Arvind SmartSpaces Limited — Investor Presentation 2021

Sep 7, 2021

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www.arvindsmartspaces.com

7[th] September, 2021

To,

BSE Limited

Listing Dept. / Dept. of Corporate Services, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001.

To,

National Stock Exchange of India Limited

Listing Dept., Exchange Plaza, 5[th] Floor, Plot No. C/1, G. Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051.

Security Code: 539301 Security ID : ARVSMART

Symbol: ARVSMART

Dear Sir/Madam,

Sub: Corporate Presentation and Strategic Outlook - September, 2021.

We are attaching herewith the Corporate Presentation and Strategic Outlook - September, 2021.

You are requested to take note of the above and bring this to the notice of all concerned.

Thanking you,

Yours faithfully,

For Arvind SmartSpaces Limited

Digitally signed by PRAKASH PRAKASH BHOGIBHAI MAKWANA DN: c=IN, o=Personal, postalCode=380054, st=GUJARAT, serialNumber=f671636d730236e61 BHOGIBHAI 30372670caf2fed14ae5a679f1a6cdd 0d5b8f5cff020509, cn=PRAKASH BHOGIBHAI MAKWANA MAKWANA Date: 2021.09.07 20:30:46 +05'30'

Prakash Makwana Company Secretary

Arvind SmartSpaces Limited Regd. Office: 24, Government Servant Society, Near Municipal Market, Off C. G. Road, Navrangpura, Ahmedabad, 3800 009, India Tel.: +91 79 68267000 Fax.: +91 79 68267021 CIN: L45201GJ2008PLC055771

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Arvind SmartSpaces Corporate Presentation and Strategic Outlook Sep 7, 2021

Overview | Arvind Smartspaces

Company profile

 One of the fastest growing real estate developer in the listed space

• Ahmedabad-based real estate developer, commenced operations in 2009

• Operates largely in Ahmedabad and Bangalore, has forayed into Pune

• Experienced in diverse real estate products such as townships, plotting, affordable & mid-priced housing, commercial real estate, industrial shed and luxury villas

• 10 projects delivered till date aggregating to ~3.8mn sq ft and ~14.9 mn sq ft under development across 10 projects

• Strong Financial performance with 5 year CAGR in Topline @ 28% and Bottomline @ 30% upto FY20

• Long Term Credit Rating A- /Stable from India Ratings

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Ongoing and upcoming projects

Project classification

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6%
Residential
Commercial
94%
8%
23% Luxury
Mid-market
Affordable
69%
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Commercial

Mid-market

The Journey so far

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First project acquisition under HDFC partnership platform
2021
Preferential capital infusion by MD& CEO
2021
Sales crosses Rs. 500 Cr+ mark inspite of Covid-19 disruption
2020
Commencement of our first project under DM model – Forreste
2019
Strategic partnership with HDFC Capital Advisors for long term platform funding
2019
Entered Pune market (Arvind Elan)
2018
Infusion of funds by Promoter and Promoter Group
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2018
2017
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Won “Prestigious Brand of Asia” in real estate at The Global Business Symposium, Dubai Delivered first project in Bangalore – Arvind Expansia

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2016
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2016
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Uplands won ”Integrated Township of the Year – India” in ABP News Real Estate Awards Infusion of funds by Promoter and Promoter Group

Listed on NSE and BSE through demerger of real estate business from Arvind Ltd

2015

Completed Projects

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Skylands Sporcia Expansia Alcove
Megatrade MegaEstate MegaPark Citadel
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Ongoing Projects

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Fresh Bookings – MIS Sales

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FRESH BOOKINGS RS. CR
600
529
500
400
CAGR 49%
286
300 277
200
113
91
100 73
0
FY16 FY17 FY18 FY19 FY20 FY21
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600

500

400

300

200

100 0

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Key Trends

Unrecognised Revenue

Fresh Sales

Net Debt

Unrecognised Revenue (INR Cr)

Net Interest bearing funds (INR Cr)

