{"id":141730,"date":"2023-02-15T02:34:34","date_gmt":"2023-02-15T07:34:34","guid":{"rendered":"https:\/\/44.250.171.167\/?p=141730"},"modified":"2023-02-15T02:34:37","modified_gmt":"2023-02-15T07:34:37","slug":"eldeco-housing-industries-ltd-eldehsg-q3-fy23-earnings-concall-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/eldeco-housing-industries-ltd-eldehsg-q3-fy23-earnings-concall-transcript\/","title":{"rendered":"ELDECO HOUSING & INDUSTRIES LTD (ELDEHSG) Q3 FY23 Earnings Concall Transcript"},"content":{"rendered":"

ELDECO HOUSING & INDUSTRIES LTD (NSE:ELDEHSG<\/a>) Q3 FY23 Earnings Concall dated Feb. 14, 2023.<\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

Analysts:<\/h2>\n

Abhishek Bhatt<\/strong>\u00a0—\u00a0Ernst & Young LLP — Analyst<\/em><\/p>\n

Monica Arora<\/strong>\u00a0—\u00a0Globesecure Advisors — Analyst<\/em><\/p>\n

Niraj Mansingka<\/strong>\u00a0—\u00a0White Pine Investment Management — Analyst<\/em><\/p>\n

Dinesh Shah<\/strong>\u00a0—\u00a0AlphaOne Investments — Analyst<\/em><\/p>\n

Keshav Garg<\/strong>\u00a0—\u00a0Counter Cyclical Investments Private Limited — Analyst<\/em><\/p>\n

Gunit Singh<\/strong>\u00a0—\u00a0Counter Cyclical Investments Private Limited — Analyst<\/em><\/p>\n

Arjun Lamba<\/strong>\u00a0—\u00a0Guardian Advisors — Analyst<\/em><\/p>\n

Abhishek Agarwal<\/strong>\u00a0—\u00a0KRChoksey — Analyst<\/em><\/p>\n

Vivek Chaturvedi<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Eldeco Housing & Industries Limited Q3 FY ’23 Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded.<\/p>\n

I now hand the conference over to Mr. Abhishek Bhatt from E&Y. Thank you, and over to you, sir.<\/p>\n

Abhishek Bhatt<\/strong>\u00a0—\u00a0Ernst & Young LLP — Analyst<\/em><\/p>\n

Good afternoon, everyone, and thank you for joining us on the call.<\/p>\n

Before we proceed to the call, let me remind you that today’s discussion may contain forward-looking statements that may involve known and unknown risks, uncertainties and other factors. It must be viewed in conjunction with our business risks that could cause future results, performance or achievement to differ significantly from what is expressed and implied by such forward-looking statements.<\/p>\n

Please note the results and presentation are available on the exchanges and on the company’s website. Should you need any assistance to receive them, you can write to us and we’ll be happy to send them over.<\/p>\n

Today, we have on the call the senior management of Eldeco Housing & Industries Limited, which is represented by Mr. Pankaj Bajaj, Chairman and Managing Director; Mr. Manish Jaiswal, Group COO; Mr. Kapil Saluja from Finance and Accounts. We’ll begin with the highlights of the quarter followed by Q&A.<\/p>\n

Now, I would like to hand over the call to Mr. Pankaj Bajaj. Over to you, sir.<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

Thanks, Abhishek. Good afternoon. I would like to welcome everyone to Eldeco Housing & Industries Limited’s Q3 FY ’23 results call.<\/p>\n

Let me begin with a few comments on the real estate market, after which I will discuss operational and financial results for the quarter and nine months ended December 2022. Residential real estate experienced robust rise in demand last year fueled by reduced loan rates and demand from clients looking to upgrade their house. Despite rising interest rates and house prices, demand for housing has remained strong in the present year also. If you look at the 10-year period from, say, 2012, the CAGR in house prices in India and also the volumes have been quite muted. In this background, we feel that the demand size will remain strong, in spite of the recent spurt [Phonetic] in prices and volumes. Similarly, in Lucknow, the demand for housing remains high. The Lucknow real estate market has progressed from a state of stagnant inventory to one-off supply scarcity. Supply is reacting to the demand with a lag, primarily due to the time required to assemble new parcels of land and the one-year approval cycle. New projects are taking their time to hit the market. This is also reflected in our third quarter performance.<\/p>\n

