Ansal Properties Infrastructure Ltd. · • Residential: Volumes remained ... last three quarters....

Ansal Properties & Infrastructure Ltd.

Regaining its Old Glory

Q4 & FY2011 Investors’ UpdateMay 26, 2011

Disclaimer

This presentation has been prepared by Ansal Properties & Infrastructure Ltd (the “Company”) solely for your information and for your use and may not be taken away, reproduced, redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organization or firm) or published in whole or in part, for any purpose. By attending this presentation, you are agreeing to be bound by the foregoing restrictions and to maintain absolute confidentiality regarding the information disclosed in these materials.

The information contained in this presentation does not constitute or form any part of any offer, invitation or recommendation to purchase or subscribe for any securities in any jurisdiction, and neither the issue of the information nor anything contained herein shall form the basis of, or be relied upon in connection with, any contract or commitment on the part of any person to proceed with any transaction. The information contained in these materials has not been independently verified. No representation or warranty, express or implied, is made and no reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in these materials. Any forward‐looking statements in this presentation are subject to risks and uncertainties that could cause actual results to differ materially from those that may be inferred to being expressed in, or implied by, such statements. Such forward‐looking statements are not indicative or guarantees of future performance. Any forward‐looking statements, projections and industry data made by third parties included in this presentation are not adopted by the Company, and the Company is not responsible for such third party statements and projections. This presentation may not be all inclusive and may not contain all of the information that you may consider material. The information presented or contained in these materials is subject to change without notice and its accuracy is not guaranteed. Neither the Company nor any of its affiliates, advisers or representatives accepts liability whatsoever for any loss howsoever arising from any information presented or contained in these materials.

Figures relating to cost are subject to change and the company undertakes no obligation to publicly revise the figures to reflect subsequent events or circumstances.

Ansal API – Regaining its Old Glory

Presentation Flow

• Q4FY11 Sector Update

• Sector Outlook

• Company Performance – At a Glance

• Business Model

• Land Details

• Financials

• Growth Strategy

• FY2012 Guidance

• Projects Summary


Q4FY11 Sector Update

• Liquidity tight, but above the recent crisis level of 2008 with a low probability of debt / interest / land payment default, and assets/land, property prices holding up across the cities

• Residential: Volumes remained moderate in NCR. No increase in property prices witnessed but they continue to remain high in certain pockets of the NCR market. Also inventories in NCR have remained stable at 12 month sales over last three quarters. Fair volumes being witnessed in Gurgaon/Noida with even land deals still happening in Gurgaon

• Commercial: Continue to recover strongly. Vacancy levels likely to decline marginally due to continuous addition of supply which will keep the vacancy rates at +20% levels

• Retail: Leasing activities witnessed across malls and high street driven by positive economic improvement and increase in consumer spending

• Rising interest rates, high oil prices, ongoing political issues had a negative impact on the sector


Sector Outlook

• Improvement in macro economic factors including easing liquidity, stable interest rates expected in H2FY12 and +7% GDP growth will act as catalyst for the sector

• Long‐term growth expected despite short‐term cyclical difficulties as the sector provides an attractive risk‐reward opportunity on account of number of factors:– Housing shortage (~25m households), 60% of the Indian Population below the age of 30, rapid urbanization ‐ currently only 28% of the population resides in urban areas, increasing trend of nuclear family thereby resulting in substantial rise in number of households and rapidly evolving financial system

• India’s high savings rate (~20% of income) has a high probability of being invested in property, as property is increasingly being viewed as a hedge to inflation with higher demand and progress on infrastructure projects further driving up asset prices. Also an ongoing pick‐up in commercial leasing, and higher job/salary growth will further drive strong residential demand

• Overhang on the sector to persists due to further expectation of interest rate hikes over next two quarters to tame inflation, which will further tighten liquidity


Operational (YoY)

• Sold an area of ~6.62 mn.sq.ft. in Q4FY11 36.7% • Sale Value of area sold in Q4FY11 stood at ~Rs. 6,789 mn 131.8%

• Sold an area of ~22.43 mn.sq.ft. in FY11 64.6%• Sale value of area sold in FY11 stood at ~Rs. 23927

125.8%

Financial (YoY)

• Net Sales in Q4FY11 stood at ~ Rs. 3274 mn 71.6%• PAT in Q4FY11 stood at ~ Rs. 123 mn vs. ~ (Rs. 9 mn)

• Net Sales in FY11 stood at ~ Rs. 12357 mn 49.1%• PAT in FY11 stood at ~Rs. 1015 mn 56.8%

Company Performance – At a Glance

Scale up of execution across the asset classes in the townships

10597

23927

13.63

22.43

5

8

11

14

17

20

23

26

5000

8000

11000

14000

17000

20000

23000

26000

FY10 FY11

mn.sq.ft.

