Valor Estate (533160) Q4 22/23 earnings summary

Executive summary

• FY23 consolidated revenue rose to Rs 69,823.96 lacs from Rs 21,943.42 lacs; consolidated net loss was Rs 9,000.64 lacs versus profit of Rs 2,178.14 lacs in FY22.

• Capital raising, lender settlements and proposed asset monetisations supported a deleveraging plan; management targeted becoming debt-free in FY24.

Financial highlights

• Consolidated total income was Rs 80,725.32 lacs versus Rs 26,650.85 lacs; total expenses were Rs 147,098.70 lacs versus Rs 58,059.43 lacs.

• Consolidated loss before tax was Rs 6,053.32 lacs, including a one-time Rs 57,500 lacs gain from a lender settlement; FY22 PBT was profit of Rs 14,249.71 lacs.

• Consolidated EPS was (Rs 2.94) versus Rs 1.11; consolidated operating cash flow was positive at Rs 9,633.79 lacs versus an outflow of Rs 26,661.87 lacs.

• Standalone revenue from operations was Rs 358.04 lacs versus Rs 385.48 lacs; PAT was Rs 3,517.11 lacs versus a loss of Rs 7,514.34 lacs, including exceptional items in FY22.

Outlook and guidance

• Management targeted a debt-free balance sheet in FY24 through equity raising and asset monetisation, while maintaining low leverage and pursuing joint ventures and joint development agreements.

• Residential demand was expected to remain robust in FY24; launches through branded developers and proposed JV/JDA projects were expected to support future sales momentum and revenue.

• Ten BKC was scheduled for possession in June 2024; DB Ozone’s MahaRERA completion timeline was extended to December 2024.