During the quarter, the company handed over 1,09,214 square feet with 100 homes successfully registered compared to 84 homes sequentially. The quarter’s collection remain at INR38 crores, with sales booking at INR22.3 crores. The area booked for the quarter was INR47,443 square feet compared to 2,56,190 during the same period last year. Owing [Phonetic] primarily to do to considerable bookings from our Imperia project in Q3 FY ’22. All our existing projects are developing well in terms of execution, sales and collections, and we are confident that we will complete them all within or before the RERA timeline.<\/p>\n

Going forward, as previously stated, our current focus is on boosting supplies to meet the rising demand. We are gradually expanding our land bank and between April ’22 and December ’22 we purchased a total of 16.52 acres of land. We were able to increase our beneficial share of the Bareilly project from 40% to 50%. Furthermore, we intend to launch two additional residential projects in Lucknow by the end of the current financial year as well. We are also in early term sheet stage negotiations for two additional projects, that will be launched in the coming financial year. This gives you a sense of future growth and allows us to plan for next year’s launches and serve the rising demand.<\/p>\n

The revenue from operations for the quarter stood at INR30 crores in Q3 FY ’23 compared to INR42.7 crores in Q3 FY ’22, and INR32.9 crores in Q2 FY ’23. The revenue from operations for the nine-month period FY ’23 stood at INR90.4 crores compared to INR97.9 crores in nine-month FY ’22.<\/p>\n

The EBITDA was at INR12.2 crores in Q3 FY ’23 compared to INR17.1 crores in Q3 FY ’22 and INR9.6 crore in Q2 FY ’23. EBITDA for the nine-month period ended 31 December ’22 was at INR33.1 crore. The EBITDA margins stood at 40.7% for Q3 FY ’23 compared to 40.1% in Q3 FY ’22 and 29.1% in Q2 FY ’23.<\/p>\n

The Company’s profit after tax stood at INR10.5 crores in Q3 FY ’23 and INR29.5 crores for the nine months period ended 31 December 2022.<\/p>\n

With this, I would like to open the floor for questions. Thank you. Is there any questions?<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] The first question is from the line of Monica Arora from Globesecure Advisors [Phonetic]. Please go ahead.<\/p>\n

Monica Arora<\/strong>\u00a0—\u00a0Globesecure Advisors — Analyst<\/em><\/p>\n

Good afternoon, sir. Thank you for giving me this opportunity. Sir, just wanted to ask a couple of questions, like, I do see that you are building on your supplies. So when could we expect that these would start building this — contributing to the cash flows? And what would be the rough estimate of these cash flows, like how do they convert into [Indecipherable]?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

I missed the first part of your question, Monica, what is the question about?<\/p>\n

Monica Arora<\/strong>\u00a0—\u00a0Globesecure Advisors — Analyst<\/em><\/p>\n

Yeah. So I was saying that I can see that you’re building on your supply. So when can you see the cash flows out of these supplies and what would be the rough quantum of these cash flows, basically?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

Based on our presentation, we have in the slides we say forthcoming. We are going to launch the number 1 land [Phonetic] Eldeco Imperia Phase II and number 4, Eldeco Latitude 27. So they’re going to get launched as soon as — so we have already received the main approvals from the local bodies, now we have to get the environment clearance and the RERA registration. It’s a five-month process, but there’s a lot of pent-up demand for these projects. Together, they have about 9 lakh square feet. And that’s a sale value of, say, INR300 crore to INR400 crore. Apart from that, we have a couple of other projects also, which are also a decent-sized sites. So total about INR800 crores of sale value to be launched in the next 12 months depending on how quickly we can get the approvals. And we expect that the booking value on North itself should be at least 50%. So that’s the plan for the next 12 months. Obviously, it takes some time for that to get executed and to get recognized in the books, certainly. So likely going to come with a lag of a year or year and half of the best. The supply pipeline is getting activated as we speak.<\/p>\n

Monica Arora<\/strong>\u00a0—\u00a0Globesecure Advisors — Analyst<\/em><\/p>\n

Okay. Thank you, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] The next question is from the line of Niraj Mansingka from White Pine Investment Management. Please go ahead.<\/p>\n

Niraj Mansingka<\/strong>\u00a0—\u00a0White Pine Investment Management — Analyst<\/em><\/p>\n

