Questions across 9 calls

Praveen Choudhary

Morgan Stanley

Oberoi Realty Limited

Oberoi Realty Limited CC-Jun25.pdf · 2025-07-22

Thank you so much for taking my question. Good set of results. I have 2 questions, if I may. One, I just wanted to get a sense on operating cash flow number. Last 2 quarters have been a bit weak, if I may say, compared to, let's say, last 6 quarters. So just tell us a little bit more about 2.5 billion a quarter. And the second question is a little bit longer term. I wanted to understand the return profile. So, if I look at FY25, returns have been 15% RONW or ROCE that you provide. This quarter, a little bit lower at 10%. But if I look ahead in the future, one of the things that investors are asking , historically, you benefited from property price going up in your own area, for example, Goregaon. Our margin has improved with that. But now you have to buy new land, whether you can sustain that kind of high margin with its 50% EBITDA margin? And second is what if the price doesn't grow at the same rate as historically, we have seen. And the absence of these 2 things, how do we think about the return just philosophically and otherwise mathematically? Thank you so much.

Thank you so much Vikas. I think so far, all the land that you have acquired, absolutely you have been spot on in terms of getting that kind of margin. So, congratulations on that. Hopefully, in future, you do the same thing . Saumil, on operating cash flow, thanks for clarifying. That's really helpful. Is it possible somehow to find the number before you spend money on land or premium, etc.? Is there a number that you can provide either historically your data and we can do it o ffline? Just wanted to get that?

Oberoi Realty Limited CC-Sep23.pdf · 2023-10-30

I have a couple of questions. The first one is about Three Sixty West. Could you just update us about the inventory? And I know you ’re not in a hurry, but how long does it take before you dispose all of that units? And with that, you will get a lot of cash and I'm just wondering what is the use of cash, considering your gearing is very low? That was the first question. The second question I had was about presales and operating cash flow. Again, operating cash flow has been very strong in the last couple of quarters. But historically, it has been volatile. And then pre-sale year-over-year also is slightly down on a year-over-year basis on a 4-quarter moving average basis. So, trying to understand if we're going to see the momentum back from a presale perspective or maybe you don't see the business like that.

No problem. The second question was about presale momentum. I was looking at the year-over- year number, if you take a 4-quarter moving average, it has been a little bit down, not this quarter, but if you take an average. And I also wanted to check the operating cash flow, which historically has been volatile. So, I'm just trying to understand, are we getting into a point where we have much more smoother earnings, let's say, two years from now, three years from now or the nature of the business is that it will remain volatile?

DLF Limited

DLF Limited CC-Mar25.pdf · 2025-05-20

Yes. Thank you. Can you hear me?

Hello, Mr. Tyagi, hello Khattar sir, hello Mr. Ohri and Badal. First of all, I just wanted to congratulate for a phenomenal result. And then I have literally one question, which is if you can guide us about your operating cash flow outlook for FY '26 FY'27 as well as CAPEX, including construction that will be helpful for us to think about for the next couple of years.

DLF Limited CC-Jun24.pdf · 2024-07-26

I have two simple questions. One is the launch timelines for some of the projects that you are expecting in the second half festive season, especially Mumbai project. Also, in the Mumbai project we saw last quarter in your presentation, it was in the premium segment. And now I find it in the either super luxury segment or luxury segment. So, was there any change in expectation of ASP there? And my final question is related to a question that you might have got earlier about Gurgaon market. The ASP increase is quoted very high in different media and different reports by JLL, etc., I just wanted to understand if such kind of ASP increase is visible, would it attract speculators? Even though I agree that the last 2 years you may not have seen but are you seeing in the last 3 to 6 months?

Yes, Thank you so much and congratulations for good collections.

Lodha Developers Limited

Lodha Developers Limited CC-Sep24.pdf · 2024-10-28

Abhishek, congratulations on your announcement of the foundation. That's very generous. I have 2 questions. The first one is on Page 19 of the presentation, where you mentioned FY '31, you're hoping to get INR 12 billion of rental income. Would you be able to provide some kind of guidance by slightly near term, let's say, FY '27 of the same rental income? The second question is related to data centers, which obviously is very exciting for everybody. We just want to understand your long-term strategy here. It seems like initially you will sell land and then you will build the bare shell and rent it. Would you go all the way in terms of becoming data center technologically more advanced, building colocations so that you can capture a higher percentage of the value chain in this one? Or you just want to be the landlord and let someone else take care of technical part of it? And connected to that one, you mentioned you have 4,500 acres in Palava. What part of that land are you earmarking for data centers over time?

