25

So just a couple of questions from my side. Firstly, I think in a recent interview, you spoke about increasing the indexation towards leisure to about 20% of the portfolio, while office assets should contribute to about 25% of the total P&L. Can you talk a bit about what kind of markets will you be targeting beyond Goa? And secondly, where we are in terms of the cycle, the Hospitality cycle. Do you think allocating capital towards the leisure portfolio at this point seems an attractive proposition?

Secondly, on Bangalore, where you have about 120, 130 keys getting added at the Whitefield property. Now we've seen another listed hotelier also acquiring an asset in the Whitefield micro market, and they are looking to add another 200 keys to the existing portfolio. So can you talk a bit about the Bangalore, in particular, the Whitefield micro market? And with the kind of supply that's coming, how should we think about the overall occupancy and rate growth potential in that micro market?

Chalet Hotels Limited CC-Dec23.pdf · 2024-01-25

My first question is just continuing on the previous participant's question as well. If we look at your Mumbai portfolio , so a couple of other listed real estate companies have reported performance for their hotels also in Mumbai and we've seen double digit ARR growth for their portfolio. But in your case , Mumbai seeing 4% growth and we've seen corresponding supply addition in Vikhroli and at the airport area. So, going forward, how should we think about your earlier guidance on double-digit ARR growth continuing for next couple of years in light of both supply getting added in these micro markets?

Second question is, have you narrowed down on any micro market where you could possibly look to add more leisure or commercial supply by organic route?

Chalet Hotels Limited CC-Sep23.pdf · 2023-10-25

So, Sanjay, my first question in the absence of meaningful recovery on the F TA front, how confident are you about see a double digit growth in the room rates over the next couple of years or to put it another way, what according to you will trigger a faster recovery in the FTA growth and accordingly, because of that, how much do you think could that contribute to the room rate growth in addition to the double digit that you have been talking about?

And my second question, Sanjay, is on Novotel Pune. With the launch of 88 room, addition of 88 rooms at Novotel, what sort of ARRs are you looking at for this inventory because I believe this is more premium? And second, by when do you expect the hotel occupancy to ramp up for this inventory?

Prestige Estates Projects Limited

Prestige Estates Projects Limited CC-Sep24.pdf · 2024-10-30

Firstly, a very happy birthday to you, Mr. Razack, and season greetings to the entire team at Prestige Estates. So my first question is on the residential segment. How are you thinking about business development in the NCR market, considering you have about 3 launches that are planned for second half of this year? What kind of future aspirations do you have in the NCR market? And as a follow-up, you have about INR52,000 crores sort of launches that are planned in second half of this year and INR16,000 crores of inventory on the balance sheet. Of this, you're expecting about INR23,000 crores, INR24,000 crores kind of presales velocity in second half of this year. So how are you thinking about business development aspirations in FY '26 for the company across markets?

Sure. This is useful. Just a follow-up. Sir, you've spoken about markets like Thane and Panvel in the past. So any potential business development that we can see in these markets, because most of the other listed developers and also large unlisted names are operating and perhaps adding projects in this market?

Poly Medicure Limited

Poly Medicure Limited CC-Sep24.pdf · 2024-10-29

Thanks for the opportunity and congratulations, Mr. Baid on another strong quarter. Himanshu, my first question is on the exports business in particular, Europe, which continues to grow at about 25% plus for the company. What's driving that? And how do you see exports' growth over the next few years? And then what's the kind of visibility that you have from your distributors and customers in that market? And similarly, on the U.S. business, are there any updates on further FDA approvals? And how is the feedback for the shipment that you completed via GPOs? And how do you see the distribution evolving here?

Sure. My second question is on your expansion plans to set up 4 new plants. What are the timelines for commissioning these and likely capex for the same? And what kind of peak revenue potential do you anticipate once these plants are online?

Poly Medicure Limited CC-Sep23.pdf · 2023-11-06

Thanks for the opportunity and thanks for the very detailed intro ductory comments and congratulations on a great quarter as well. I have three questions Sir first on your us business as for your us FDA filings you have received additional site 510k approval for a range of IV catheter during the quarter so what kind of potential does that open up for you and as a followup given you have demonstrated substantial equiva lence of your devices with pedicure device devices of global MNC such as B Braun, Baxter are you looking to replace these manufacturers as well in the US market.

