Prozone Realty (PROZONER) — concall transcript

📢 Key Event
Q4FY20 earnings call transcript with management commentary on pandemic impact and future plans

🔄 What Changed
EBITDA margin improved to 81.5% in Q4FY20 from 68.2% in Q4FY19; full-year EBITDA margin rose to 80.6% from 64.4%; cash profit after tax plus depreciation fell to ₹292 million from ₹405 million

🔮 What's Next
Reopening of malls expected post July 31, with recovery anticipated by October Diwali; ongoing tenant negotiations for rental waivers; construction resumed at Coimbatore residential project with 50% labor retention

💡 Investor Takeaway
Shareholders should note that while financial performance declined due to lockdowns, management is proactively managing tenant relationships and preparing for a phased recovery, with mall reopenings expected by October and residential project progress dependent on market demand.

Prozone Intu Properties reported Q4FY20 revenue of ₹224 million versus ₹318 million in Q4FY19, with full-year revenue at ₹1,052 million versus ₹1,338 million. EBITDA margin improved to 81.5% in Q4FY20 from 68.2% in Q4FY19, and full-year EBITDA margin rose to 80.6% from 64.4%. Cash profit after tax plus depreciation declined to ₹292 million from ₹405 million in FY19. Management highlighted extended lockdowns in Maharashtra and Tamil Nadu delaying mall reopenings beyond July 31, with cautious optimism for recovery by October Diwali. They are managing tenant waivers through individual negotiations, potentially adjusting revenue share or deferring rent. Construction resumed at the Coimbatore residential project with 50% labor retention and 20+ sales closed, though only 15% of inventory sold and 15% cash collected. They secured moratoriums saving ~₹38 crores across projects and noted stalled mall construction pending financial closure.

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About Prozone Realty Ltd (PROZONER)

Services · Miscellaneous · Listed on BSE

Market Cap: ₹798.57 Cr P/E: 69.8 ROE: 3.3% ROCE: 3.0%

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"What specific rental waiver terms are being negotiated with tenants post-lockdown?" "When exactly do you expect malls in Maharashtra and Tamil Nadu to reopen?" "What is the projected timeline for full resumption of residential sales in Coimbatore?"

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🔥 Also filed on 31 March 2020

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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