Valor Estate (533160) Q4 20/21 earnings summary

Executive summary

• FY21 was severely disrupted by COVID-19 and lockdowns; activity and project progress improved in H2, but full-year sales and consolidated revenue remained subdued.

• Consolidated net loss was ₹16,684.86 lakh; standalone PAT of ₹8,905.95 lakh included an exceptional ₹18,067.75 lakh gain on sale of an associate investment.

Financial highlights

• Consolidated revenue from operations was ₹2,455.77 lakh vs ₹16,918.71 lakh YoY; total income was ₹13,157.13 lakh vs ₹28,638.41 lakh.

• Consolidated loss before exceptional items and tax was ₹31,677.57 lakh; exceptional items were a loss of ₹17,567.63 lakh, and loss after tax was ₹16,684.86 lakh.

• Standalone revenue from operations was ₹18.48 lakh vs ₹45.93 lakh; PAT was ₹8,905.95 lakh vs a ₹14,563.27 lakh loss, including the one-time investment-sale gain.

• Consolidated total assets increased to ₹73,448.38 million from ₹66,973.50 million; current liabilities rose to ₹45,229.77 million from ₹38,290.00 million.

Outlook and guidance

• FY22 sales momentum was expected to improve through proposed launches under JV and joint-development models; project launches were expected to strengthen the revenue outlook.

• Construction at DB (BKC) Realtors and Turf Estate JV projects was expected to commence in the next financial year, subject to remaining approvals and commencement certificates.

• Liquidity plans included restructuring existing loans, monetizing non-core assets, and mobilizing additional funds to meet obligations and support continued operations.