Realty firm Nirlon announced Q1FY23 Result : Barclays renewed approx. 94,000 sq.ft. of its space due for renewal/expiry in FY23 Anunta renewed approx. 13,000 sq.ft. of its space due for renewal/expiry in FY23. Growth Source licensed an additional approx. 5,000 sq.ft. at NKP; F&B; operators renewed approx. 1,600 sq.ft. at NKP and two parties licensed approx. 3,200 sq.ft. (Nirlon’s 75% share) at Nirlon House. As on 30 June 2022, approx. 90,000 sq.ft. area was vacant. Of this vacant area, the Company has signed an LOI for approx. 37,000 sq.ft. Cultfit (support services - gym operator) has given notice to vacate approx. 6,000 sq.ft. in September 22. Total secured debt facility sanctioned by HSBC is 1230 cr. which includes an OD facility. Debt outstanding as on 30 June 2022 from HSBC Bank was Rs. 1150 cr. Crisil has assigned ‘CRISIL AA+/Stable’ rating to this facility. The financials for Q1-FY23 have significant variations from Q4 FY22 due to the following key changes: One Time Expenses incurred in Q1-FY23 of Rs. 2507 lakhs on account of refinancing of the Company’s loan included in Finance Cost and an additional Rs. 86 lakhs included in Other Expenses. Other Expenses also include: CSR expenses of Rs. 342 lakhs for the full FY 23 provided in Q1 FY23 as per statutory requirements Marketing Fees of Rs. 350 lakhs for a renewal which is entirely charged to P&L; (due to no lock-in), as against other renewals where Marketing Fees are amortized over the lock-in period of the license. To maintain flexibility for any future restructuring opportunities, the Company continues under the old Tax Regime as the decision to change to the new tax regime is irrevocable. Result PDF
Realty firm Nirlon declares Q4FY22 result: Q4-FY22 Financial Highlights: INR 1,377 Mn Total Income INR 1,135 Mn EBITDA 82.43% EBITDA Margin INR 554 Mn INR 371 Mn 26.94% PAT Margin FY22 Financial Highlights: INR 3,867 Mn Total Income INR 1,901 Mn PBT INR 3,002 Mn EBITDA INR 1,108 Mn PAT 77.63% EBITDA Margin 28.65% PAT Margin Result PDF
Realty firm Nirlon declares Q3FY22 result: The entire Term Loan is from HDFC Ltd. and is secured by a mortgage on NKP. The undrawn limit is available for drawdown, notwithstanding the Covid-19 crisis. Interest is being serviced for the entire loan on a monthly basis. The company enjoys a principal repayment moratorium on the entire debt till FY 2022-23 or Phase V completion, post which the debt is proposed to be converted into an EMI repayment, with a tenure of 84 months. Cost of debt was reduced to 6.5% p.a. w.e.f. 16 December 2021. The outstanding debt as on 31 December 2021 was INR 1,030 Cr. The Company’s total debt post completion of Phase V is expected to be approx. 1,200 cr. Q3-FY22 Financial Highlights: INR 929 Mn Total Income INR 745 Mn EBITDA 80.19% EBITDA Margin INR 521 Mn PBT INR 135 Mn PBT 14.53% PAT Margin 9M-FY22 Financial Highlights: INR 2,491 Mn Total Income INR 1,867 Mn EBITDA 74.95% EBITDA Margin INR 1,347 Mn PBT INR 738 Mn PAT 29.63% PAT Margin Result PDF
Conference Call with Nirlon Management and Analysts on Q2FY22 Performance and Outlook. Listen to the full earnings transcript.