Yeah, thank you. Hi. Just two questions, one is on the forthcoming projects that you’ve given to be launched. How much land bank is left [Technical Issues] this project? And the — or you can say other way how much million square feet area can be launched on the projects which are not yet a part of these forthcoming projects?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

For the forthcoming projects, total is about 1.5 million, as you can see, and another 1 million or 1.5 million, which is in early stages, which we have not disclosed in the forthcoming projects, because still early and the land, they’re not really taken over, the approvals, etc. So total about 2.5 million to 3 million is there kind of [Technical Issues].<\/p>\n

Niraj Mansingka<\/strong>\u00a0—\u00a0White Pine Investment Management — Analyst<\/em><\/p>\n

Okay. That [Indecipherable] 16 acres that we have purchased?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

Yeah, that is looked at.<\/p>\n

Niraj Mansingka<\/strong>\u00a0—\u00a0White Pine Investment Management — Analyst<\/em><\/p>\n

And second question was on the restructuring project. You have another promoter and KPI. So looking other [Indecipherable]. Can you talk on what you’re planning to do or is it client protection [Phonetic], restructuring, so that their incentives are totally aligned and you’ve combined to become a larger company?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

So that’s a thought that often crosses our mind and we didn’t question about that in the past. The thing is that, merging two real estate companies is, there are lot of regulatory stuff. So that’s what we’re trying to figure out whether it is worth it or not. And so, we had to take multiple approvals from the concerned RERA bodies and stamp duty implications. So there are costs and benefits, we have not yet decided on — at the appropriate time the company works out will take it to the Board, and obviously they will look through. But at this stage, it’s premature to make a timeline.<\/p>\n

Niraj Mansingka<\/strong>\u00a0—\u00a0White Pine Investment Management — Analyst<\/em><\/p>\n

Got it. And can you also just some forward-looking estimate cost [Technical Issues] how you see the market for the Lucknow and Kanpur belt in terms of price movement? Because if you compare the prices of North India versus South and other facts of NCR, it’s quite low. Even in Tier 2 cities in India, they have received very good prices. So any thoughts that you have, like how you see the rate of Lucknow, Kanpur belt?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

Good question, Niraj. The first part of the question, the demand-supply dynamics are totally in favor of the supplier right now. There are a lot of pricing power that put brand in command. So I touched upon that in my opening remarks kind of situation, but now as for supplier scarcity, the new projects are not coming for various reasons. And that is also getting reflected. I think it’s somewhere there in the presentation that our average realization used to hover around INR3,500 a square foot traditionally over the last four, five years. But in the last one year it has gone up to INR4,500 a square foot. This is a jump of nearly 25% to 30%. So that’s been the improvement in realization per square foot and that’s weighted on our average projects. And we feel that this is — this trend is there for some time. I don’t see a correction happening in this rise.<\/p>\n

And I think that the coming year will, not only see increase in realization, but also increase in volume subject to our being able to launching of projects that we have tied. So both looking forward, the pricing is going to rise, definitely, because the current prices are — another trend, which is reinforcing the gravitation towards branded developers. So the market is willing to stay a few months and also the gravitation towards an upgrade of houses, so which also means that people not that interested in affordable housing, they want a higher-end of the product, so which also means higher realization per square foot. So we think these are both strong trends and are not likely to reverse very soon. We feel that prices are going to rise and the volumes obviously have rise.<\/p>\n

Niraj Mansingka<\/strong>\u00a0—\u00a0White Pine Investment Management — Analyst<\/em><\/p>\n

And I’m sorry, I’m pitching one more question. See, you took 40%, 71% [Phonetic] margin on EBITDA site, because of the price hikes, do you see the EBITDA margin moving upfront, say, next two, three years because those will be captured [Phonetic] in your income statement when they start completing?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

The question is that, the EBITDA margin is going to improve further. Is that the question?<\/p>\n

Niraj Mansingka<\/strong>\u00a0—\u00a0White Pine Investment Management — Analyst<\/em><\/p>\n