Rs. M

illion

Sale Value Area Sold

8288

12357

647 1015

100

2100

4100

6100

8100

10100

12100

14100

FY10 FY11Rs. m

illion

Net Sales PAT

Business Model


Value Creation Model

Process • Agricultural land purchase• Aggregation process• Conversion into mixed land

use• Joint development

agreement (JDA) with collaborator

• Selective participation in auctions

• After master planning and licensing, initiate the sale of individual plots

• ~40% of saleable area allocated to plot sales

• Start low density / low rise builtup sales

• High density development• Sale of social asset classes• This also creates overall

value through township infrastructure

• FSI sale value allows pricing at market level and monetization

• FSI sale and JV opportunities to develop commercial and office spaces

• Continue to capitalize on low cost land basis and maximize value creation

• Monetize finished inventories at greater multiples

Rationale • Consolidated land value higher than individual parcel

• Provides cushion for corrections in market

• Tier2 city first mover advantage provides cheaper land and locationalchoice

• JDA limits working capital requirement

• Plot sales are faster in North Indian states

• Immediate cash inflows from plot sales

• Efficient working capital management

• Funding for development and township expansion

• Attractive ROI and with lower risk

• Development cost per acre manageable

• Full potential of low cost land inventory realized

• Cash flows allow construction in line with customer expectations

• Increased topline and average realization

• Higher cash flows and EBITDA margin

• Potential for annuity incomes

• Long term asset creation• Controlled monetization to

fund expansion strategy• Further enhanced EBITDA

multiples and ROI/IRR• Increased FSI in later years• Reuse the equity through

investment for annuity earnings

Cum. Timeline 6 – 18 months 12 36 months 24 60 months >72 months

% Area Sold ~70% (of total saleable residential area)

20 – 30% 10 – 30%

Value Creation (Unrealised value)

Land Aggregation

Plot Sales & Builtup Sales

Township Development

Ongoing Monetization


Townships at Various Stages *

Land AggregationPlot Sales & Builtup

SalesTownship

DevelopmentOngoing

Monetization

* These are the management estimates and the analysts / investors may perceive it differently. There is nothing that could ascertain with conviction that the management estimates are correct.

Sushant Golf City Phase IISushant Golf City Phase I

Esencia (extn.)Esencia

Sushant City, Kundli (Extn.)Sushant City, Kundli

Sushant City, KurukshetraSushant MegapolisSushant Aquapolis

Sushant Taj City, AgraSushant City – 2 JaipurSushant City – 1 JaipurSushant City, AjmerSushant City, KarnalSushant City, Jodhpur

Golf Links I,Sect‐114, MohaliSushant Lok, Gurgaon

Palam ViharAnsal Plaza, Delhi

Business Operations


Operational Developments – Q4 & FY11

• Expansion of the company’s first Green Township in Gurgaon ‘Esencia’ by ~108 acres. Consequently the total project size increased to ~ 220 acres

• Approval of DPR for license of another 1765 acres in the existing Hi‐Tech Township ‘Sushant Golf City’ in Lucknow. Post approval the total project size increased to ~ 3530 acres. Development agreement for 1st Phase of extended township for 800 acres also signed

• Signed DA‐II in an another Hi‐Tech Township in Greater Noida ‘Sushant Megapolis’ aggregating to developable area of ~ 661 acres out of the totaldevelopable area of ~ 2504 acres to be developed in four phases

• Signed Joint Development agreement for ‘Golden Greens’ a 300 acres proposed Golf Based Development to be carried out around the Golf Course, operational since 2002

• Signed a lease agreement with BhartWalmart to set up its cash and carry store in ‘Sushant Golf City’ a Hi‐tech township in Lucknow. This will be Bharti‐Walmart’s first cash and carry store in Uttar Pradesh

• Signed Joint Development agreement in Sector 91, Gurgaon for a group housing• Surrendered two projects in Dharuheda and Bahadurgarh


New Launches – Q4 & FY11

S.No. ParticularsSaleable Area

(mn.sq.ft.)

Area Released for Sale (mn.sq.ft.)

Area Sold (mn.sq.ft.)

