Key takeaways of the call

This quarter saw robust performance across business segments, with strong sales in both the residential and integrated cities business. The company looks to carry this momentum forward in FY19 with multiple launches across markets in the residential and industrial space.

New residential (Premium Residential and Affordable Housing) sales/bookings stood at Rs 191 crore in value terms and the units books is about 650 units (or 0.41 msft) with Happinest Palghar I being a significant contributor. New sales booking (in value terms) in Q4FY18 is the highest in the last 5 quarters.

Happinest Palghar I launched in Feb'18 and achieved sales of 389 units in 45 days of launch. In 60 days the company sold over 500 units.

Continued movement in finished goods inventory sale (28% of sales value for the quarter)

Completion stood at about 0.33 msft at projects Antheia, Pune and Happinest Boisar. The company handed over around 1600 units in FY18 and of which about 318 units in Q4FY18 alone.

In Q4FY18 the company sold Canopy, the commercial space in MWC and the land parcel in Nashik, which is not a focus market. Sales value of Nashik Land parcel is Rs 24 crore and that of Canopy was Rs 15 crore. Proceeds of Nashik land parcel is part of operating income as is part of inventory and that of Canopy is part of other income as its part of fixed assets.

Brand new launches not including additional phases of ongoing projects scheduled in current fiscal is about five projects with an developable area of 2msft.

Launch of Kandivelli is delayed due to dumping ground project which is expected by Q1FY19. Sakinaka project is also delayed by dumping ground and height matter.

The company has five MOU for projects with an aggregate developable area of 2.75 msf at various stages of due diligence. Of these three projects are in advanced stages and one of which is expected to be concluded in current quarter and 2 projects are expected in next quarter.

Integrated Business Cities – The company leased about 18 acres to six customers with five of the customers at MWC Jaipur and 1 at MWC Chennai.

MWC Jaipur - Multiproduct SEZ approval is obtained and residential master plan approval is under way.

Ahmadabad WC is in approval process and expected to be launched latter in current financial year.

 The company believes end user demand is seeing an improvement and there should be a pickup in the overall market sentiment in the coming year.