Investors Update Q2FY11

Transcription

1 A Diversified ifi Real Estate t Company with Pan India Presence Investors Update Q2FY11 1

2 Disclaimer This presentation has been prepared by Parsvnath Developers Ltd. (the Company ) solely for providing information about the Company. This presentation is confidential and may not be copied or disseminated, in whole or part, in any manner This presentation has been prepared p by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty or undertaking, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness, correctness and reasonableness of the contents of this presentation. This presentation has not been approved and will not be reviewed or approved by any statutory or regulatory authority in India or by any Stock Exchange in India and may not comply with all the disclosure requirements prescribed thereof. This presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this presentation is expressly excluded No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. Neither the company nor any of its respective affiliates, advisers or representatives, shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. The information contained in this presentation is only current as of its date. Certain statements made in this presentation may not be based on historical information or facts and may be forward-looking statements, including those relating to the Company s general business plans and strategy, its future financial condition and growth prospects, and future developments in its industry and its competitive and regulatory environment. Actual results may differ from these forward-looking statements due to a number of factors, including future changes or developments in the Company s business, its competitive environment, information technology and political, economic, legal and social conditions in India and worldwide. The Company undertakes no obligation to update forward looking statements to reflect events or circumstances after the date thereof. This presentation and any information presented herein are not intended to be, offers to sell or solicitation of offers to buy the Company s equity shares or any of its other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation it ti or sale is unlawful. l The Company s equity shares have not been and will not be registered under the U.S. Securities Act 1993, as amended (the Securities Act ) or any securities laws in the United States and, as such, may not be offered or sold in the United States or to, or for the benefit of, U.S. persons (as such term is defined in Regulation S under the Securities Act) absent registration or an exemption from the registration requirements of the Securities Act and applicable laws. Any offering of the equity shares made, if any, in the United States (or to U.S. persons) was made by means of a prospectus and private placement memorandum which contained detailed information about the Company and its management, as well as financial statements. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. 2

3 Contents Real Estate Industry Emerging Trends Overview of Parsvnath Developers Limited Key Priorities Continued focus on Execution of Existing Projects Continued focus on Affordable Housing Strengthening the Balance Sheet & Deleveraging Overview of Key Business Segments Real Estate Development Residential Commercial DMRC Projects Hotels SEZs IT Parks Third Party Construction 3

4 Real Estate Industry Emerging Trends 4

5 The Indian Growth Story Rapid & Sustainable Economic Growth The average growth rate in the period ( to ) has been ~ 8.9% However, growth decelerated in to 6.7% due to the adverse impact of the global financial crisis on the Indian economy Despite the global slowdown, India is expected to be the second fastest growing economy in the Asia Pacific Region Increasing share of Service Sector in GDP This has resulted in greater demand space demand for commercial office, retail and hospitality GDP Growth Rate Year Forecast Real Estate Demand Composition The Pan India cumulative demand for the real estate across residential, office, retail and hospitality is expected to be ~ 1, mn sq ft during Residential is expected to drive the 0 demand and contribute ~ 63% of the total space demand between ft. million sq Residential Commercial Retail Hospitality 54 Source: Cushman & Wakefield, Economic Survey , RBI 5

6 Real Estate: Key Demand Drivers Residential Rising income levels Faster urbanization Nuclear family and younger population Growing middle & upper class Shift in consumer preferences Low interest rates Commercial: Office Space Strong economic growth Infrastructure development Destination for IT/ITeS sector Government Policies to encourage investment t Shortage of quality commercial space Commercial: Retail Hospitality Rising consumerism Increasing spending capacity Macro policy decisions such as allowing FDI in single brand retailing and cash & carry formats Growing share of organized retail Shortages of quality hotel rooms Increase in tourism Increase in business travel Forthcoming Commonwealth Games in 2010 scheduled in NCR Government initiative to promote tourism in Tier II/ Tier III cities in India Strong momentum expected in all key segments Source: Cushman & Wakefield 6

