Key takeaways of the conference call

Revenue for FY ’08 was up 144% yoy to Rs 374.24 crore. The EBITDA was Rs 119 crore, up 136% and PAT was higher by 46% to Rs 112.08 crore. In 2007-08. In FY ’08 share of international project to the topline is higher compared to domestic projects.

Area under construction amounts about 11 million square feet (including the company’s share in JV projects) with a saleable value of Rs 5000 crore and an estimated cost of construction of Rs 2500 crore. Of the 11 million square feet under construction about 7.9 million square feet is in Emirates City, Ajman (near Sharjah International Airport) and rest of 3 million square feet in India. While the UAE project of 7.9 million square feet is fully of development of residential space that of in India is entirely of commercial & hospitality.

The UAE project consists of seven plots to be developed into seven 50 storied towers each aggregating to a space of 7.9 million square feet. Currently about 35% work was completed in two towers and about Rs 250 crore has been realised so far from UAE projects. All 7 towers will be completed by 2012.

The company has forayed into Malaysian realty market. The company has signed a MoU for land at Iskander, Malaysia. Under the MoU the land allotment will be done in phases and the first allotment is expected to happen soon. The company considers a mix of residential and commercial but yet to finalize its complete plans.

Pune hotel project which was expected to complete in Aug 2008 will be completed in Sep ’08. The company has to give the property for possession for Youth Games for stay of participants under the agreement with local authority and once that is over the commercial operation will start by Nov-Dec ’08. Nagpur projects – Work started in 3 sites. In other 3 sites it has not started. IT Park in Goa is in approval stage.

Overall real estate pricing is under pressure currently. Bombay is not affected much barring pressure in micro markets such as Mulund and Bandra. Cities such as Bangalore and Delhi NCR have witnessed pressure. Tier II and Tier III cities are not affected.

The UAE realty market is doing well and the diversification of the company augurs well. Prices are picking up every six month in Dubai market. The realization for the first launch in Ajman by the company was around Rs 6000/ sq ft with cost of construction working out to Rs 3000/ sq ft.

To raise Rs 200 crore of debts in next 6 months to fund its projects majorly of UAE Projects.

Land bank of 100 acre in Gujarat. 7 plot of land in UAE of which 4 plots where the activity has not started yet. The company will have land soon in Malaysia.

Out of space under development with a saleable value of Rs 5000 crore, the company has booked about Rs 400 crore so far and balance are yet to be booked.

Funds requirement for Malaysian project towards land purchase was Rs 200-300 crore and the company will fund this from the cash from UAE projects.

Raised USD 38.3 million by GDR issue.