Yes, yes.<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

I would not better not differ on the sales side, we also have higher land prices and higher input costs that we are contending with. So there are raising well-documented inflation and input cost, it is possible that some should rise. That plotted development and the horizontal development could have higher EBITDA margin. But at the same time, the group housing projects don’t have these kind of system. And Niraj, one more thing, if you notice, we have some of the highest-margin in the industry. Bottom line that we do for our top line is the other company they do about 3 times the top line to get this kind of bottom line. With our EBITDA margin [Technical Issues]. I don’t know if there can be further improvement in that. Only if the projects completely skewed towards plotted developments have put improvement, but I can’t — I would not — I don’t know it’s human thing. I would not say that they would improve significantly.<\/p>\n

Niraj Mansingka<\/strong>\u00a0—\u00a0White Pine Investment Management — Analyst<\/em><\/p>\n

And sir, what is your target square feet to be sold for next two years? Because there is a jump in FY ’22.<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

About 1.5 million square feet to 2 million square feet.<\/p>\n

Niraj Mansingka<\/strong>\u00a0—\u00a0White Pine Investment Management — Analyst<\/em><\/p>\n

And this is for next year, right, FY ’24?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

For next two years, I think we should be doing — in terms of sales value, I think next year we should be doing about INR300 crore plus. And similarly the year after that. This year — the current year has been unluckily low for us because we have not been able to launch new projects. But we are going to cover up next year and the year after that.<\/p>\n

Niraj Mansingka<\/strong>\u00a0—\u00a0White Pine Investment Management — Analyst<\/em><\/p>\n

Okay. Got it. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Dinesh Shah from AlphaOne Investments [Phonetic]. Please go ahead.<\/p>\n

Dinesh Shah<\/strong>\u00a0—\u00a0AlphaOne Investments — Analyst<\/em><\/p>\n

Thank you for the opportunity, sir. I have couple of questions. What is the visibility on order pipeline for next financial year? And whether it would be residential flats or stand-alone houses?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

So, I’ve already answered this questions — with the last question that I answered from that I said that next year we should be doing about a million square feet of sale. And that’s mostly residential. Nothing significant than other asset classes, nothing in office, retail. So mostly residential about a million square feet is what we are hoping to book next year.<\/p>\n

Dinesh Shah<\/strong>\u00a0—\u00a0AlphaOne Investments — Analyst<\/em><\/p>\n

Right, right. And what is the cash flow generation we are expecting in FY ’24?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

So the sale value is what we look at. And sale value is about, you can see, our average [Technical Issues] realization trend. Currently, it’s at about INR4,500 a square foot.<\/p>\n

Dinesh Shah<\/strong>\u00a0—\u00a0AlphaOne Investments — Analyst<\/em><\/p>\n

Okay, okay. Thank you, sir. That’s it from my side.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Keshav Garg from Counter Cyclical PMS. Please go ahead.<\/p>\n

Keshav Garg<\/strong>\u00a0—\u00a0Counter Cyclical Investments Private Limited — Analyst<\/em><\/p>\n

Sir, sorry to be repetitive, but I missed the revenue target you mentioned for FY ’24 and FY ’25. Sir, did you say INR300 crore top line each?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

Around that number, yeah. No, it would be — ’24 would be — ’24 next year would be about, I would not say top line, I can only say because the recognition of revenue depends on a number of factors, completion certificate, how much sales you can favor of the customer, so even it carries in your balance sheet as advances. So sales guidance is what I gave. I did not give any revenue guidance. Sale guidance is about INR300 crore to INR400 crore each for the next couple of years.<\/p>\n

Keshav Garg<\/strong>\u00a0—\u00a0Counter Cyclical Investments Private Limited — Analyst<\/em><\/p>\n

Okay, sir. That’s great. And sir, margins approximately 40%, which you are currently doing. Can you hold on to the same?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

That EBITDA margin?<\/p>\n

Keshav Garg<\/strong>\u00a0—\u00a0Counter Cyclical Investments Private Limited — Analyst<\/em><\/p>\n

Yes.<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

So EBITDA margin, as I said, the current margins are indicative of our product mix, which is horizontal development, plotted development. We hope to get those kind of margins in plotted development. That group housing margins would be a little lower. Going forward, the mix is a mix of both at 50-50.<\/p>\n

Keshav Garg<\/strong>\u00a0—\u00a0Counter Cyclical Investments Private Limited — Analyst<\/em><\/p>\n

Okay, sir. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Monica Arora from Globesecure Advisors. Please go ahead.<\/p>\n

