Introduction
Crest Ventures Ltd was established on October 16, 1982, in Kolkata, West Bengal. The company, promoted by Pannalal Bengani, Motilal Sharma, and Vijay Singh Dugar, initially operated in the trading of synthetic yarns and fabrics. In 1993, it diversified into financial activities, focusing on housing development and finance, lease financing, hire-purchase, and investment in bonds and properties. Today, the company operates in three primary segments: Investment in Businesses, Credit Business, and Real Estate Development.
Incorporated in the year 1982, Crest Ventures Ltd, formerly known as Sharyans Resources Limited, is a company that adheres to best practices for the strategic allocation of capital and resources across diverse asset classes to achieve superior returns, with a strong focus on risk management and capital preservation.
Headquartered in Mumbai, India, Crest Ventures Limited is a Non-Banking Finance Company (NBFC) registered with The Reserve Bank of India (RBI) and is listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The company operates under three verticals: Financial Services, Investments, and Real Estate, with a diversified portfolio spanning various asset classes and geographies.
Crest’s investment and credit portfolio encompasses both early-stage and mature businesses across private and public markets. The company is dedicated to identifying high-growth potential ventures with forward-looking strategies and a clear ability to execute. Crest focuses on building long-term value in these businesses by establishing synergistic partnerships and ensuring effective resource allocation.
With a legacy spanning over 30 years, Crest Ventures has built a robust track record of developing large, successful businesses in the Financial Services sector. These businesses include investment banking, share registry, equity brokerage, retail distribution of financial products, fixed income, and derivatives through joint ventures and partnerships with leading global players.
In the Real Estate sector, Crest Ventures focuses on developing high-quality residential and commercial assets with a keen emphasis on design, planning, and execution. The company balances profitability and asset building to generate rental revenues, optimizing returns for all stakeholders. Crest has successfully developed over 12 million square feet across Mumbai, Chennai, Kolkata, and Raipur.
The company signed a Memorandum of Understanding (MoU) with Kalpataru Construction Overseas and J Henry Schroders Bank, Switzerland, for technical assistance and cooperation. In December 1993, it issued shares at a premium of Rs 5 to finance its expansion into housing development and finance. Subsequently, Crest partnered with Kalpataru Homes to execute a large commercial-cum-residential complex in Panvel.
In 1995-96, the company successfully executed a rights issue of 3,510,000 shares of Rs 10 each for cash at a premium of Rs 25 per share, raising substantial funds for its expansion. In 2007, Crest established a 100% subsidiary, Tamarind Tours Private Limited, to offer travel and related services. A notable achievement in the real estate domain came in 2012-13, with the opening of the Phoenix Market City Mall in Velachery, Chennai.
In 2013-14, Crest Ventures acquired Fortune Financial Services (India) Limited (FFSL), becoming one of its promoters. The company’s subsidiary, ITI Securities Limited, merged with ITI Capital Holdings Private Limited through a Composite Scheme of Amalgamation, effective April 1, 2014. The merged entity, ITI Capital Holdings, subsequently merged with Crest Ventures on April 2, 2014.
During 2016-17, Crest Ventures incorporated Crest Capital and Investment Private Limited as a wholly owned subsidiary on September 16, 2016. The company increased its stake in Escort Developers Private Limited from 50% to 100% on March 31, 2017, making it a wholly owned subsidiary. In 2017-18, Crest acquired an additional 10% stake in Crest Wealth Management Private Limited and, in 2018-19, increased its stake in Crest Finserv Limited from 52% to 100%, making both entities wholly owned subsidiaries. In 2019-20, the company acquired a 21% stake in TBOF Foods Private Limited, making TBOF Foods an associate.
In May 2022, Crest Ventures and its wholly owned subsidiary, Escort Developers Private Limited, sold their entire stake (38,49,058 equity shares, constituting 50% of the paid-up equity share capital) in Classic Mall Development Company Limited (CMDCL) to The Phoenix Mills Limited for an aggregate consideration of Rs 936 crore. Consequently, CMDCL ceased to be an associate of Crest Ventures as of May 5, 2022.
Furthermore, Crest Ventures expanded its portfolio by acquiring new subsidiaries in 2022. Mane Green Private Limited became a subsidiary on August 16, Crest Habitat Private Limited on August 25, and Crest Corner Private Limited on August 29, 2022.
Crest Ventures continues to strengthen its position in the industry with a diversified and forward-thinking approach, focusing on sustained growth and value creation for its stakeholders across its three key business segments.
Group companies
Crest’s group companies include a diverse range of financial services and investment entities, each focused on delivering specialized solutions in their respective markets, contributing to the overall growth and success of the group.