7 Current Industry Dynamics The economic slowdown has adversely impacted the real estate sector This has prompted developers to defer their decisions to acquire additional land reserves However, various measures has been taken by GoI/RBI to revive the sector India Benchmark Rates (%) Jun Sep Dec Mar Jun-09 Source: Bloomberg dated Jun 16, 2009 CRR Repo Reverse Repo Cut in home loan rates by financial Reverse Repo (Rs bn) institutions on back of CRR and Repo rate cuts by RBI 2,000 Focus on affordable housing by developers instead of premium housing 1,500 1,000 Continuous FII inflows resulting in 0 improved liquidity (500) FIIs have infused ~ US$ bn till date, since 1 st April ,311 (1,000) 1-Sep Nov Jan-09 9-Apr Jun-09 Source: Bloomberg dated Jun 18,

8 Overview of Parsvnath Developers Limited 8

9 Parsvnath Developers Limited: An Overview Over 2 decades of experience in real estate development Completed 42 projects having an area of mn sq ft Presently 54 projects with a total area of mn sq ft are under development/ construction Out of this, mn sq ft is already sold Pan India Presence Land reserves of mn. sq ft 1 spread over 45 cities and 16 states Key Business Segments include Real Estate Development Residential Commercial (Office and Retail) DMRC Projects Hotels SEZs IT Parks Third Party Construction Strong Project Execution Capability Experienced in-house construction and procurement teams La Tropicana,Khyber pass Perspective Views Parsvnath Mall, Kukattpally, Hyderabad 9

10 Diversified Operations Completed Projects (Saleable Area) Com mercial 7% DMRC 6% Projects under execution (Saleable Area) Commercia l 2% DMRC 1% Hotels 1% Contracts 2% Residential 27% Integrated Townships (Plotted Area) Residential 51% 36% Regional Mix (Based on Saleable Area) Integrated Townships 67% West 11% South 19% Delhi & NCR 38% North 32% Note: Based on the projects under execution Our focus remains on the residential segment and in particular on development of integrated townships The integrated townships are also modeled on affordable housing concept Integrated townships also provide flexibility of selling plots thereby improving the cash flows from the project 10

11 Pan India Presence DHARUHERA (REWARI) FARIDABAD GURGAON ROHTAK KURUKSHETRA SONEPAT PANCHKULA KARNAL PANIPAT J & K JAMMU PUNJAB HARYANA UTTARANCHAL DERABASSI MOHALI RAJPURA AMRITSAR CHANDIGARH DEHRADUN DELHI PATNA RAJASTHAN UTTAR PRADESH BHIWADI JODHPUR JAIPUR JAMNAGAR PUNE SHIRDI NANDED GUJARAT SANGOLDA PANJI MADHYA PRADESH MAHARASHTRA GOA ANDHRA PRADESH KARNATAKA BIHAR HYDERABAD INDORE UJJAIN AGRA NOIDA GREATER NOIDA GHAZIABAD LUCKNOW RAEBARELI MOHAN NAGAR MORADABAD SAHARANPUR SHAHIBABAD KHEKHRA MYSORE COCHIN PALAKKAD CHENNAI Presence in 45 Cities and 16 States 11

12 Diversified Business Model PROJECTS NO. SALEABLE AREA Residential 47 (mn. sq. ft.) Group Housing & Built up Houses Plots Commercial/Offices/IT Parks DMRC (BOT Projects) Hotels SEZs Total

13 Key Priorities 13

14 Key Priorities #1 Continue focus on Execution of Existing Projects #2 Continue focus on Affordable Housing #3 Strengthening Balance Sheet & Deleveraging 14