Monica Arora<\/strong>\u00a0—\u00a0Globesecure Advisors — Analyst<\/em><\/p>\n

Yeah, thanks for the opportunity again. Sir, on the profitability side, how is the outlook in FY ’24 and FY ’25? And do you think that we would be able to surpass the profitability part as compared to last year?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

Again, profitability?<\/p>\n

Monica Arora<\/strong>\u00a0—\u00a0Globesecure Advisors — Analyst<\/em><\/p>\n

Yeah.<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

Yeah. I think we said that we’re able to maintain, if not, improve what we have in the coming years. I think it should actually be higher, but I can’t say, because it depends on the revenue recognition. Sales value and bookings value and project is on — is a metric that we clearly follow because rest everything follows from that with a lag. And those two are looking good for the coming two years.<\/p>\n

Monica Arora<\/strong>\u00a0—\u00a0Globesecure Advisors — Analyst<\/em><\/p>\n

Okay, okay. And also I wanted to get a sense on how the Lucknow market specifically looks to you? How do you see that market? What changes is happening in those markets? And do you think that it would be bet for investors next?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

I think it’s underpenetrated market given the quality of life that is offering to the residents of the city. And it is attracting a lot of investment. UP attracting a lot of investment. You may have read the headline in last couple of days, the Global Investors Summit which happened in UP is like INR13 lakh crore of investments which has been committed, and UP is the highest in the country. Even if 50% or 25% gets translated, it’s a game-changer. And I don’t know if it’s gain to Lucknow, it’s one of the shining stars in the next clear of cities in the country after the top six or seven cities. That is getting reflected in the aspiration and the kind of real estate that the city is demanding and that is not only residential, but also commercial, retail, two of India’s biggest malls have opened and they’re recording record footfalls, there is a Phoenix Mall, Lulu Mall. So all that is — it’s reflective of a rising city, rising aspirations and I think we are the number one brand there and we are very strong. So the upside is just huge. The numbers that I’m talking about is — are very low and there are a lot of room to grow. It’s only that we have to accept the physical real estate market in terms of bringing projects to the market. And this year has been a little slow for us, but we hope to make it up in the coming year and the year after that. And by no way these are growth constrained by the size of the city. I think it has a lot to offer. And it is growing every year. So we are very happy to be concentrated in this city.<\/p>\n

Monica Arora<\/strong>\u00a0—\u00a0Globesecure Advisors — Analyst<\/em><\/p>\n

Thank you for the query, good to hear. And one last question, if I can pitch in. So — and you have increased your beneficial share in the Bareilly project. How much digital cash flow do you think it will generate?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

The marginal has gone from 40% to 50%, so that’s just a 10% increase. So the digital cash flow only to the tune of 10% only, not much.<\/p>\n

Monica Arora<\/strong>\u00a0—\u00a0Globesecure Advisors — Analyst<\/em><\/p>\n

Okay, okay. That’s it from my side. Thanks, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Gunit Singh from CCIPL. Please go ahead.<\/p>\n

Gunit Singh<\/strong>\u00a0—\u00a0Counter Cyclical Investments Private Limited — Analyst<\/em><\/p>\n

Hi, sir. So I have a question regarding the sales projection that you have said that we are putting out INR800 crores of sales projects for the next year. So I’m wondering…<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

It’s for the next two years. It’s not for the next year. I said for the next two years. I mean, cumulative. Each year, one year could be INR300 crores, another could be INR500 crores or something like that. So next two years is very transient.<\/p>\n

Gunit Singh<\/strong>\u00a0—\u00a0Counter Cyclical Investments Private Limited — Analyst<\/em><\/p>\n

Worth INR800 crores for the next two years, even put together [Phonetic]?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

Yeah.<\/p>\n

Gunit Singh<\/strong>\u00a0—\u00a0Counter Cyclical Investments Private Limited — Analyst<\/em><\/p>\n

So for the current year, financial year for the last 12 months, how much worth of projects that we put out in the market?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

No, we didn’t launch anything in this year. This is all sustainable [Phonetic] service. We were not able to — that’s what I said that we were not be the approvals got delayed and various things happened, so all the sales which are happening are the system in sales. By system in sales we mean the projects which have already announced they have inventory and they keep getting sold. We did not — there was only one project I think, Twin Tower or something, which was a small project which got sold — launched this year. But nothing significant.<\/p>\n

