Key takeaways of the conference call

Bookings in Q3FY19 stood higher at 2.55 lakh square feet (lsft) compared to 1.64 lsft in Q3FY18. But it was marginally lower from 2.62 lsft in Q2FY19. Area booked in Q3FY19 decreased by 3% compared to Q2FY19 and increased by 55% compared to corresponding previous quarter.

Area constructed lower at 1.62 lsft in Q3FY19 compared to 1.97 lsft in Q2FY19 and 2.02 lsft in Q3FY18. Construction is progressing in line with the commitments of the company.

Revenue recognized from completed projects stood at Rs 48.65 crore in Q3FY19 compared to Rs 55.34 crore in Q2FY19.

Unsold inventory in completed projects as end of Dec 31, 2018 was about 7.68 lsft.

Total saleable area in ongoing projects was 14.67 lsft and of which area booked was 7.11 lsft (or Rs 246.72 crore) and balance were unsold stock. Of total value of area booked amount collected was Rs 139.92 crore as end of Dec 31, 2018 and balance Rs 106.80 crore is due for collection in due course of time.

Of the ongoing project about 48% of area is Jaipur followed by Gurgaon with 28%, Chennai 10%, Bhiwadi 8%, Pune 4% and Gujarat 1%.

Development of Pune Marunji land parcel – This project is about 12-15 months away from launch as the company is yet to cross complete conversion stage and then get plan approvals.

Gurgram and Bombay-Pune areas are the one the company is actively scouting for land.

Kid Centric Homes - The response is not good in case of Anmol, Gurgaon. However the fourth phase launch of Ashiana Umang at Jainpur has got good response and it had positive impact.

Anmol is close to completion stage and the company will start handing over of built units buyers from Q1FY20. The company may end up with substantial built and unsold inventory. Expect Anmol to do better with completion of construction.

Partnership Income in Q3FY19 stood at Rs 5.32 crore compared to Rs 0.61 crore in Q2FY19.

Pre-tax operating cash flows at positive Rs 3.94 crore in Q3FY19 vis-à-vis positive Rs 4.50 crore in Q2FY19.

Other income included income from Maintenance, Hospitality and Income from Investments (i.e all incomes other than revenue from completed projects and partnership income). Other Income in Q3FY19 was higher at Rs 16.91 crore compared to Rs 15.44 crore in Q2FY19.