15 Execution Roadmap: Residential Select Projects Under Execution Project Name Integrated Townships Location Saleable Area (mn Sq ft) Parsvnath City Sonepat Parsvnath City Panipat 6.78 Parsvnath City, Sonepat, Actual Site Photograph Parsvnath City Indore 5.40 Residential Group Housing Projects LA Tropicana Delhi 2.27 Parsvnath Exotica Gurgaon 1.98 Parsvnath Privilege Greater Noida 3.26 Parsvnath Exotica, Gurgaon Artistic Impression Actual Site Photograph Parsvnath Exotica Ghaziabad Projects with Saleable Area of mn Sq ft Parsvnath Privilege, Greater Noida Artistic Impression Actual Site Photograph 15

16 Execution Roadmap: Commercial Select Projects Under Execution Project Name Location Saleable Area (mn Sq ft) Parsvnath City Centre Sonepat 0.34 Parsvnath City Centre Hyderabad 0.29 Parsvnath Mall Rohini, Delhi 0.26 Parsvnath City Centre, Sonepat 1 Parsvnath City Centre Bhiwadi 0.21 Parsvnath Square Moradabad 0.16 Parsvnath Mall Matrix Mohali 0.16 Parsvnath Eleganza Dehradun 0.10 Parsvnath City Centre, Hyderabad 1 Parsvnath Mall, Rohini 1 10 Projects with Saleable Area of mn. Sq ft Note: 1. Artistic Impressions Parsvnath City Centre, Bhiwadi 1 Parsvnath Square Mall, Moradabad 1 16

17 Execution Roadmap: DMRC Projects Projects Under Execution Project Name Location Saleable Area (mn Sq ft) Parsvnath Metro Mall, Welcome Delhi 0.40 Parsvnath Mega Mall, Seelampur Delhi Projects with Saleable Area of 0.95 mn. Sq ft Parsvnath Metro Mall, Welcome Artistic Impressions Parsvnath Mega Mall, Seelampur 17

18 Execution Roadmap: Hotels Select Projects Under Execution Hotel, Hyderabad Project Name Location Saleable Area (mn Sq ft) Hotel Hyderabad 0.18 Hotel Mohali 0.09 Hotel Lucknow 0.07 Hotel Shirdi 0.04 Serviced Apartments Hotel, Mohali Bhiwadi 0.06 Total 0.44 Hotel, Lucknow Artistic Impression Artistic Impression Actual Site Photograph Artistic Impression 18

19 Possession Schedule Parsvnath City, Sonepat Plots Parsvnath City, Paliwal Plots Parsvnath City, Indore Plots Parsvnath Exotica, Gurgaon Parsvnath Planet, Lucknow Parsvnath Regalia, Ghaziabad Next 6 Months 3.53 mn Sq ft 6 Months - 1 Year mn Sq ft 1-2 Years 7.32 mn Sq ft Parsvnath Narayan City, Jaipur Plots Parsvnath City, Dharuhera Plots Parsvnath Panchvati Agra Parsvnath Panorma, Greater Noida Parsvnath Mall, Moradabad Parsvanth King City, Rajpura Plots Parsvnath City, Saharanpur Plots Parsvnath Royale Floors, Lucknow Parsvnath Palacia, Greater Noida Parsvnath Pratibha, Moradabad 19

20 Key Priorities #1 Continue focus on Execution of Existing Projects #2 Continue focus on Affordable Housing #3 Strengthening Balance Sheet & Deleveraging 20

21 Continue Focus on Affordable Housing Parsvnath s major focus was on mid income and affordable housing even before the downturn in the real estate sector started Strong Portfolio of mid income and affordable houses Key affordable housing projects launched in last 2 3 years include Parsvnath Regalia, Ghaziabad Parsvnath Royale Floors, Lucknow Parsvnath Sterling, Ghaziabad Parsvnath Pratibha, Moradabad d Elite Floors, Dharuhera Elite Floors, Saharanpur Royale Floors, Panipat Parsvnath Regalia, Ghaziabad Artistic Impression Average sale price of apartment is between Rs million making it an attractive value proposition for consumers Highly successful launches as most of the projects were sold Parsvnath Royale Floors, Lucknow Artistic Impression 21

