Suresh Kris, CFO of Brigade Enterprises says the company's revenues will be 30-40 percent higher in FY15 than in FY14. The company has more than Rs 4500-crore revenues to be recognized over three years, he says.
He believes the company will be able to maintain EBITDA margin at 30 percent.
Kris expects the hotel business revenue to rise to Rs 300 crore from Rs 150 crore over two years. He believes the company will be able to garner Rs 250 crore revenue from lease rentals.
Below is the verbatim transcript of Suresh Kris's interview with Latha Venkatesh & Sonia Shenoy on CNBC-TV18.
Sonia: Even in the quarter gone by you saw a 100 percent rise in your revenues on a quarter-on-quarter basis to about Rs 320 crore. Can you just give us the sense of what the quarterly run rate and revenues will look like say for the next one year and what are the new projects that you have in the pipeline?
A: When we see the revenue recognition pattern and other things we will be able to say that we have around more than Rs 4,500 crore to be recoginsed over a period of 3 years; these are all on the projects launched. Going forward because this figure I am now talking only based on this September number because December number we have not finalised. Once that December number comes then the numbers may slightly improve. Now our main concentration is to incur the expenditure and make it to come for revenue recognition and then do that.
Latha: What do you expect will be the full year revenue you said extrapolating from the first half?
A: For the full year it could be definitely about 30-40 percent minimum higher than the last year.
Latha: Do you think you will be able to maintain this run rate for FY16 as well since that year is almost upon us?
A: We will be able to do on revenue growth of about 40 percent because the sales booking are already there in the books and we are following very conservative method of accounting hence the revenue recognition potential in the company is very huge.
Sonia: Can you tell us about the hotel business the hospitality business. What are the current projects that are under way? What are the new projects in the pipeline and what kind of revenues can you generate from there?
A: We have presently two hotels in Bangalore one is Sheraton and another is Grand Mercure. We have another three hotels one is Holiday Inn in Chennai and Grand Mercure in Mysore and Holiday Inn Express in Bangalore. Presently we have around Rs 150 crore revenue from these two hotel operations presently on an annual basis. Once those things will come at least we will be able to touch Rs 300 to 350 crore minimum revenue in about three year's time.
Latha: Just yesterday we heard the numbers from Sobha Developers and they had reported a tepid in fact a fall in their pre sales quarter-on-quarter for Q3. Was there any softness in Q3 in your experience?
A: Q3 to my mind the expectations may not be lesser than my Q2.
Latha: What about realisations because Sobha reported even a fall in average realisations by four percent. Were your realisations flat were they higher or lower?
A: Realisations when you see we will be able to maintain the realisation but some of the projects which we have launched is at the lesser category also so when you see the product mix which would have changed so the realisations would have been lesser.
However, you cannot say that the product realisations would have come down because of the reduction in selling price. We have about 10 to 15 percent hikes in the selling prices year-on-year (y-o-y) basis. Product mix depends on launches and other things so do not go by average realisations unless there is no change in product mix what you were saying is right.
Stay tuned for more…
Brigade Ent stock price
On January 09, 2015, at 11:10 hrs Brigade Enterprises was quoting at Rs 170.25, up Rs 16.20, or 10.52 percent. The 52-week high of the share was Rs 176.95 and the 52-week low was Rs 51.30.
The company's trailing 12-month (TTM) EPS was at Rs 8.26 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 20.61. The latest book value of the company is Rs 112.92 per share. At current value, the price-to-book value of the company is 1.51.
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