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NBCC (India) Limited Q4 FY 2023-24 Earnings Conference Call Summary
Financial Performance • Record revenues of INR 4,433 crores (18% YoY increase) • Profit before tax (PBT) of INR 559 crores (50% increase YoY)
New Business and Projects • Secured new business worth INR 23,500 crores • Significant progress on: • Redevelopment of Amrapali • Redevelopment of Netaji Nagar
Future Projections • Projected order book increase to INR 22,000-25,000 crores for next year • Sales target of INR 300 crores for the upcoming year
Diversification and Expansion • Diversification into highways, railways, and renewable energy • International expansion plans in Africa and the Maldives
Project Updates • Unsold inventory at Nauroji Nagar: 80,000 square feet • Pending order book for Amrapali Projects: INR 1,500 crores • Expected sales value from Amrapali: INR 1,000-1,200 crores • Seed money pending from MoHUA: INR 908 crores
Subsidiary Projections • HSCC projected revenues: INR 1,600-1,800 crores • HSCL projected revenues: INR 900-1,000 crores
Ongoing and Future Projects • Total sales from WTC project: INR 12,000 crores • Ongoing projects in Jaipur and Dubai • Exploring new international projects in Maldives, Mauritius, and Guinea • BHEL order for land redevelopment expected to yield INR 10,000-15,000 crores over five years
Management Outlook • Optimism about maintaining business growth and profitability in the coming year
NBCC (India) Limited Earnings Conference Call Summary
Date and Context • Date of Call: February 19, 2024 • Transcript Release: February 22, 2024 • Focus: Unaudited financial results for Q3 FY 2023-24
Key Financial Highlights • Profit Before Tax (PBT): Increased by 63% year-on-year • Profit After Tax (PAT): Increased by 66% year-on-year • Business Secured: ₹10,000 crores in the past nine months (up from ₹6,500 crores)
Project Updates • Housing Units: 16,000 units completed in the Amrapali project • New Campus: Inaugurated in Sambalpur by the Prime Minister • MoUs Signed: 175 with banks for the world's largest grain storage plant
Future Opportunities • Affordable Housing: Targeting middle-class housing • Land Monetization: Assessing projects across India • International Markets: Focus on Africa and the Maldives • Metro Railway Projects: Diversifying business into metro railways
Financial Projections • Projected Revenue: ₹11,000 crores for the current fiscal year; ₹13,000 crores for the next • Order Backlog: ₹55,300 crores consolidated • EBITDA Margins: Estimated at 5-6% for the next year
Ongoing Projects and Targets • Current Financial Year Target: Approximately ₹9,600 crores • Revised Next Year Target: Around ₹12,000 crores • Project Completion: Significant progress in Nau Roj Nagar (93%) and Netaji Nagar (50%)
Revenue and Growth Strategy • Long-term Revenue Target: ₹25,000 crores by FY '27-'28 • Revenue Increase Expectation: 20% to 25% in subsequent years • Exceptional Losses: Expected to decrease due to provisions
Redevelopment Opportunities • Key Projects: DIZ area at Connaught Place and Ring Road project • Revenue Projections: 10% to 20% increase expected next year
Market Confidence • Home Buyer Trust: Increased confidence in NBCC compared to private builders • Projected Revenue by FY '28: Approximately ₹25,000 crores
Legal and Financial Liabilities • Contingent Liabilities: ₹1,400 crores primarily involving contractor disputes • Revenue from Border Fencing: Expected increase from ₹200 to ₹250 crores annually
Conclusion • Outlook: Optimism for growth and a strong order book in the upcoming fiscal year.
NBCC (India) Limited Q2 FY2023-24 Earnings Conference Call Summary
Key Highlights • Date of Call: November 10, 2023 • Chairman: K. P. Mahadevaswamy • Shareholder Gratitude: Noted significant share price increase from INR 35 to INR 72.5 over five years. • Financial Performance: • 66% increase in profit before tax (PBT). • Projected total turnover of around INR 11,000 crores for the fiscal year. • INR 4,400 crores in awarded tenders.
Project Updates • Stalled Projects Resolution: • Amrapali housing issue resolved, delivering homes to 15,000 buyers. • Plans to deliver an additional 20,000 homes by March 2025. • Commercial Space Sales: INR 2,650 crores in sales over the last six months. • New Business Development: • Secured INR 7,100 crores in new business. • Targeting an additional INR 10,000 crores for the year.
Order Book and Financial Projections • Current Order Book: Approximately INR 55,000 crores. • Projects worth INR 20,520 crores underway. • Financial Targets: • EBITDA margin projected at 5% to 5.5%. • PAT margin expected to be similar. • Real estate segment margins anticipated at 20% to 25%.
Future Plans and Diversification • Five-Year Roadmap: • Targeting revenue of INR 25,000 crores and net profit of INR 1,000-1,200 crores. • Plans for redevelopment projects in major cities and new real estate projects in various locations. • Collaboration with Government: Focus on housing, infrastructure, and urban development initiatives.
Quality Control and Construction Technologies • Quality Assurance: Establishment of an in-house quality department. • New Construction Technologies: Adoption of advanced methods to enhance project quality.
Market Insights • Property Prices: Significant increase in market rates attributed to buyer confidence. • Impact of Construction Ban: Minimal effect on revenues; internal work can continue.
Conclusion • Optimism for Future: Mahadevaswamy expressed confidence in future results and wished investors a Happy Diwali.