Fresh Sales Rs. Cr

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900
250
529 800 762 217
700 200
612 170
161
600
477 150 138
500
277 286
400 344 91 94
289 100
300
212
113
73 91 200 50
100
0 0
FY16 FY17 FY18 FY19 FY20 FY21 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
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• Net Debt does not include OCD of Rs. 29 Cr issued to HDFC Capital Affordable Real Estate Fund – 1 (15 years tenure) under strategic partnership

Financial Snapshot

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Revenue
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Operating Income

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PAT
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EBIDTA (Rs. Cr)
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PAT (Rs. Cr)
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Revenue from Operations (INR Cr.)
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100
89 45
350 90 39
299 40
80
300 70
262
70 65 35 30 31
250
202 60 30
200 50 44 25
160 41 21
149 37
150 116 40 20 17
87 30 25 15
100 11
20 10 9
50
10
5
- - 0
FY15 FY16 FY17 FY18 FY19 FY20 FY21
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY15 FY16 FY17 FY18 FY19 FY20 FY21
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• Financial performance is based on applicable accounting standards wherein the revenue recognition is based on transfer of control with Project completion and satisfaction of performance obligation.

Debt Profile and Lenders

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Amount in Rs. Cr	30-Jun-2020	31-Mar-2021	30-Jun-2021
Gross Debt*	232	177	147
Net Interest bearing funds	217	138	76
Net Interest bearing funds to Equity	0.76	0.46	0.25

• Net Interest bearing funds comes down by Rs. 62 Cr in a quarter ( 45% reduction )

• The above statement does not include OCD of Rs. 50 Cr issued to HDFC Capital Affordable Real Estate Fund -1 (15 years tenure) for joint project in Bangalore

• Net Interest bearing funds is netted off with Short term Loans and Advances given to third parties to optimize Cash flow mismatch

• Out of Rs. 147 Cr Gross Debt – Rs. 13 Cr is due within a year and Rs. 134 Cr more than one year

• Net Interest bearing funds for Mar-21 has been reinstated for like to like comparison

Note : * The numbers for Gross Debt and Net Debt may appear different in financials basis the reporting as per accounting standards.

Lenders

HDFC Ltd., SBM Bank India Ltd., Arka Fincap Ltd. and TATA Capital Financial Services Ltd.

Performance of Scrip (since Listing)

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500
450
400
350
300
250
200
150
100
50
0
BSE Sensex Index BSE Realty Index ASL Index
Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21
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Note :

Closing levels of Sensex and Realty Index as on Aug 31, 2015 was 26,283 and 1,261 respectively, the same have been indexed to 100. For Arvind SmartSpaces Limited, the Listed closing price as on Aug 31, 2015 of Rs. 45.85 is indexed to 100.

Board of Directors

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Mr. Sanjay S. Lalbhai
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Chairman & Non-Executive Director And Promoter

Mr. Kamal Singal Managing Director & CEO

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Mr. Kulin S. Lalbhai Non-Executive Director

Mr. Pratul Shroff Independent Director

Ms. Pallavi Vyas Independent Director

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Mr. Nirav Shah Independent Director

Mr. Prem Prakash Pangotra

Independent Director

Shareholding Pattern (%)

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58.66%, Promoter and Promoter Group 0.03%, Foreign Institutional Investors(FIIs) 0.00%, Mutual Funds 1.64%, Insurance Companies 39.67%, Public	Category	**31-Dec-2021 **	**31-Mar-2021 **	30-Jun-2021
	Promoter and Promoter Group	58.66%	58.66%	56.88%
	Foreign Institutional Investors(FIIs)	0.03%	0.03%	0.05%
	Mutual Funds	0.00%	0.00%	0.00%
	Insurance Companies	3.73%	1.64%	0.31%
	Public	37.58%	39.67%	42.76%
	Number of Shareholders as on Jun 30, 2021: 111,419

Awards & Recognition

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13

Awards & Accolades 2021

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Strategic Pillars of Growth

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1 2 3 4 5
Leveraging Brand Low Financial / Conservative Risk Innovative / Customer-
Asset light, Low Capex
Arvind Operating Leverage profile centric products
1 Land as Raw Material, no Land Bank. Focus on JD/JV. Focus on Residential projects (low Capex requirement)
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2

Leverage Arvind’s Brand Equity. Focus on end use customer. Expand in mini-metros like Ahmedabad, Bangalore and Pune

3

Optimum D/E ratio, Maintain operation efficiency with lower working capital requirements. Lean organization structure with outsourcing of non-core.