Sale Value (Rs. Million)

1 Sushant Golf City, Lucknow Phase Ia Felix Square (Commercial) 0.16 0.16 0.13 319.7b Santushti Enclave (GHS) 0.36 0.36 0.34 585.07c Celebrity Meadows (GHS) 0.85 0.85 0.41 779.34

2 Sushant Golf City, Lucknow Phase II 22.6 10.12 4.29 2989.493 Esencia, Gurgaon 3.03 2.7 2.22 6872.194 Green Escape, Kundli (GHS) 2.5 2.3 0.98 1580.364 Orchard County, Mohali (GHS) 0.34 0.34 0.02 38.515 Iris Garden, Meerut (GHS) 0.15 0.15 0.08 132.76 Corporate Park, Noida (Commercial) 0.77 0.4 0.11 439.97 Sushant Megapolis, Greater Noida DA 2a Plots 2.41 0.78 0.36 617.2b GHS 5.53 1.23 0.03 60.1

Total 38.7 19.39 8.97 14414.56

Out of 22.43 mn.sq.ft. area sold in FY11, 8.97 mn.sq.ft. area has been sold from new launches


Operational Performance – Q4 & FY11

• Sold an area of ~6.62 mn.sq.ft. in Q4FY11, aggregating to sale value of ~Rs. 6,789 mn

• Total area sold in FY11 increased to ~22.43 mn.sq.ft., aggregating to total sale value of ~Rs. 23,927 mn

• Collected ~Rs. 4,650 mn in Q4FY11, resulting in total collections to ~Rs. 15,265 in FY11

• Significant improvement in Realizations by 37% to ~Rs. 1,067 / sq.ft. in FY11 vs. ~Rs. 777 / sq.ft. in FY10

4967

6920

5251

6789

3.44

7.99

4.38

6.62

1

2

3

4

5

6

7

8

9

2000

3000

4000

5000

6000

7000

8000

Q1FY11 Q2FY11 Q3FY11 Q4FY11

mn.sq.ft.

Rs. m

illion

Saleability

Sale Value Area SoldUttar Pradesh

59%

Haryana34%

Rajasthan4%

Punjab3%

Saleability FY11(mn.sq.ft.)


Operational Performance – Q4 & FY11 (Contd..)

• Haryana & Uttar Pradesh projects contributed significantly to the total sales booked across the asset classes during the year

• Total area sold till FY11 stood at 89.63 mn.sq.ft., aggregating to total sale value of ~ Rs. 76050 mn

• Total collections from the customer on the sales booked till FY11 stood at ~ Rs. 45494 mn

• Delivered ~25.9 mn.sq.ft. from completed projects and ~15 mn.sq.ft. from ongoing projects till FY11

Plots48%

Villas11%

GHS10%

GHS FSI3%

Commercial3%

Commercial FSI10%

Industrial Plot7%

Public Amenities

7%Farms1%

Saleability FY11(mn.sq.ft.)

14691716 1649 1767

2697

3398

4515 4650

200

700

1200

1700

2200

2700

3200

3700

4200

4700

5200

Q1FY10 Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11

Rs. M

illion

Collection TrendQ‐o‐Q


Saleability – State Wise

• During the year, the company has booked ~ 40% of the total sales from new launches across the asset classes especially in the existing townships

• Out of the total sales of ~22.43 mn.sq.ft. booked in FY11, 5.47 mn.sq.ft. was booked from vertical development sales (like GHS, villas & floors) while 16.96 mn.sq.ft. was booked from horizontal development sales (like plots & FSI)

• Out of the total sale value of ~Rs. 23927 booked in FY11, 52% was booked from vertical development sales

3.92 3.79

7.06

13.19

0.622.2

5.31

7.62

0.05 0.190.98

0.860.26

0.440.28 0.76

0

2

4

6

8

10

12

14

Q4FY10 Q4FY11 FY10 FY11

mn.sq.ft.

Area Sold

Uttar Pradesh Haryana Rajasthan Punjab

2,031 3,339

5,524

11,114

548 2,575

3,690

10,805

112 224 1,018

731 227 649

365 1,277

100

2,100

4,100

6,100

8,100

10,100

12,100

Q4FY10 Q4FY11 FY10 FY11

Rs. Million

Sale Value Booked

Uttar Pradesh Haryana Rajasthan Punjab


Saleability – Asset Class Wise

Asset ClassSale Value Booked (Rs. Million)

Q4FY10 Q4FY11 FY10 FY11Plots 578.8 2018.3 2433.7 8253.7Villas 504.7 2227.4 1927.3 6981.1GHS 958.23 635.7 3907.3 4225.3GHS FSI 368.9 96.8 438.2 199.3Commercial 339.5 561.2 893.7 1169.5Commercial FSI 105.7 303.6 105.7 1747.6Industrial Plot 0.3 699.7 669.6 848.2Public Amenities 72.9 175.3 135.6 430.7Farms 0 71.7 86 71.7

Total 2928.9 6789.1 10597 23927

0.92

0.250.62

1.21

0.1 0.16

1.58

2.49

0.94

0.33 0.26 0.38 0.35

1.2

0.51

0.16

0

0.5

1

1.5

2

2.5

3

mn.sq.ft.