22 Case Study: Parsvnath Regalia, Ghaziabad Location/Accommodation Located on G T Road, NCR 30 mins drive from Connaught Place Proximity to upcoming metro station 8 acres of landscaped society 2 3 bedroom apartments/penthouses Sales Performance 474 flats were sold out of 480 flats Saleable Area of 1025 sq ft (2 BHK)/1570 sq ft (3 BHK) Flats starting from Rs 2.2 million Parsvnath Regalia, Ghaziabad Artistic Impression Construction Update Construction in full swing Parsvnath Regalia, Ghaziabad Expected possession: By 2011 Actual Site Photographs 22

23 Case Study: Parsvnath Pratibha, Moradabad Location/Accommodation 9 kms from Railway Station and Main City 2 3 bedroom apartments Sales Performance 775 flats were sold out of 808 flats Saleable Area of 1050 sq ft (2 BHK)/1260, 1450 & 1550 sq ft (3 BHK) Flats starting from Rs 1.3 million Parsvnath Pratibha, Moradabad Artistic Impression Construction Update Construction in full swing Expected possession: By 2012 Parsvnath Pratibha, Moradabad Actual Site Photograph 23

24 Recent Launch: Parsvnath Royale Floors, Lucknow Location/Accommodation Spread over 35 acres on Lucknow Faizabad Road 6 kms from Gomti Nagar 2 3 bedroom apartments Sales Performance 510 flats launched in Phase 1. Out of this 501 were sold on the date of launch itself Parsvnath Royale Floors, Lucknow Artistic Impression Saleable Area options of 900 (2 BHK), 1135 & 1435 (3 BHK) and 1665 sq ft (4 BHK) Flats starting ti from Rs 1.3 million Construction Update Construction in full swing Expected possession: By 2012 Parsvnath Royale Floors, Lucknow Actual Site Photograph 24

25 Overview of Key Business Segments 25

26 Some of the Completed Projects (Residential and Integrated Township Projects Select Completed Projects Project Name Integrated Townships Location Saleable Area (mn Sq ft) Parsvnath City 1 Dharuhera 1.53 Parsvnath King City 1 Rajpura, Punjab 1.21 Parsvnath Prestige, Noida Parsvnath Majestic, Ghaziabad Residential Group Housing Projects Parsvnath Prestige Noida 1.61 Parsvnath Paradise Ghaziabad 0.79 Parsvnath Panchvati Agra 0.69 Parsvnath Majestic Floors Parsvnath Platinum Towers Ghaziabad 0.46 Greater Noida Projects with Saleable Area of mn Sq ft Parsvnath Green Ville, Gurgaon Parsvnath Eden, Greater Noida Note: 1) Only Plotted Development has been completed Parsvnath Paradise, Ghaziabad 26

27 Some of the completed projects (Commercial) Select Completed Projects Project Name Parsvnath Mall Manhattan Location Saleable Area (mn Sq ft) Faridabad 0.21 Parsvnath City Mall Faridabad 0.18 Parsvnath Plaza I & II Moradabad 0.14 Parsvnath City Mall, Faridabad Parsvnath Mall Manhattan, Faridabad Parsvnath Plaza Saharanpur 0.07 Parsvnath Bibhab Plaza Greater Noida 0.05 Parsvnath Shoppers Den Noida 0.04 Parsvnath Paradise Ghaziabad 0.04 Arcade Parsvnath as at Plaza, a,saharanpur aa Parsvnath Kaushambi Mall, Parsvnath Arcadia Gurgaon 0.04 Ghaziabad Parsvnath Kaushambi Mall Ghaziabad Projects with Saleable Area of 0.83 mn Sq ft Parsvnath Shopper s Den, Noida 27