Focus on end-consumption. Steady and cautious geographical expansion with reasonable critical mass. Conservative Legal and Technical Due diligence

Set industry benchmark in Product design and innovation. Partner with best in class agencies. Use technology for best in class customer experience

4

5

Strategic Initiatives

Focus on Horizontal Development

 Steps taken

• Successful New launches

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• Forreste, 135 acre township with state of art villas with potential topline of Rs. 500 – 600 Cr

Long term value creation

Low investment in construction

Less Operating leverage

Brand Equity

  - Phase 1, 2 and 3 sold successfully. Launched Phase 4.

• High Grove & phase 2 of High Grove in name of ‘Chirping Woods’; projects measuring ~ 5.8 mil sq ft launched

• Land acquisition completed ~75% for the new project in Bangalore under strategic partnership with HDFC

• Clear focus on execution and completion of existing projects to recover time lost during Covid-19

• Present in all three segments of horizontal development; luxury, mid-priced and affordable with large land parcels in each segment

• Clear focus on optimizing media mix and project promotions – significantly optimized expenses and achieved higher efficiency and sales

• Consolidated the Brand ‘Arvind’ and built further on the success of Uplands

Strategic Initiatives

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• 2016 – Preferential capital infusion by Promoters Rs. 51 Cr

Capital Infusion

• 2018 – Preferential capital infusion by Promoters Rs. 53 Cr

• 2021 – Preferential capital infusion by MD & CEO Rs. 29 Cr (Warrants issued)

Investment Strategy – going forward

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No Land Banking
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Limited Geogrpahical
expansion
- Stick to deeper penetration in
existing markets
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Continue focus of
Residential segement
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Medium term focus on Land
oriented Horizontal products
- Lower Working capital and
operating leverage
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Judicious mix of LTVC (Long term
Value creation)
-
Investing in comparatively larger
Lands with less construction and
development cost
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New Project at Bangalore under HDFC platform

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Project acquisition Plan (more than 50 acres Land) ~38 acres Land already Project acquired; estimated preBalance in tax IRR ~30 % process Expected Launch – Q4FY22 or Q1FY23

HDFC Platform

• Original Platform created for Rs. 250 Cr (Rs. 200 Cr by HDFC and Rs. 50 Cr by Arvind)

• Revised Platform with HDFC investment of Rs. 50 Cr (OCD already issued to HDFC)

• Project acquisition at Devanahalli, Bangalore initiated for 50 acres of Land; already acquired 38 acres

Great potential / opportunity to double the size to 100 acres subject to Land availability and Title Clearance

Investment Strategy – going forward

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• Project in Devanahalli under acquisition under HDFC platform

• Explore more acquisition of Land under the Project

• Explore new Greenfield projects in outskirts of Bangalore like Devanahalli, Kamenahalli, Sarjapur Road etc.

• Explore more markets for both Horizontal and Vertical projects

• Leveraging existing successful projects - launch of Phase 2 of HighGrove in form of Chirping - Explore options to add more Woods Inventory to Township schemes like Uplands and Forreste; - Explore further acquisition of subject to regulatory approvals Land in the vicinity to increase and availability of viable Land the Project size by 20-30% subject to availability, title clearance & regulatory approvals - Target pre-tax IRR 25% (EBITDA level)