Gunit Singh<\/strong>\u00a0—\u00a0Counter Cyclical Investments Private Limited — Analyst<\/em><\/p>\n

All right. And as for the last four to five years, we have been seeing our revenues hover around INR100 crores to INR150 crores. Looking at the guidance for next year, I’m very excited and I just hope that you’re able to recreate [Phonetic] everything perfectly.<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

There is a cabinet there. The guidance that I am giving is for the sales value, it takes time to get reflected in the — as do get recognized as revenue in the books. So that I am not giving any guidance on. I am only giving a guidance on the sales value, the booking that happens from the customer. So that’s one target, but obviously once you book something, sooner or later it will get recognized in books.<\/p>\n

Gunit Singh<\/strong>\u00a0—\u00a0Counter Cyclical Investments Private Limited — Analyst<\/em><\/p>\n

Correct, correct. All right, sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Arjun Lamba from Guardian Advisors. Please go ahead.<\/p>\n

Arjun Lamba<\/strong>\u00a0—\u00a0Guardian Advisors — Analyst<\/em><\/p>\n

Yeah. Hi, Pankaj. Hi. So I think everybody is — am I audible?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

Yes, yes. Please go ahead.<\/p>\n

Arjun Lamba<\/strong>\u00a0—\u00a0Guardian Advisors — Analyst<\/em><\/p>\n

Everybody has talked about the margins and all, I mean, we as shareholders are, I’m sure that you will maintain the margin and all. You guys are a prudent company. What we are looking-forward to is, higher sales velocity, which I think you’re guiding and if sales are booked, they will be accrued to the revenue also at some stage. So I think my question has been answered. I think the time has come to sort of guarantee and take this company into a little bit of a higher and we look forward to that journey.<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

Thank you, Arjun. This is what we are working for and thank you for the support through all these years and that stayed very good, our team is excited. And for the first time here I notice, I am actually giving out a guidance for the next year.<\/p>\n

Arjun Lamba<\/strong>\u00a0—\u00a0Guardian Advisors — Analyst<\/em><\/p>\n

My question is answered. Only if sales grow, does bottom line and EBITDA and PAT and this tax growth, so we are aligned that with. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] The next question is from the line of Niraj Mansingka from White Pine Investment Management. Please go ahead.<\/p>\n

Niraj Mansingka<\/strong>\u00a0—\u00a0White Pine Investment Management — Analyst<\/em><\/p>\n

Thank you once again. I just wanted to know when — are there any plans to diversification geographically because we are a 100% Lucknow dominated to a large extent?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

Your line wasn’t clear. Can you repeat the question?<\/p>\n

Niraj Mansingka<\/strong>\u00a0—\u00a0White Pine Investment Management — Analyst<\/em><\/p>\n

Okay. Sir, my question is, any plans for diversification geographically because you are pretty heavy in Lucknow?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

So two-part answer to that question. One, we are very bullish on Lucknow and as I mentioned in response to one of the earlier question is that, no certain imagination regards growth constrained by the fact that there concentrated in Lucknow. So there are enough examples of many real estate companies in India doing very well being concentrated in one city or two cities. So I think that it’s not that we have caught [Phonetic] 50% of market share of the Lucknow and we can’t further grow there. I think our market share will be less than 10% and they are great trend towards consolidation and I think there is a market share capture opportunity in Lucknow, number one. Number two, Lucknow itself is growing, so that market is great and we should not be distracted by moving out of Lucknow, that’s number one.<\/p>\n

Number two, we have taken baby steps towards geographical diversification and our transaction in the Bareilly project was a baby or a step towards that and we took a small step by taking a 40% stake. And we increased because the project did well and the increase is to 50%. Similarly, we are looking at a couple of other markets so that — but we don’t want to dilute ourselves too much from the focus on Lucknow. I know we’ve had a kind of a credit [Phonetic] year or a flattish year this year, but we are convinced of the opportunity in Lucknow and just like there are some great companies out of Hyderabad or Bangalore, we feel that the same thing can happen in Lucknow. So we’re really concentrated. As I note in our guidance for the next couple of years, it could even go higher. I don’t want to say too much.<\/p>\n

I hope that answered your question. To answer your question, if we are thinking that it’d come to NCR or we go to some other city. No, not at this stage there is enough opportunity there.<\/p>\n