Area Sold

Q4FY10 Q4FY11

3.95

0.96

2.79

1.47

0.26 0.16 0.69

3.02

0.33

10.72

2.592.26

0.6 0.62

2.321.58 1.59

0.150

2

4

6

8

10

12

mn.sq.ft.

Area Sold

FY10 FY11


Realizations – Trending Up

Average Realization improved by 69.6% to ~ Rs. 1025 / sq.ft. in Q4FY11 vs. ~ Rs. 604 / sq.ft. in Q4FY10.

Average Realization improved by 37.2% to ~ Rs. 1067 / sq.ft. in FY11 vs. ~ Rs. 777 / sq.ft. in FY10

631

2027

1555

304

3328

651

46

809

2370

1913

368

1459

868

345 466 584

20

520

1020

1520

2020

2520

3020

3520

Plots Villas GHS GHS FSI Commercial Commercial FSI

Industrial Plot

Public Amenities

Farms

Rs. / Sq.Ft.

Average Realization

Q4FY10 Q4FY11

616

2004

1402

297

3440

65145 260

969770

2698

1866

332

1881

753

271466

538

20

520

1020

1520

2020

2520

3020

3520

4020

Plots Villas GHS GHS FSI Commercial Commercial FSI

Industrial Plot

Public Amenities

Farms

Rs. / Sq. Ft.

Average Realization

FY10 FY11

Realizations have started improving as the company is booking fresh sales majorly from the extended phases of its existing townships (19 Integrated Townships) wherein the company gets better realizations on the basis of its potential being witnessed in the development of the 1st phases of the existing townships.

Realization – FY11

Asset ClassMinimum (Rs. / Sq.Ft.)

Maximum (Rs. / Sq.Ft.)

Plots 355 3500Villas 1300 3423Floors 1007 3842GHS 1278 2750GHS FSI 302 420Commercial 1200 7088Commercial FSI 464 2817Industrial Plot 281 1105Public Amenities 193 633


Saleability & Collections

ParticularsQ4FY11 9MFY11

As on Amount (Rs. Mn.) As on Amount (Rs. Mn.)Pending Advances January 1, 2011 28,417 April 1, 2010 21,894Less: Advances collected from Old Sales

Q4FY11

1,675

9MFY11

5,425Pending Advances Old Sales (A) 26,742 16,469New Sales Booked 6,789 17,138Less: Advances collected from New Sales 2,975 5,190Pending Advances New Sales (B) 3,814 11,948Total Pending Advances (A+B) March 31, 2011 30,556 Dec 31, 2010 28,417

27398

41526

52123

76050

41

54

67

90

30

40

50

60

70

80

90

100

20000

30000

40000

50000

60000

70000

80000

Till FY08 Till FY09 Till FY10 Till FY11

mn.sq.ft.

Rs. Million

Cumulative Sales

Sale Value Booked Area Sold

12948

23628

30229

45494

5000

10000

15000

20000

25000

30000

35000

40000

45000

50000

Till FY08 Till FY09 Till FY10 Till FY11

Rs. Million

Cumulative Collections


Indicative New Launches – FY2012

Kundli / SonipatType: Plots, GHS, Shop cum Office ComplexTotal Saleable Area: 0.97 mn.sq.ft.Launch Price*: Rs. 1100 – Rs. 2200 / Sq.Ft.

PanipatType: Plots, Shop cum Office ComplexTotal Saleable Area: 0.62 mn.sq.ft.Launch Price*: Rs. 1100 – Rs. 2200 / Sq.Ft.

KarnalType: Plots, Shop cum Office ComplexTotal Saleable Area: 0.72 mn.sq.ft.Launch Price*: Rs. 1100 – Rs. 1600 / Sq.Ft.

KurukshetraType: Plots, Shop cum Office ComplexTotal Saleable Area: 0.47 mn.sq.ft.Launch Price*: Rs. 1100 – Rs. 1600 / Sq.Ft.

Launch Price*: Prices are indicative only


Indicative New Launches – FY2012 (Contd..)

Sushant Golf City, Lucknow DAVType: Hi‐Tech TownshipTotal Saleable Area: 40 mn.sq.ft.Launch Price*: Rs. 2300 / Sq.Ft.

Esencia Extension, GurgaonType: Integtared TownshipTotal Saleable Area: 5.85 mn.sq.ft.Launch Price*: Rs. 5500 / Sq.Ft.

Sushant Golf City, LucknowType: GHS ‐ GolfTotal Saleable Area: 3.99 mn.sq.ft.Launch Price*: Rs. 3500 / Sq.Ft.