28 Some of the completed projects(delhi Metro Rail Corporation (DMRC)) Completed Projects Project Name Location Saleable Area (mn Sq ft) Parsvnath Metro Tower, Shahdra Delhi 0.11 Parsvnath Metro Mall, Inderlok Parsvnath Metro Mall, Inderlok Annexe Delhi 0.09 Delhi 0.05 Parsvnath Metro Mall, Kashmere Gate Parsvnath Metro Mall, Inderlok Parsvnath Metro Mall, Kashmere Gate Delhi 0.06 Parsvnath Metro Mall, Tis Hazari Delhi 0.02 Parsvnath Metro Mall, Pratap Nagar Delhi 0.02 Parsvnath Metro Mall, Seelampur Delhi Parsvnath Metro Mall, Pratap Nagar Parsvnath Metro Station, Azadpur (Part-A) Delhi 0.20 Parsvnath Metro Station, Akshardham (Part-A) Delhi Projects with Saleable Area of 0.75mn Sq ft Parsvnath Metro Tower, Shadhara 28

29 Hotels: A Diversified Portfolio Strong Portfolio of 13 hotel properties across India All hotels to be developed in a 100% Subsidiary, Parsvnath Hotels Limited ( PHL ) Hotels to be owned by PHL and managed by leading national and international hotel chains Funding for the hotel projects will be raised in the form of debt and equity in PHL MoU with Fortune Park Hotels of ITC Welcomgroup to develop 20 5-Star, 20 4-Star and 10 Mid-Market Budget Hotels Fortune Park Hotels will only operate and market these hotels JV with Royal Orchid Hotel Private Ltd to develop a new Hotel company called Parsvnath Royal Orchid Hotels Ltd. for developing new range of Hotels and Serviced Apartments across India Under this JV company, 10 hotels would be developed Type of Hotel Properties 3 Star 15% Serviced Apartments 16% 4 Star 23% 5 Star 46% Parsvnath Hotels Ltd. (PHL) and Choice International have entered into Master Development Agreement to develop and manage 100 Budget Hotels across India, under Sleep-In PHL brand. 29

30 PDL SEZs SEZ Development is undertaken through a 100% Subsidiary, Parsvnath Infra Ltd Approval Status: Notified: 4 SEZs at Indore, Gurgaon, Dehradun and Nanded Formally Approved: 2 SEZs at Kochi & Hyderabad In Principle Approval: 6 SEZs at Kancheepuram, Kundli, Moradabad, Agra, Pune and Jaipur Awaiting Approval: 1 SEZs at Mysore Focus is on development of Notified SEZs Master Plan and Building Plans submitted Building construction to commence post requisite approvals S.No. Location Sector LandArea(Acres) Land Status Dev. Area (Mn. Sq. ft.) Notified 1 Indore IT/ITES Acquired Gurgaon IT/ITES Acquired Dehradun IT/ITES Acquired Nanded, Maharashtra Pharma Acquired Total (A) Formal Approval 5 Kochi IT/ITES Acquired Hyderabad Biotechnology Acquired 3.99 Total (B) Aw aiting Govt. Approvals 7 Mysore IT/ITES Acquired Total (C ) Total (A+B+C)

31 Third Party Construction In order to leverage our well-established in-house construction and purchase division, we have decided to take the outside construction contracts. Following projects have been bagged. S. No. Details Location Total Built-up Area (sq. ft.) Value of the Contract (Rs. Mn.) 1. Construction of SAI ASHRAM at Shri Saibaba Sansthan 2. Construction of Footwear Design & Development Institute 3. Construction of Buildings, Multi-level Car Parkings, Services and External Development at Buddha Smriti Udhyaan Shirdi (Maharashtra) Fursatganj, Rae Bareli (U.P.) Patna (Bihar) 9,00, ,80, ,90,000 1, Construction of Staff Quarters at DMRC, Mundka Depot for Phase II 5. Construction of Station Complex at Dhaula Kuan (DMRC) Delhi Metro Rail Corporation Station. New Delhi 1,29, New Delhi 194, Construction of Hostel Building in 6. Footwear Design & Development Institute Fursatganj, Rae Bareli (U.P.) 50, Total 18,44,