Q1 FY24 Earnings Conference Call Summary for NBCC (India) Limited
Call Overview • Date: August 14, 2023 • Moderator: Bharat Jain (ICICI Securities) • Key Personnel: • P.K. Gupta (Chairman and Managing Director) • B.K. Sokhey (Director of Finance) • Purpose: Discuss financial performance and operational insights • Format: Recorded call with a Q&A session
Financial Performance • Order Book: • Consolidated: INR 55,000 crores • Standalone: INR 45,000 crores • Recent Tenders: • 7 GPRA projects awarded • INR 2,500 crores awarded in Q1; additional INR 6,000 crores expected • Total Income: • Q1 FY24: INR 1,966 crores (6% increase) • Profit Before Tax: INR 104 crores (recovery from previous year's loss) • Future Orders: Anticipated INR 8,000 to INR 9,000 crores from Amrapali project (pending Supreme Court approval)
Strategic Focus • Redevelopment Sector: • Targeting projects with state and central governments • Potential INR 15,000 to INR 20,000 crores project in New Delhi • Financial Targets: • Consolidated turnover target: INR 10,650 crores for FY 2023-24 • EBITDA margin target: 6.5% for both years in MOU
Project Pipeline • Total Pipeline: INR 11,000 to INR 12,000 crores • Ongoing Works: INR 18,000 crores • Real Estate Projects: • New constructions in Patna, Coimbatore, and Jaipur • Expected revenue: INR 240 crores • Total gross value of inventory: INR 1,400 crores (expected sales by year-end)
Margin Improvement and International Opportunities • Margin Estimates: • International projects: 10-12% • Real estate: 15-20% • Project management consultancy: 5-8% • International Projects: Ongoing work in Maldives, Mauritius, and Seychelles • New Opportunities: Potential projects in Guinea, Djibouti, and Zambia
Conclusion • Successful Projects: Completion of high-profile projects, including a major convention center • Outlook: Optimism for future growth and project completions
NBCC (India) Limited Q4 FY '23 Earnings Conference Call Summary
Key Financial Highlights • Turnover: INR 7,000 crores (21% increase YoY) • Profit Before Tax (PBT): INR 312 crores (31% increase YoY) • Order Book: INR 45,000 crores • Business Development Plans: INR 12,000 to 15,000 crores for FY24
Major Projects • Amrapali Housing Project • Turnover generated: INR 1,750 crores • Expected completion: End of 2024 • Projected revenue contribution: INR 2,000 crores in FY24 • World Trade Center, Nauroji Nagar • Property sold: INR 2,100 crores • Additional sales expected: INR 5,000 crores in FY23 • Inventory expected to sell out by September
Financial Concerns and Clarifications • Low PAT Margins • Current PAT margin: ~3% • PBT margin: 7.25% • Low PAT attributed to exceptional items in previous years • Revenue Sources • Majority from project management consultancy, limiting profitability
Future Projections • FY24 Guidance • Projected consolidated revenue: INR 11,500 crores • EBITDA margin: ~5% • Expected PAT margin improvement: 4% to 4.15% • Property Sales Projections • Own inventory: INR 250 crores • Ministry projects: INR 6,000 crores
International and Domestic Focus • International Projects • Major project in the Maldives • Exploring opportunities in Zambia, Seychelles, and Burundi • Domestic Focus • Significant emphasis on the Amrapali project and state government redevelopment projects
Investor Engagement • Investors encouraged to reach out to Balkishan Singla for further queries • Call concluded with thanks to participants and an invitation to disconnect
NBCC (India) Limited Q3 FY '23 Earnings Conference Call Summary
Conference Call Overview • Date: February 20, 2023 • Host: ICICI Securities • Key Speaker: Mr. P.K. Gupta, Chairman and Managing Director
Key Developments • Statutory Approvals: Received for Sarojini Nagar redevelopment project. • Upcoming Contracts: INR 2,000 crores expected to be floated soon. • Project Tenders: Additional tenders for University of Delhi and East Delhi Hub.
Financial Performance • Growth: 6.41% quarter-on-quarter; 21% growth over nine months. • EBITDA Margin: 4.94% for the quarter. • Total Order Book: INR 54,000 crores (PMC and redevelopment projects). • Cash Balance: Approximately INR 5,000 crores. • Revenue Projections: INR 10,000 crores for FY '23 and '24 on a consolidated basis.
Project Pipeline • Tender Awards: Anticipated INR 2,000 crores this fiscal year; INR 3,000 crores in Q1 of next fiscal year. • Future Projects: Expected project awards between INR 8,000 to INR 10,000 crores, especially in 7 GPRA colonies.
Redevelopment and Sales • World Trade Center: 50% sold, valued at INR 5,900 crores; additional deals worth INR 3,000 to INR 4,000 crores in discussion. • Amrapali Project: Expected completion by end of 2024; INR 4,000 crores local value remaining. • Sales Target: INR 12,000 to INR 13,000 crores by September.
Inventory and Sales • Nauroji Nagar: INR 5,900 crores sold; unsold inventory valued at INR 6,500 crores. • Sarojini Nagar: INR 48 crores sold; unsold inventory valued at INR 1,450 crores.
International Projects • Zambia Housing Initiative: Large-scale affordable housing project for 100,000 units. • Turkey Rebuilding Efforts: Detailed Project Report submitted for redevelopment. • Global Expansion: Projects in Saudi Arabia, Swaziland, Burkina Faso, and Burundi.
Future Outlook • Pushp Vihar Project: Optimism about resolving approval issues by end of FY '23. • Profit Margins: Positive outlook for profit margins in the coming year, addressing stressed assets in Noida, Greater Noida, and Gurgaon.