Sure that is helpful. My second question is on your growth guidance. When you upgraded your guidance for FY2024 how should one think about the growth guidance for the next 2 to 3 years as a followup with your cardiology division and your critical care division also coming on stream by end of FY2024 how should one think about revenue contribution from these businesses in the next 2 to 3 years.

Lemon Tree Hotels Limited

Lemon Tree Hotels Limited CC-Mar24.pdf · 2024-06-03

Congratulations to the entire team for completing 20 years in the business and 100+ hotels with 10,000+ rooms. My first question, if you look at the trends so far across most of the listed hotel companies, I think in fourth quarter, we have seen that the overall ARR growth has seen some amount of deceleration, especially for the upscale and the luxury hotel s while players like you have still managed to deliver mid-teens to low teens kind of an ARR growth. So how should we read this as we enter FY25? The part of the question is if you look at FY25, are you seeing some sort of a down trading overall in the industry where people are now pressuring, perhaps from a luxury or upscale going to a mid -scale or/and how should we read FY25? What kind of expectations do you have on overall FY growth for the industry and for yourselves?

Just as a follow-up to this. Is it safe to assume that FY25 possibly, because we have seen a fairly high growth in FY23 and FY24 ARRs, we could see some moderation in terms of the overall growth. Let's say, FY26-FY27 as demand picks up, potentially the growth cycle further pickup in that period?

Lemon Tree Hotels Limited CC-Dec23.pdf · 2024-02-08

My first question, I'm referring to slide #11 of your investor presentation, is the decrease in hotel level EBITDA margin Y-o-Y across your portfolio entirely attributable to planned renovation expenses or are there any other reasons ? And on the same slide that you have reported flat to declining RevPAR for Bangalore and Pune, while your peers have clocked much higher RevPAR. So what explains that ? And how do you see these markets catching up for you with the rest of the markets going forward?

Just continuing on Aurika MIAL, how is the ADR and occupancy levels trended on a month-on-month basis? How has been the customer mix for third quarter and how do you expect that trending during fourth quarter and possibly in FY25? And as a follow up, but there's also 130 Hilton Garden Inn that's being built right next to the hotel. How do you think of that perhaps impacting occupancy is more so for Lemon Tree Premier and also the Aurika MIAL?

Brigade Enterprises Limited

Brigade Enterprises Limited CC-Mar24.pdf · 2024-05-30

Congratulations to the team on ending the year on a strong note. My first question, if I look at Slide number 9 of your investor presentation, I see that the presales CAGR over the last 4 years, this has been largely driven by volumes at 15%, while pricing growth has only picked up in FY '24 and stood at around 9% CAGR over the period. Now as we look at next 3 to 4 years of evaluation for your real estate portfolio, and given the robust launch pipeline that you have in FY '25 and FY '26, how should one think about the growth? Will it largely be driven by volumes or because of value which is having a potential for pricing growth as well?

Sure. Just a follow-up to that, Pavitra. Of the total 7.5 million square feet area sold in FY '24, is it possible to know the breakup from the new launches in FY '24 and sales from the existing inventory?

Brigade Enterprises Limited CC-Dec23.pdf · 2024-02-07

Congrats on a record ASP for the quarter. My first question is on the success o f your new launches. You launched Brigade Sanctuary two million square feet during t he quarter. With volume presales at 1.7 million square feet in this quarter, I just wanted to understand the contribution of Brigade Sanctuaries in this number.

Sure. So as a follow-up, how should one think of the 10.8 million square feet launches that you're targeting over the next 12 months, Pavitra? And what I'm trying to g et to is the conversion of these launches into presales. How should one think about that?

Oberoi Realty Limited

Oberoi Realty Limited CC-Dec23.pdf · 2024-01-23

Thanks for the opportunity. Just firstly, on the much anticipated Pokhran Road launch, which is due for the next few months, how does the success or relatively muted response of Kolshet Road impact the pricing and launch strategy for Pokhran Road project? Also, any timelines that you would like to share for complete sale of the Forestville inventory?

So just a clarification, by Kolshet, you mean the Pokhran Road launch, which you've now delayed to September of this year.