32 Strong Execution Capability Construction Construction of all major projects is done in-house Team established s ed for construction o consisting st of Civil Architects, Engineers and other technical support. Arrangements with leading Architects like Hafeez Contractor, C P Kukreja, Mohit Gujral, Gian Mathur, Kamal S. Malik, Kavi Jain, Atul Desai & Associates, Uppal Ghosh & Associates, Saha & Associates, Space Combine, Rajendra Kumar & Associates, Bobby Mukherjee & Associates, Grid & Associates, Ricky Mathur & Associates, Uday Kulkarni & Associates, Oracles & Associates, Habibat & Associates etc. for project concept design Procurement of Construction Material In-house team and systems in place Long term relationship with vendors Ability to commit timely delivery with penalty clause 32

33 Strong Execution Capability Area under construction/ Development Residential (mn. sq. ft.) Group Housing & Built up Houses Plots Commercial/Offices/IT Parks 1.81 Delhi Metro Rail Corp. (BOT Projects) Hotels 0.44 Contractual Business 1.84 Total

34 Area under Fast Track execution Vertical Area (Mn. Sq.ft.) Group Housing & Built up up Houses Plotted Commercial 0.59 Hotels 0.26 Total

35 Completed Projects Saleable Area Vertical No. of Projects (Mn. Sq. ft.) Residential Commercial DMRC Integrated Townships (Plotted Area) Total

36 Highlights of Q2FY11 36

37 Major highlights of Q2FY11 Sold 740 units, an area of 1.42 mn. sq. ft. in Q2FY11. Possession offered for 185 units, an area of 4,11,987 sq. ft. Allotted 1,90,38,113 shares and raised Rs. 270 Cr. through QIP route. Bagged a Third-Party Construction Contract for the construction of Hostel Building in Footwear Design & Development Institute (FDDI) at Fursatganj, Rai Bareilly, U.P., having Contract value of Rs Cr. The area to be constructed t is approx. 50, sq. ft. 37

38 Major highlights of Q2FY11 (Cont ) Parsvnath Hotels Ltd. (PHL) and Choice International have entered into Master Development Agreement to develop and manage 100 Budget Hotels across India, under Sleep- In PHL brand. Shortlisted by Railway Land Development Authority (RLDA) with regard to commercial development of railway land at Sarai Rohilla, Delhi. The area of plot is 38 Acres and the total developable area would be approx. 4 mn. Sq. ft. Employees strength stands at

39 Possession offered to customers in Q2FY11 S. No. Project Name Vertical Units Area (Sq. ft.) 1 Parsvnath City, Ujjain Plots 122 2,90,141 2 Parsvnath Narayan City, Jaipur Plots 34 68,868 3 Parsvnath City, Jodhpur Plots 23 43,191 4 Parsvnath City, Sonepat Plots 1 3,924 5 Parsvanth Panchvati, Agra Group Housing 1 1,229 6 Parsvnath Royale Floors, Jodhpur Floors 2 3,060 7 Parsvnath City Mall, Faridabad Commercial Parsvnath Arcadia, Gurgaon Commercial TOTAL 185 4,11,987 39

40 Possession expected to be offered in coming months S. No. Project Name City Vertical Units Area (Sq. ft.) 1 Parsvnath Panorama Greater Noida Group Housing ,02,366 2 Parsvnath Exotica Gurgaon Group Housing 103 4,33,405 3 Parsvnath Pratibha Moradabad Group Housing 186 2,52,525 4 Parsvnath City Indore Plots 292 7,57,584 Total ,45,880 40

41 Forthcoming Launches/Bhoomi Pujans S. No. Project Name City Area (sq. ft.) 1. Parsvnath City Karnal 57,66, Parsvnath IT Park Gurgaon 7,00, Parsvnath City Rohtak 31,21, Parsvnath Group Housing Kundli, Sonepat 8,76, Parsvnath Eleganza Commercial Mall Dehradun 98,757 Total 1,05,63,081 41