Golf LinksII Sector 116, MohaliType: Integrated TownshipTotal Saleable Area: 2.19 mn.sq.ft.Launch Price*: Rs. 1600 / Sq.Ft.



Fernhil, GurgaonType: GHSTotal Saleable Area: 1.36 mn.sq.ft.Launch Price*: Rs. 2600 / Sq.Ft.

Sushant City, Meerut Phase II ExtensionType: Integrated TownshipTotal Saleable Area: 0.9 mn.sq.ft.Launch Price*: Rs. 1000 / Sq.Ft.

Planning Stage

Indicative New Launches – FY2012 (Contd..)



Major Townships Updates

As on 31st March, 2011

S.No. Township Name LocationProject Size

Saleable Area

Area Released for Sale

Area Sold Sale ValuePending Collections

Acres Mn.Sq.Ft. Mn.Sq.Ft. Mn.Sq.Ft. Rs. Million Rs. Million

1 Sushant Golf City Phase I Lucknow 1765 60.1 39.9 23.64 19094 9980

2 Sushant Golf City Phase II Lucknow 800 22.6 10.1 4.26 2931.9 1821.8

3 Esencia Gurgaon 112 3.1 2.9 2.2 5112.2 2990.6

4 Golf Links – I Sector 114 Mohali 212 6.2 5.5 5.1 4979 2102

5 Sushant Megapolis Greater Noida 2504 77.3 16.9 5.0 5341 3170

6 Sushant Aquapolis Ghaziabad 127 5.0 4.2 1.4 2063 927

7 Green Escape ‐ GHS Sonipat 31 2.47 1.2 0.95 1896.25 1364.6

Out of the total pending collections of ~ Rs. 30556 mn (till FY11) from the ongoing projects, ~73% of

the total is pending from the major townships


Construction Updates

More photos available on www.ansalapi.com

EWS, Lucknow EWS, Lucknow Felix Square, Lucknow Felix Square, Lucknow

Golf Villas, Lucknow Golf Villas, Lucknow Celebrity Greens, Lucknow Celebrity Greens, Lucknow

Celebrity Garden, Lucknow Celebrity Garden, Lucknow Shopping Square, Lucknow Shopping Square, Lucknow


Construction Updates (Contd..)


Esencia, Gurgaon Esencia, Gurgaon Esencia, Gurgaon Esencia, Gurgaon

Galaxy Court, Panipat Galaxy Court, Panipat Fairway Apartment TK, Sushant Megapolis, GreatertNoida

Fairway Apartment TJ, Sushant Megapolis, GreatertNoida

Fairway Apartment TD, Sushant Megapolis, GreatertNoida

Palm Grove, MohaliFairway Apartment TL, Sushant Megapolis, GreatertNoida

Simplex Villas, Karnal

Land Details


Land Reserves

S.No.Particulars

(All figures in Acres)As of 31st Mar. 2010

As of 31st Dec. 2010

As of 31st Mar. 2011

Land Exhausted till 31st Dec. 2010*

Land Exhausted till 31st Mar. 2011*

Net Land Bank /

Reserves as on 31st Mar.

2011

A Acquired or agreed to be acquired 5066 5725 5975

(1006) (1006) 6710B Sole development rights with

APIL 1382 1741 1741

COwned by APIL & land over which APIL has sole development rights (A+B)

6448 7465 7716 (1006) (1006) 6710

D Licensed Land out of (C) 5453 6469 6720 (1006) (1006) 5714

EAllotted or agreed to be allotted from State Govt. or other agencies

1052 923 898 ‐ ‐ 898

FIdentified land forming part of Licensed area (Dadri, Lucknow, Others)

1835 1747 1522 ‐ ‐ 1522

Total (C+E+F) 9335 10136 10136 (1006) (1006) 9130

G Exhaustion of land bank due to delivery in ongoing projects ‐ ‐ ‐ (516) (625)

H Balance Land Reserves (Net) (1522) (1631) 8505

* Calculations of the exhausted area for the townships under development could vary with any changes in the plans or saleable area and the management reserves the right to reclassify the land as exhausted or not yet exhausted


Land Reserves (Contd..)