Judicious mix of Capital

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•
Equity Planned Investment in the next 12-
infusion
Internal 24 months to build Fresh pipeline is
Accruals between Rs. 400 – 500 Cr with a
judicious mix of Debt, Equity and
Internal accruals
Debt
including
Platform
• Tentative Topline potential of Rs.
funding
1500-2000 Cr with planned EBITDA
margin of 25-30%
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Optimal Capital Structure being planned

Looking Ahead

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Fresh Sales Financials
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Profitability
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Topline of Rs. 149 Cr in EBITDA margins @ 27%
Rs. 529 Cr during FY21
FY21 for FY21
Accounting revenue may
vary y-o-y based on
Target more than Rs.
EBITDA margins expected
Project completion;
1000 Cr by FY25 to remain in a similar
eventually will follow
(CAGR ~20%) range
Fresh Sales and hence
20% CAGR
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Projects Annexure

Projects Synopsis – June 30, 2021

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Geography	Project Completion (%) Saleable Area (sq. ft.) Area Sold to date (sq. ft.) Inventory (sq. ft.) Booking Value (INR Cr) Revenue Recognized (INR Cr) Realization (INR/sq. ft.)
Ahmedabad	HighGrove 10 5,168,182 1,666,711 35,01,471 148 - 887
	Uplands 90 3,192,901 2,676,280 5,16,622 422 252 1,575
	Uplands Two 10 1,112,742 446,364 6,66,378 100 - 2,242
	ChirpingWoods 632,407 277,011 3,55,396 27 958
	Forreste** 15 2,972,443 1,813,653 11,58,789 239 7 1,315
	Aavishkaar 80 545,524 280,248 2,65,276 73 - 2,595
	Alcove 100 1,032,660 984,150 48,510 25 25 251
	Megapark 100 501,222 461,484 39,738 27 26 575
	Parishkaar 100 915,809 915,809 - 254 254 2,776
	Citadel 100 101,859 101,859 - 55 55 5,407
	Megatrade 100 82,526 72,318 10,208 29 29 4,075
	Megaestate 100 59,180 23,115 36,065 7 7 3,228
Bengaluru	Oasis 60 547,428 333,391 2,14,037 170 - 5,091
	Sporcia 100 501,265 497,502 3,763 233 233 4,689
	Skylands 100 491,111 403,497 87,614 213 200 5,278
	Edge 30 168,224 57,939 1,10,285 36 - 6,250
	Expansia 100 140,276 138,384 1,892 74 74 5,337
	BelAir 35 469,620 96,425 3,73,195 52 - 5,378
Pune	Elan 25 134,952 31,472 1,03,480 24 - 7,574
	TOTAL 18,770,331 11,277,612 7,492,719 2,206 1,161

**Forreste Revenue recognition for Arvind SmartSpaces would be equivalent to DM Fees only.

Uplands

Nasmed Village, Gandhi Nagar Premium golf based township

• Location:

• Product:

• Project Size: 180 Villas (Phase I)

• Deal Structure: Joint Development

• Architect:

Woods Bagot

9 Hole Executive Golf Course 3 Clubs (Golf Square, Zen Square, Fun Square) Premium Concierge Services Disney® themed kids bedroom Personal Swimming Pool, Gym, Home Theatre - Optional

• Features:

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Uplands

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Uplands ClubHouse

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Skylands

Jakkur Road, Shivanahalii,Bengaluru

• Location:

High rise Residential Apartments

• Product:

• Project Size: 417 Units

• Deal Structure: Outright Purchase

• Architect:

Apurva Amin Sky lounge on terrace Jogging track on terrace Open café on terrace Star gazing deck on terrace Club House with Indoor & Outdoor Sports Amenities

• Features:

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Skylands

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Aavishkaar

• Location : Naroda Road, Ahmedabad

• Product : Affordable Residential Apartments

• Project Size : 574 Units

• Deal Structure : Development Agreement

• Rera Number : PR/GJ/AHMEDABAD/AHMEDABAD CITY/AUDA/RAA02798/A1R/110219

• Architect : Vitan (Jagrut & Partners LLP)