42 Key Priorities #1 Continue focus on Execution of Existing Projects #2 Continue focus on Affordable Housing #3 Strengthening Balance Sheet & Deleveraging 42

43 Strengthening g Balance Sheet & Deleveraging g Key steps taken include: Focus on execution of existing projects & no further additions to land reserves Infuse equity into the Company to execute existing projects and repayment of debt to reduce interest burden FDI in select projects Redfort Capital Funding Parsvnath Developers Limited (PDL) inked an agreement with leading international real estate private equity fund Red Fort Capital to invest in its acres, premium luxury residential project Parsvnath La Tropicana in Khyberpass, Civil Lines, Delhi. Parsvnath Landmark Developers Pvt. Ltd, (PLDPL) a wholly owned subsidiary of Parsvnath Developers Ltd is executing Parsvnath La Tropicana. The construction of the project has been commenced after receiving all requisite approvals and sanctions. PDL and PLDPL have entered into agreements with Red Fort Capital, which had invested Rs 900 million into PLDPL for subscribing 18% equity interest. The project is expected to be completed in three years. Additional dilution of 4% stake in the project to Red Fort Capital and raised Rs. 250 million. 43

44 Strengthening g Balance Sheet & Deleveraging(Cont.) g g Redfort Capital Funding (Cont ) PDL has entered into another agreement with Red Fort Capital, which had invested Rs 1200 million for subscribing 24.5% equity interest in PDL Office Complex at Bhai Veer Singh Marg, Connaught Place, New Delhi. Sun Apollo Funding Inked an agreement with leading international real estate private equity fund SUN- Apollo, an international real estate private equity fund, for an investment in its premium luxury residential project Parsvnath Exotica Part-II, Gurgaon. SUN-Apollo will invest Rs 750 million for a 50% stake in the project SPV which will develop Parsvnath Exotica Part II, Gurgaon. We are in the process of negotiating for Private Equity funding in some other projects also. Funds raised through QIP PDL has allotted 1,38,56,272,, shares and raised Rs. 168 Cr. through QIP route in September, Further allotted 1,90,38,113 shares and raised Rs. 270 Cr. through QIP route in October,

45 Strengthening g Balance Sheet & Deleveraging(Cont.) g g Monetizing Assets In line with PDL s strategy to reduce debt, the company has continued a strategic and comprehensive portfolio review of its real estate assets, with a view to exit the non-strategic assets & monetized few of its delayed projects. The company has monetized the following projects : 1. Bus Depot Project, Kurla, Mumbai 2. Bus Depot Project, Mahim, Mumbai 3. Commercial Mall cum Hotel, Vejalpur, Ahmedabad 4. Commercial Mall, Vastrapur, Ahmedabad 5. Two Group Housing projects at Pune, Maharashtra 45