Particulars As on 31st Dec. 2010 As on 31st Mar. 2011Total Saleable Area

(mn.sq.ft.)Total Saleable Area

(mn.sq.ft.)Ongoing ProjectsOpening Saleable Area 313 313Less: Adjustment for revision in areas (2.0) (2.0)Balance 311 311Add: New Land Reserves 1.5 1.5Balance 312.5 312.5Less: Projects surrendered (included in exhaustion of land bank) (2.1) (2.1)Net Saleable Area before exhaustion of land bank 310.4 310.4

Less: Projects finished and exhausted from land bank (25.9) (25.9)Net Saleable Area after exhaustion of land bank 284.5 284.5Less: Delivery in ongoing projects (13.7) (15.0)Balance saleable area on which the company has economic interest 270.8 269.5

ParticularsTill 31st Dec. 2010 Till 31st Mar. 2011

Area sold (mn.sq.ft.) Area sold (mn.sq.ft.)Area sold 83 89.6Less: Area delivered in completed projects (out of 25.91 mn.sq.ft.

delivered, 3.47 mn.sq.ft. is available as finished goods for sale (22.5) (22.5)

60.5 67.1 Less: Area delivered from ongoing projects (13.7) (15.0)Area sold / yet to be delivered 46.8 52.1


Northern India Presence

Includes land reserve of 300 acres

APIL intends to enter into a JDA for

land parcel in Gurgaon

Punjab

Land Reserves (in acres) 777

% area acquired 95%

Haryana

Land Reserves (in acres) 935 % area acquired 100%

Rajasthan

Land Reserves (in acres) 1,005

% area acquired 100%

NCR

Land Reserves (in acres) 4,400 % area acquired 57%

Uttar Pradesh

Land Reserves (in acres) 3,006

% area acquired 84%

Total

Particulars GrossAfter Project Completion

After Delivery in Ongoing Projects

Land Reserves (in acres) 10136 9130 8505Land Acquired (in acres) 7716 6710 6085 % Area Acquired 76% 73% 72%

NCR constitutes ~43% of the total land reserves


Delivery Details

S.No. Asset ClassAs on December 31, 2010 As on March 31, 2011

Mn.Sq.Ft. Mn.Sq.Ft.1 Residentiala Plots 27.0 28.2b GHS 1.9 1.9c Villas 1.8 1.8

2 Commercial 0.5 0.53 Commercial FSI 0.8 0.84 Retail 0.3 0.35 Others 7.3 7.5

Total 39.6 40.9

• Area has been delivered from the completed townships in Haryana & Rajasthan as well as from ongoing townships in Haryana, Uttar Pradesh, Punjab and Rajasthan

• Area delivered from ongoing townships stood at ~ 15 mn.sq.ft.

• Total area exhausted till FY11 stood at 1631 acres (1006 acres from completed townships and 625 acres from ongoing townships) out of total land reserves of 10136 acres

Plots69%

GHS5%

Villas4%

Commercial1%

Commercial FSI2%

Retail1%

Others18%

Area Delivered (mn.sq.ft.) Till 31st Mar. 2011


Deliverance

Elite Floors, PanipatTHE ROYAL ENTRANCE

Sunshine CounthyKundli, Sonipat

Abhilasha Homes, Jodhpur

Sunshine CounthyKundli, Sonipat

Sushant Royale, Karnal Elite Floors, Karnal



Deliverance (Contd..)

VillaSushant Golf City, Lucknow

Icon Villa, AjmerPalm Grove Villa, Jaipur

VillaGolf Links, Mohali

Dream Home, Ajmer


VillaSushant City, Kurukshetra

Financials


Performance Highlights – Q4 & FY11

Q4FY11 vs. Q4FY10 (Consolidated)

• Net Sales at ~ Rs. 3274 mn vs. ~ Rs. 1908 mn‐‐71.7%

• PAT stood at ~ Rs. 123 mn vs. ~ (Rs. 9 mn)• EBITDA margin at 12.1 % vs. 5.9 % 623 bps• PAT Margin at 3.7% vs. (0.5%)

FY11 vs. FY10 (Consolidated)

• Net Sales stood at ~Rs. 12357 mn vs. ~Rs. 8288mn 49.1 %

• PAT stood at Rs. 1015 mn vs. Rs. 647 mn‐56.8%

• EBITDA margin at 19.3 % vs. 21.6 % 230 bps

• PAT Margin at 7.9% vs. 7.5% 40 bps

1375

2508

1805

3197 32063378

1908

3274

1000

1500

2000

2500

3000

3500

FY10 FY11 FY10 FY11 FY10 FY11 FY10 FY11

Q1 Q2 Q3 Q4

Rs. M

illion

Net Sales

382

758

550

670

820

650

113

402

100

200

300

400

500

600

700

800

900

FY10 FY11 FY10 FY11 FY10 FY11 FY10 FY11

Q1 Q2 Q3 Q4

Rs. M

illion

EBITDA


Performance Highlights – Q4 & FY11 (Contd..)