Niraj Mansingka<\/strong>\u00a0—\u00a0White Pine Investment Management — Analyst<\/em><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Abhishek Agarwal from KRChoksey. Please go ahead.<\/p>\n

Abhishek Agarwal<\/strong>\u00a0—\u00a0KRChoksey — Analyst<\/em><\/p>\n

Hello?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

Yes, Abhishek, go ahead.<\/p>\n

Abhishek Agarwal<\/strong>\u00a0—\u00a0KRChoksey — Analyst<\/em><\/p>\n

Yeah. Sir, my question is, like as we are seeing that the interest rate is rising, so in this interest rate rising scenario, how you look at the real estate market, especially on the residential market?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

I didn’t get the question, Abhishek. Can you repeat?<\/p>\n

Abhishek Agarwal<\/strong>\u00a0—\u00a0KRChoksey — Analyst<\/em><\/p>\n

Yeah. In this rising interest environment, how do you see that real estate market will perform in next two to three years?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

So again, we’re not to cater about the rising rate of interest, one we feel that the interest rate cycle is going to turn. It’s not going to keep rising. Home loan rates are now 8.5% or something. But remember, there were 6.5% about a year ago. So just as they go up, they also come down. And everybody is expecting and I hope I think you guys know better or nobody knows, but the [Technical Issues] time but the interest rate cycle is going to turn. In a 20-year period there will be multiple such cycles. And the other thing is that, the customers does not really change, all that the home loan companies, mortgage companies used to see in the tenure of the loan. So it’s all about academic interest that then the fourth year the rate of interest is higher and in the seventh year rate is lower, at the end of it, the customer ends up with a loan of 20 years and ends up prepaying. The data is out there, they end-up prepaying in the sixth or seventh year. That part number one.<\/p>\n

The part number two is, we found that not a lot of people surprisingly are dependent on home loan, especially in Tier 2 towns. So in a city like Bangalore or Delhi or Pune, with the kind of the market is IT employees who are getting a salary, so that’s where — the data suggests that’s where the home loan rate of interest sensitive. But in Lucknow, that is not the case. There is a lot of organic demand and we find that not more than 25% to 30% of our total receipts come from through home loans. So it’s not very sensitive to that extent. And so, it’s not they’re not that much.<\/p>\n

Abhishek Agarwal<\/strong>\u00a0—\u00a0KRChoksey — Analyst<\/em><\/p>\n

Okay. Sir, and are we looking for any new geography apart from our existing?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

Not in any districts. We have enough on our hands in Lucknow and we have given out our guidance. And we are focused on launching these projects in the next three to six months.<\/p>\n

Abhishek Agarwal<\/strong>\u00a0—\u00a0KRChoksey — Analyst<\/em><\/p>\n

Okay. That’s it from my end.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] The next question is from the line of Vivek Chaturvedi [Phonetic], an Individual Investor. Please go ahead.<\/p>\n

Vivek Chaturvedi<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Hi, Pankaj. Good afternoon. In your management commentary, you mentioned that we acquired a total of 16.52 acres of land between April and December. So how does this compare with what we’ve done in the past couple of years and how much land are we looking to acquire in the next couple of years?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

So the land that we acquired is something which we have not disclosed, but it is going to come in Imperia Phase III. So if you look at our presentation with Imperia Phase I, there is Phase II, which is about the get launched, and there is a Phase III which is going to come. So it is largely made up of that. There are some other partners which I have, in the past, that we given advances on. We will be not be in a position to disclose the exact details of that, because some of it is premature. But that is I think we could be acquiring about a million square feet aggregate. That’s what we want to sell out in a year. And so that is what we like the replenish every year as well.<\/p>\n

Vivek Chaturvedi<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Okay. Thanks. That’s all from my side.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] The next question is from the line of Gunit Singh from CCIPL. Please go ahead.<\/p>\n

Gunit Singh<\/strong>\u00a0—\u00a0Counter Cyclical Investments Private Limited — Analyst<\/em><\/p>\n

Hi, sir, a follow-up question. So we are putting out INR18 crore of projects for the calendar year. And you mentioned that for the last one year, there was insignificant amount of project starts were rolled out basically. So I just wanted to understand on average what would be the sale value of the projects that you put out and say, for the last four to five years?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

You want the sale value of the projects we put out annually. Is that the question?<\/p>\n

