Anant Raj Ltd Q4 FY2023 Concall Summary

Source transcript PDF: https://assets.stockscans.in/docs/y13e12crnjw0uppkpmcazxid.pdf

Key Takeaways


Real Estate: Pricing Strategy & Demand

Amit Sarin: "Today almost 70% of our sales has been done to end users, which we see as a good strength for us going forward. Because end-user demand is a very sustainable demand and one can rely on it and have future growth accordingly."

Data Center: Build-Out, Funding & Competitive Edge

Amit Sarin: "This is the best edge we have. Today, we convert one megawatt in our building, you need an investment of about Rs.25 Crores per megawatt, and because the land and building for the company has already invested. We are saving time because land and building is already there. We are saving money and we are able to do it much faster, so this is the biggest."

Capital Discipline & Balance Sheet

Amit Sarin: "This is something which we are very concerned of that, we will not let the debt go up, but all the same time we also wanted to start a relationship with Apollo and as you know this is the Apollo U.S., one is discussing various options, so this relationship has started."

Project Pipeline & Monetization


Guidance & Commitments

CommitmentSpecificsTimeline
Data center capacity6 MW total operational (3 MW already running + 3 MW more)By September
Data center capacity21 MW total operationalBy end of this financial year (one year)
Data center fundingFunded entirely from internal cash flows; debt will not go upOngoing
Group housing launch~0.1 crore sq ft project in sector-63A, GurgaonWithin six months
Ashok Estates sales target₹1,000 Crores total salesBy end of FY23
Sector-63A monetizationMajor part of 97-acre development monetizedComing two years
Manesar data center (long-term)50 MW plannedComing two years

Key Metrics

MetricQ4 FY23
Revenue₹1,004 cr, crossed for the first time in FY23
Profit after tax₹151 cr, up from ₹54 cr in FY22
Weighted average cost of debt13.7%
Apollo refinancing sanction₹550 cr, ₹200 cr utilized; rate 14% vs old 20%
Apollo bond moratorium15 months on principal; interest payable during period
End-user sales share70% of total sales
Land bank, sector-63A Gurgaon200 acres owned, plus 50 acres tied up
Area developed and sold60 acres (villas, plots, fully furnished villas)
Joint venture with Birla Estates43 acres, Birla Navya project; third phase 60% sold
Balance area under own development97 acres, eligible for ~0.45 cr sq ft
Ashok Estates revenue potential~₹1,000 cr, half sold; ₹250 cr collected
Ashok Estates price increase since launch~20% since July 21, 2022
Anant Raj Estate inventory~₹1,700 cr
Data center total eligible capacity300 MW (Manesar 50 MW, Rai 200 MW, Panchkula 50 MW)
Data center capacity operational3 MW in Manesar; 6 MW by September 2023
Data center rental per megawatt₹85–90 lakhs per month; expenses ~25%
Data center capex per megawatt~₹25 cr
Data center 21 MW investment~₹400–450 cr, ₹140 cr already invested
Commercial assets constructed0.5 cr sq ft; ~0.1 crore sq ft leased, income ~₹50 cr per year
Hotel projects income₹14 cr
Upcoming group housing launch0.1 crore sq ft in sector-63A, permissions obtained
Additional pipeline project0.1 crore sq ft, permissions being processed