• Paid tax of ~ Rs. 629 mn during the year. Tax Rate @ 36.8 % in FY11 vs. 32.2% in FY10

• Debt reduced by ~ Rs. 1334 mn in FY11 to ~Rs. 15849 mn

• Average interest cost of debt as on 31st March, 2011 stands at ~14.75%

• D/E ratio stands at 0.97x in FY11 vs. 1.34 in FY10

• Shareholders’ Equity stands at ~ Rs. 16397 mnin FY11 as compared to ~ Rs. 12821 mn in FY10

• ROCE improved to 7.2% in FY11 vs. 5.8% in FY10

• ROE improved 6.2% in FY11 vs. 5.1% in FY10

11.5%

4.8%

5.8% 7.2%

15.8%

2.8%

5.0%

6.2%

1.0%

3.0%

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

17.0%

FY08 FY09 FY10 FY11ROCE ROE

• Continuous improvement in the return ratios over last three years

• Focus on deleveraging the balance sheet by reducing the existing debt and raising funds at project level if required


Funds Raised – FY11

• Successfully raised Rs. 2314 mn through QIP wherein marquee investors like Artha Capital, Indus Capital, HDFC MF, Bajaj Allianz and few other institutional investors invested in the company

• Preferential allotment of Rs. 705 mn to Enam Group

• PE investment of Rs. 720 mn by ICICI Prudential AMC(domestic & foreign investors) in Ghaziabad Township ‘Sushant Aquapolis’ for the construction of the project

• PE investment of Rs. 2000 mn by Red Fort Capital in a separate JV formed to develop an additional 108 acre township adjacent to company’s existing 112 acres township ‘Esencia’ (under developemnt) in Gurgaon

Repaid high cost debt of ~ Rs. 150 mn and balance utilized for operational expenses

Post dilution ENAM & Group holds 5.5% stake in the company

1st tranche of Rs. 250 mn already drawn down

1st tranche of Rs. 550 mn already received


Consolidated Profit & Loss A/C

Particulars Q4FY11 Q4FY10 Q3FY11 FY11 FY10Net Sales 3274.4 1907.6 3378.1 12357.2 8287.8Change (yoy) 71.7% 49.1% 18.2%Other Operating Income 40.5 8.7 93.3 214.1 192.5Total Expenditure 2938.6 1827.4 2824.5 10246.2 6743.2EBITDA 402.4 113.2 646.9 2421.0 1834.6Change (yoy) 255.5% 32.0% 33.8%Margin (%) 12.1% 5.9% 18.6% 19.3% 21.6%Depreciation 26.1 24.3 24.6 96.0 97.5Interest 256.6 252.2 215.5 922.6 1009.7Other Income 43.6 108.6 60.3 306.8 181.1Exceptional Items ‐ 122.2 ‐ ‐ 138.5PBT 163.2 67.5 467.1 1709.2 1047Change (yoy) 141.8% 63.2% 145.6%Tax 27.7 70.6 137.8 628.8 336.9Effective Tax Rate (%) 17.0% 104.6% 29.5% 36.8% 32.2%Minority Interest 12.3 6.1 5.6 65.7 63.0PAT (After Minority Interest) 123.3 (0.92) 323.7 1014.7 647.1Change (yoy) 56.8% 98.9%Margin (%) 3.7% 9.2% 7.9% 7.5%EPS 1.0 (0.03) 2.1 7.7 6.1BVPS ‐ ‐ ‐ 104.2 104.0ROE ‐ ‐ ‐ 6.2% 5.1%ROCE ‐ ‐ ‐ 7.2% 5.8%

Rs. Million


Consolidated Balance Sheet

Particulars As on 31st March 2011 As on 31st March 2010SHAREHOLDERS' FUNDS:(a) Capital 787 615(b) Reserves & Surplus 15610 12205Share Application money 170 170Minority Interest 814 1330Loan Funds 16099 17183Deferred Tax Liability (Net) 21 41

TOTAL 33501 31545APPLICATION OF FUNDSFixed Assets 1246 1243Investments 13 122Deferred Tax Asset (Net) ‐ ‐Current Assets, Loans & Advances(a) Inventories 33179 29343(b) Sundry Debtors 7932 5794(C) Cash & Bank Balances 1242 1081(d) Other Current Assets 157 2(e) Loans & Advances 12766 12735Less: Current Liabilities & Provisions(a) Liabilities 22350 18430(b) Provisions 684 344Miscellaneous Expenses (Not written off / adjusted) 0.4 0.3

TOTAL 33501 31544.5

Rs. Million


Debt Position

Particulars Amount

Gross opening Debt (As on April 1, 2010) 17,183Add: Fresh Disbursements during FY11 3,226Less: Repaid during FY11 4,560Gross Debt (As on March 31, 2011) 15,849Less: Cash & Bank Balances 1,242Net Debt (As on 31st March, 2011) 14,607