46 Financial Overview 46

47 Financial Results UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF-YEAR ENDED SEPTEMBER 30, 2010 (` In Lacs) Consolidated Standalone Particulars Quarter ended Half-year ended Year ended Quarter ended Half-year ended Year ended (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Revenue a. Income from operations 19, , , , , , , , , , b. Oh Other Operating Income , , Total 19, , , , , , , , , , Expenditure a. Cost of construction/development 7, , , , , , , , , , b. Employees cost , , , , , , c. Depreciation , , , , d. Other expenditure 1, , , , , , , , , Total 9, , , , , , , , , , Profit from Operations before Other Income, Interest & Exceptional Items (1-2) 9, , , , , , , , , , Other Income , , , , , , Profit before Interest & Exceptional Items (3 + 4) 10, , , , , , , , , , Interest 1, , , , , , , , , , Profit after Interest but before Exceptional Items (5-6) 8, , , , , , , , , , Exceptional Items Profit from Ordinary Activities before tax (7 + 8) 8, , , , , , , , , , Tax expense 2, (607.66) 4, , (897.12) 1, (80.11) 3, Net Profit from Ordinary Activities after tax (9-10) 5, , , , , , , , , , Extraordinary Items Minority Interest in Net Profit of Subsidiaries , Net Profit [(11) - (12+13)] 4, , , , , , , , , , Paid-up Equity Share Capital 19, , , , , , , , , , (Face value ` 10 each) 16 Reserves (excluding revaluation reserves) 209, , Earnings per Share - Basic & Diluted (not annualised) a. Before Extraordinary items (`) b. After Extraordinary items (`) Debt Service Coverage Ratio Interest Service Coverage Ratio Public Shareholding a. Number of shares 50,182,072 36,325,800 50,182,072 36,325,800 50,182,072 50,182,072 36,325,800 50,182,072 36,325,800 50,182,072 b. Percentage of shareholding Promoters and promoter group Shareholding a. Pledged/Encumbered - No. of shares 121,508, ,092, ,508, ,092, ,314, ,508, ,092, ,508, ,092, ,314,075 - Percentage of shares (as a % of the total t shareholding of promoter and promoter group) Percentage of shares (as a % of the total share capital of the company) b. Non-encumbered - No. of shares 26,861,513 28,277,597 26,861,513 28,277,597 25,056,325 26,861,513 28,277,597 26,861,513 28,277,597 25,056,325 - Percentage of shares (as a % of the total shareholding of promoter and promoter group) Percentage of shares (as a % of the total share capital of the company)

48 Financial Highlights(Consolidated) g g All Figures in Rs. Mn. KEY RATIOS Q2FY11 Q1FY11 FY10 FY09 FY 08 EBIDTA MARGIN 52.28% 28% 28.12% 30.15% 32.70% 37.03% NET MARGIN 28.81% 15.48% 14.23% 15.47% 23.10% RETURN ON EQUITY 9.89% *7.00% 6.14% 5.63% 22.46% NET DEBT EQUITY RATIO FINANCIAL HIGHLIGHTS REVENUE , ,371.2 EBITDA , ,802.5 PBT , ,172.2 TAX ,928.5 PAT , ,243.7 NETWORTH , ,896.9 DEBT , ,205.2 CASH AND BANK BALANCE , ,228.4 NET DEBT , ,976.8 NET CURRENT ASSETS , ,313.7 CURRENT LIABILITIES , ,816.6 WORK IN PROGRESS , ,536.1 SUNDRY DEBTORS , ,813.9 SUNDRY CREDITORS ,721.0 CUSTOMER ADVANCES , ,451.3 * Annualized 48

49 Financial Highlights g Revenue (Rs. million) EBITDA & PAT (Rs. million) FY08 FY09 FY10 Q1FY11 Q2FY11 0 FY08 FY09 FY10 Q1FY11 Q2FY11 49

50 Financial Highlights g Net Worth (Rs. million) Net Debt/Equity (x) FY08 FY09 FY10 Q1FY11 Q2FY11 0 FY08 FY09 FY10 Q1FY11 Q2FY11 50

51 Profile and Usage of Debt Amount in Rs. Cr. Consolidated Figures Standalone Figures Total Debt Less : Cash & Bank balance Net Debt Less : Self Funding Debts : Receivables of 11 DMRC Projects Less : CCD in La Tropicana, Delhi & Exotica, Gurgaon Projects (Being FDI Funding) Balance Debt Average Rate of Interest : 13.68% 13.71% 51

52 Debt Position Debt Composition Term Loan Composition Overdraft against FD 8% 6% Working Capital 7% 6% Others 3% 20% Corporate 60% Project Related 40% Term Loans 82% 68% Note: Others include interest accrued and loans from directors Term Loan Maturity Schedule (Rs million) FY 11 FY12 FY13 FY14 FY15 FY16 52

53 Thank You 53