Gunit Singh<\/strong>\u00a0—\u00a0Counter Cyclical Investments Private Limited — Analyst<\/em><\/p>\n

Yeah, correct.<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

So it’s kind of lumpy, Gunit. Last year we put out a project which was Imperia and Imperia Phase I. And that had a sale value of about INR100 crores or something. Maybe slightly more. And then after that we put out one this year Twin Tower, which is about INR50-odd crores. So this year has been flattish. We hope to be launching our as I said INR300 crores or more annually in the coming year onwards. It has been kind of a low in the last two, three years because of COVID, all those approval issue, some of those. But I think we are finally coming out of that. [Technical Issues] in the coming years.<\/p>\n

Gunit Singh<\/strong>\u00a0—\u00a0Counter Cyclical Investments Private Limited — Analyst<\/em><\/p>\n

So on an average we would have been rolling out about INR100 crores annually?<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

Last three years, yes, INR100 crores maybe, but going forward they are much higher than that. So that gets reflected in your top line also. Our top line has been between INR100 crores to INR150 crores in a year.<\/p>\n

Gunit Singh<\/strong>\u00a0—\u00a0Counter Cyclical Investments Private Limited — Analyst<\/em><\/p>\n

Correct, correct. That’s what I was trying to get an understanding of [Indecipherable]. Thanks a lot.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] As there are no further questions, I now hand the conference over to the management for the closing comments.<\/p>\n

Pankaj Bajaj<\/strong>\u00a0—\u00a0Chairman and Managing Director<\/em><\/p>\n

I think again, a lot of comments already. Thank you all for coming today and for your interest in the Company. We hope to do well in the — this last quarter of the year, but more importantly in the coming years, we’re really looking forward to that. Thank you. Bye-bye.<\/p>\n

Operator<\/strong><\/p>\n

[Operator Closing Remarks]<\/p>\n","protected":false},"excerpt":{"rendered":"

ELDECO HOUSING & INDUSTRIES LTD (NSE:ELDEHSG) Q3 FY23 Earnings Concall dated Feb. 14, 2023. Corporate Participants: Pankaj Bajaj\u00a0—\u00a0Chairman and Managing Director Analysts: Abhishek Bhatt\u00a0—\u00a0Ernst & Young LLP — Analyst Monica Arora\u00a0—\u00a0Globesecure Advisors — Analyst Niraj Mansingka\u00a0—\u00a0White Pine Investment Management — Analyst Dinesh Shah\u00a0—\u00a0AlphaOne Investments — Analyst Keshav Garg\u00a0—\u00a0Counter Cyclical Investments Private Limited — Analyst Gunit […]<\/p>\n","protected":false},"author":1905,"featured_media":71742,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"$ELDECO HOUSING & INDUSTRIES LTD (ELDEHSG) Q3 FY23 Earnings Concall Transcript #earnings #markets #investing","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349,1],"tags":[8211],"class_list":["post-141730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","category-finance-stocks","tag-reits"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":135905,"url":"https:\/\/alphastreet.com\/india\/eldeco-housing-industries-ltd-eldehsg-q2-fy23-earnings-concall-transcript\/","url_meta":{"origin":141730,"position":0},"title":"ELDECO HOUSING & INDUSTRIES LTD (ELDEHSG) Q2 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"August 10, 2022","format":false,"excerpt":"ELDECO HOUSING & INDUSTRIES LTD (NSE:ELDEHSG)Q2 FY23 Earnings Concall dated Aug. 10, 2022 Corporate Participants: Mr. Abhishek. -- -- Analyst Pankaj Bajaj -- Chairman and Managing Director Sanjay Agarwal -- Vice President Accounts and Taxation Analysts: Abhishek Agarwal -- Prithvi Finnmark Private Limited -- Analyst Agastya Dave -- CAO Capital.\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"stock earnings conference call transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":146420,"url":"https:\/\/alphastreet.com\/india\/eldeco-housing-industries-ltd-eldehsg-q4-fy23-earnings-concall-transcript\/","url_meta":{"origin":141730,"position":1},"title":"Eldeco Housing & Industries Ltd (ELDEHSG) Q4 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"May 17, 2023","format":false,"excerpt":"Eldeco Housing & Industries Ltd (NSE:ELDEHSG) Q4 FY23 Earnings Concall dated May. 16, 2023. 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