Rs. Million

Average Cost of Debt 14.75 %

0.50

0.99

1.20

1.34

0.97

0.30

0.50

0.70

0.90

1.10

1.30

1.50

500

2500

4500

6500

8500

10500

12500

14500

16500

18500

FY07 FY08 FY09 FY10 FY11

Rs. Million

Debt Equity Cash D/E

Project Term Loan54%

Corporate Loan23%

CC / OD10%

NCD5%

CD / OCD3%

Others5%

Debt Profile


Growth Strategy

• Northern India Focus: Continue to focus on high growth markets in NCR and in other states of Northern India

• Asset Monetization: It will involve liquidation of current finished inventory and finished stock to raise capital to be deployed in the operations

• Sale of Non Core business/assets: Company intends to liquidate its non core assets or slow moving investments to reduce debts

• Township Extension: Extension of existing townships located in the cities of Northen India like Gurgaon, Lucknow, Sonipat, Panipat etc. to increase returns through economies of scale

• Joint Developments: Work in collaboration for new projects to avoid huge deployment of funds in land aggregation and channelize the collections for debt reduction and development works

• Equity Partners: Company strategy to work with equity partners to increase scale and mitigate risk without affecting the development intent / rights of Ansal API

• Infrastructure company: Substitution of real estate loans with infrastructure debt to avail longer repayments at a lower interest rate and tax incentives


FY2012 Guidance….

Operational

• Sales booking of ~16 mn.sq.ft. ‐ 18 mn.sq.ft. expected across various projects and various asset classes

• Average Realization expected to increase to ~Rs. 1300 / sq.ft. ‐ Rs. 1400 / sq.ft.• Collections from the customers are expected to increase to ~ Rs. 20000 mn• Expected delivery to be ~ 7mn.sq.ft. ‐ 8 mn.sq.ft.

Financial

• Turnover is expected to be ~Rs. 15000 mn ‐ Rs. 15500 mn and PAT is expected to be ~Rs. 1750 mn

• EBITDA margin expected to increase to ~ 25%

Balance Sheet

• Debt is expected to reduce by ~Rs. 3500 mn ‐ Rs. 4000 mn and the interest cost is expected to reduce to ~ Rs. 2000 mn per annum. The guidance on this aspect will be revised as the year goes by

• Inflows from Private Equity expected to be ~Rs. 1920 mn from the concluded transactions


Projects Summary – Asset Class Wise

S.No. Project Name

Total Saleable GROSS BEFORE AREA SHARING

Area Released for Sale

Area sold till 31.03.2011

(including Third party shares)

Sale Value of Area sold till 31.03.2011

Cash received till 31.03.2011

Pending Collections

till 31.03.2011

Total Cost incurred till 31.03.2011

including land cost

Cost to be spent on area released and Sold till

31.03.2011

(in Mn Sq Fts) (in Mn Sq Fts) In Sq Fts (Rs. Mn) (Rs. Mn) (Rs. Mn) (Rs. Mn) (Rs. Mn)1 Residential

Plotted 97.24 78.95 54.16 29,630 22,040 7,590 20,815 3,139 Villas, Bungalows 19.45 9.54 5.70 10,356 5,963 4,393 4,588 3,404 Floors 8.45 4.12 1.35 3,879 993 2,886 1,570 1,349 EWS 1.10 0.50 0.16 6 5 1 640 0

‐ ‐ ‐Group Housing 62.72 22.67 9.60 17,339 7,558 9,781 13,011 8,189 Group Housing FSI 14.85 6.05 4.32 3,498 2,402 1,096 1,813 151

203.82 121.82 75.29 64,708 38,961 25,747 42,436 16,232 2 Commercial

Commercial / Retail 25.41 5.1 1.36 4,661 3,151 1,510 5,114 738 Commercial FSI 29.81 12.3 3.31 2,481 1,391 1,090 2,874 77

55.2 17.4 4.7 7,142 4,542 2,600 7,988 815 3 Industrial

Industrial 25.13 3.7 2.96 2,518 835 1,683 1,938 312 25.1 3.7 3.0 2,518 835 1,683 1,938 312

4 Education / MedicalEducation / Medical 21.50 8.9 5.74 1,008 832 176 2,154 47

21.5 8.9 5.7 1,008 832 176 2,154 47 5 Others

Others 8.38 4.6 0.65 674 324 350 1,241 193 8.4 4.6 0.7 674 324 350 1,241 193

Grand total 312.55 156.4 89.31 76,050 45,494 30,556 55,758 17,599

Thank You

Investor Relations

Floor 1, 115, Ansal Bhawan, 16, K.G.Marg, New Delhi ‐ 110001 IndiaWork: +91 11 663038561 / 663038334 Facsimile: +91 11 66302873Email: [email protected]: www.ansalapi.com

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