Key takeaways of the conference call

Sales for the quarter booked from retail property Harmony located at Goregoan. Q4FY15 profits include the one time income of Rs 44 crore from sale of HDIL Leisure business in March 2014 and one off benefit of Rs 35.63 crore towards revision of income tax provision. But these benefits are not there in Q4FY15.

Handed over 1700 apartments in the SRA Project located in Kurla to Government of Maharashtra in April 2014. Expect to hand over 10000 apartments in 2015-16. The SRA project will unlock TDR of about 7 mln sft in phased manner of which about 2.5 msf of TDR will be generated in first phase for sale. OF these 2.5 msf of TDR expected to be generated in first phase about 0.2 msf will get generated in Q1FY16 itself. The company looks at a TDR sale of about 2 mln sft in next 12-15 months. The company has already start selling TDR at a realization of Rs 4500/sft. Since all the SRA projects are 60-70% completed construction expenses are not much.

The company expect to give possession of about 5 projects with an saleable area of 7.1 msf (sale value of Rs 2490 crore) in the next 12 months. The possession in case of Residence Park and Metropolis will commence in Q1FY16.

Consolidated net debt stood at Rs 2942.16 crore (down 10.4% from Rs 3284 crore as end of March 2014). The gross debt has come down to Rs 3231.30 crore as end of March 2015 compared to Rs 3339.36 crore as end of Dec 2014. Looking at a net debt of about Rs 25 bln at the end of the year.

The company to focus fully on MMR region and decided to sell its land parcel of about 100 acres in Baroda, 70 acres in Kochi and 100 acres in Hyderabad, which is JV. The company is discussion with players in case of Baroda and Hyderabad.

Unsold inventory in ongoing projects are about 3.77 msf with a sales value of Rs 4149 crore. In Kurla-Ghatkopar-Mulund stretch, the sales are happening if the approval is in place and there is significant progress on construction/completion. The company's project in this location are reaching advanced stage of completion so this gives confidence of liquidation of unsold inventory.

The company is not ruling out launches this fiscal, the company is surely will push for launch of Planet HDIL and couple of other projects.