Lodha Developers Limited CC-Mar24.pdf · 2024-04-25

I have one or two questions. The first one is about margin. Would you be able to share the margin in Bangalore from the pre-sales of 12 billion? And the reason I am asking this question is to understand in the early stage maybe the margin is lower than the overall Company level. So, just to understand how much business development cost went in and when would we get back to similar margin as we have like 30%, 31%? The second question I had was, you mentioned that there’s no speculative activity in most of the markets. So, Mumbai and Pune sounds about right. But some of the data that we saw suggested that Bangalore property prices have gone up by a meaningful number, that’s definitely not 5.5% again based on some data that I saw. So, would love to get your sense of 5.5% versus maybe 15% that we are seeing in Bangalore and how are you seeing that affordability in Bangalore?

Palava land is clearly very valuable as time progresses and you have spent some time in explaining that. I understand the big picture of long-term potential, but in the near-term, if I were to think about how much land you are planning to sell every year, or even contract sales from Palava, let’s say, FY’25 or FY’26, would you have some guidance for us?

The Phoenix Mills Limited

The Phoenix Mills Limited CC-Sep24.pdf · 2024-10-26

I am looking at just one number and I am trying to decode as much as possible, so please indulge if you can , so, I am looking at the PATMI number, which is net profit after minority interest. And when I look at last quarter, it was down 3% year -over-year. This quarter is down 14% year-over-year. Again, obviously there is a residential angle to it. So, two questions there, one is, how should we think about the residential business margin for you? Is it a 5% margin net business or 15%? And then the second thing is that you have given us excluding residential EBITDA growth, I think probably for the first time. Would you ensure that you will continue to give or can you give retroactively the force so that that is the real way to understand the growth and the reason to there is disconnect between these two because if you remove the residential part of the business, it is nicely growing; both in EBITDA and revenue terms. But as I said, PATMI even if I remove the residential part with some assumption of margin, it still shows year-over- year decline. So, can you just help us reconcile that?

I was not talking about EBITDA margin. I was thinking of net margin because one of the main questions I have is your EBITDA growth is fine, like-to-like or excluding residential, that is very strong. We are talking about PATMI growth, which is where, because of minority interest, maybe minority interest is growing very fast. Those malls which are JV projects are doing very well. That is why there is a disconnect between the speed at which you are growing on the topline and EBITDA is not s howing up in my net profit line. And I am trying to reconcile it and that is why?

Godrej Properties Limited

Godrej Properties Limited CC-Jun24.pdf · 2024-07-31

Obviously, congratulations on such a good result, especially the pre-sales. I have two questions. First one is on gearing. Your gearing level is 71%. What's the plan, whether we want to take it down with equity offering or we think that the cash flow and collection will take care of it itself? And the second question is, and I could be wrong here, but it seemed that your other income number was very high for this quarter. May I check other than interest income, what drove that number because the margin is high for the reported number, not the pre-sales number? And just to clarify, did you say that first quarter emb edded margin was higher than FY '24 or similar to FY '24?

Godrej Properties Limited CC-Dec23.pdf · 2024-02-06

I have two questions. The first one is the presales, which I must congratulate these numbers are very, very, very good and exceptional. So you mentioned the last two years, you've been growing at 50%. This year should also grow 50% to 60%. I don't think market is growing at that level. So I just wanted to understand the sustainability of presales growth even in FY '25 and '26, considering market continues to be strong, how should I think about it? Is that 20% annualized number, a reasonable number and then you eventually do 50%, 60%? And what drives you to continue to beat the market or your peers? Is the first question. And the second question is related to the gearing and you have 70% gearing right now, net gearing. And I just wanted to understand if there is a number that makes you comfortable? Or for a short period o f time, you can handle even higher because you know that cash flow will eventually come back?

That's very, very clear. If I could follow up with one more question, if that permits. The one question is about ASP expectation. Clearly, market is hot, things are very well, and is doing very well. But the concern is if the price go up too much too fast, then either we will get the speculators in the market or basically, affordability will take a hit. What are you seeing in the market at this point in time? And are you worried that if this continues, maybe it will become less affordable in the future? That's all I have.