• Features : Gated community & CCTV camera Central Landscape area Outdoor & Indoor Gym Yoga & Multipurpose room Jogging pathway/track

• Children’s splash pool & sports facilities

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Aavishkaar

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Model Flat

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Actual Construction Images

Oasis

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• Location : Tumkur Road, Bengaluru

• Product : 2 and 3 BHK Residential Apartments

• Project Size : 452 units

• Deal Structure : Outright Purchase

• Rera Number : PRM/KA/RERA/1251/309/PR/180425/ 001543

• Architect : Apurva Amin

• Features : Aqua Center

Terrace café

Central Landscape Area

Senior Citizen’s Nook

Indoor Gym & Steam room Sports facilities like Cricket pitch, Basketball post & Badminton

BelAir

• Location : New Town Road Yelahanka, Bengaluru

• Product : 2, 2.5 &3 BHK Residential Apartments

• Project Size : 334 units

• Deal Structure : Outright Purchase

• Rera Number : PRM/KA/RERA/1251/472/PR/200515/ 003406

• Features : Cantilevered Sky Club

Vaastu Compliant Water Management Solutions Kids Play Area

Swimming Pool Indoor Gym

Smart Amenities – Smart switches, Wifi enabled CCTV, Keyless smartlock, Car parking with electrical charging point

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Elan

: Kothrud Road, Pune

• Location

: High rise Residential Apartments

• Product

• Project Size : 81 Units

• Deal Structure : Development Agreement

• Rera Number : P52100018613

• Features : Landscape Walkway

Club Terrace Café Sitting Outdoor & Indoor Gym

Fully equipped Home Theatre room State of art Security System Kids Play Area, Basketball, Splash Pool CCTV, Intercom Facility

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The Edge

• Location : Tumkur Road, Bengaluru

• Product : Commercial & Retail Space

• Project Size : 130 Units

• Deal Structure : Outright Purchase

• Rera Number : PRM/KA/RERA/1251/309/PR/190823/ 002822

• Features : Common Conference Room Theatre/Auditorium Modern Cafetaria

Gymnasium CCTV, Intercom Facility Parking & Automatic Elevators

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Highgrove

: Moti Devti, Sanand, Ahmedabad

• Location

: Weekend Homes - Plots

• Product

• Project Size

: 814 Units

• Deal Structure : Joint Development

• Architect:

: Woods Bagot

: 9 Hole Executive Golf Course Clubhouse powered by SMAAASH, which is perfected by Sachin Tendulkar Bowling Alley Golf Promenade

• Features

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Ahmedabad’s biggest shallow water lily pond spread over 3 acres

Forreste

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• Location : Racharda Khatraj Road, Ahmedabad

: Premium Land Oriented Villa Scheme

• Product

• Project Size : 250+ Units

• Deal Structure : DM

• Rera Number : PR/GJ/GHANDINAGAR/GHANDINAGAR/ AUDA/RAA06788/A2R/291020

• Architect : InHouse

• Features : Lounge with Seating & Library

Café & Restaurant

Banquet Hall & Kids Zone Gymnasium

Multimedia Theatre Sports amenities like Badminton,

Tennis & Basketball Court, Skating Rink

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Thank You

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Arvind SmartSpaces Ltd (CIN: L45201GJ2008PLC055771)

Investor Relations:

Registered & Corporate Office: 24, Govt. Servant’s Society, Adj. Municipal Market, C. G. Road, Ahmedabad- 380009 Tel: +91 79 68267000 www.arvindsmartspaces.com

Ankit Jain Chief Financial Officer Email: ankit.jain@arvind.in Prakash Makwana Company Secretary Email: prakash.makwana@arvind.in Jagdish Dalal Investor Relations Email: jagdish.dalal@arvind.in

Disclaimer:

The information in this presentation contains certain forward‐looking statements. These include statements regarding outlook on future development schedules, business plans and expectations of Capital expenditures. These statements are based on current expectations that involve a Number of risks and uncertainties which could cause actual results to differ from those anticipated by the Company.