Crest Finserv Limited
Crest Finserv Limited (formerly Tullett Prebon India Limited) is an inter-dealer broker operating in Wholesale Debt Markets, Foreign Exchange Markets, Interest Rate Swaps, and Currency Options. The company has also been a significant participant in mutual fund distribution.
Tullett Prebon India Limited was a joint venture between Crest Ventures Limited and Prebon Holdings B.V. of the Netherlands for 19 years. In 2018, Crest Ventures acquired Prebon Holdings B.V.’s 48% stake, becoming the dominant shareholder with a 99.99% stake as of July 25, 2018.
Website: http://www.crestfinserv.com
Crest Capital And Investment Private Limited
Crest Capital And Investment Private Limited (CCAIPL) is an RBI-registered NBFC, incorporated on September 16, 2016. A wholly owned subsidiary of Crest Ventures Limited, CCAIPL aims to become a leading financial services provider, specializing in Fixed Income Securities Markets, with a focus on serving Provident Funds and Pension Funds.
Business Products
Real Estate Projects
Crest Park
Location: Military Containment, Bani Park, Jaipur, Rajasthan 302032
Area: 4,18,176 sq.ft
Type: Ongoing Residential Project
Overview: Crest Park is a luxurious gated community offering premium plots with world-class amenities, designed for modern royals. Located near regal landmarks and prestigious hotels, it provides an exclusive opportunity to create your legacy in a prime setting.
One Crest, Chennai
Location: Old No. 19A, New No. 113, Khader Nawaz Khan Road, Nungambakkam High Rd, Chennai
Area: 2.1 lakh sq.ft.
Type: Completed Residential Project
Overview:
One Crest offers luxury apartments with modern amenities in the heart of Chennai. Featuring 15,000 sq.ft. of landscaped gardens, a terrace-level clubhouse, gym, and pool, it provides a serene escape amidst the city’s vibrant energy.
Design Hotel
Location: Phoenix Market City, Velachery Rd, Chennai
Area: 26 rooms
Type: Completed Commercial Project
Overview:
Design Hotel Chennai is a boutique hotel located within Phoenix Marketcity. It blends modern international design with South Indian traditions, offering 26 opulent rooms themed around Form, Effect, Minimalism, and Maximalism.
Crest Towers
Location: Nehru Nagar, Velachery, Chennai
Area: 5.1 lakh sq.ft
Type: Completed Residential Project
Overview:
Crest Towers features luxurious 3, 4 & 5 BHK apartments designed by renowned architects Benoy. Located above Phoenix Marketcity, it offers ample natural light and stunning views of Chennai.
Crest Mukta
Location: Off Link Road, Andheri West, Mumbai
Area: 1 lakh sq.ft
Type: Completed Commercial Project
Overview:
Crest Mukta is a premium commercial property in Andheri West, leased to top multinationals including Turner International, Cult Fit, and Bombay Cocktail Bar.
Crest Link
Location: Linking Road, Khar West, Mumbai
Area: 35,000 sq.ft
Type: Ongoing Commercial and Residential Project
Overview:
Crest Link offers thoughtfully designed apartments with best-in-class features, located in the upscale Khar West neighborhood with excellent city connectivity.
Crest Oaks
Location: Marol, Andheri (East), Mumbai
Area: 1,04,000 sq.ft
Type: Ongoing Residential Project
Overview:
Crest Oaks offers spacious apartments in a serene location, surrounded by greenery in Marol. The project blends comfort, convenience, and luxury, fostering a sense of community.
Crest Parkview
Location: 28th Road, Bandra West, Mumbai
Area: 13,500 sq.ft
Type: Ongoing Residential Project
Overview:
Crest Parkview is a peaceful residential development overlooking Guru Nanak Park in Bandra West, providing easy access to schools, restaurants, and shopping in one of Mumbai’s most sought-after neighborhoods.
Crest Greens – Phase 1
Location: Kota Road, Raipur
Area: 32 acres
Type: Completed Township Project
Overview:
Crest Greens is a 52-acre lifestyle project inspired by New York’s Central Park. The development offers world-class infrastructure, lush greenery, and a 40,000 sq.ft clubhouse, creating a serene and secure community in the heart of Raipur.
UPCOMING PROJECTS
- CREST GREENS (PHASE 2 & 3) PROJECT PALI HILL
- CREST DADAR
- CREST ASHOKA
- PROJECT BANDRA COMMERCIAL
Financial Vertical
Debt Market Broking
Crest Ventures has been providing intermediary services in Government Securities and Corporate Bond markets for over 20 years. Its clientele includes some of the world’s largest banks, mutual funds, financial institutions, corporate treasuries, provident funds, investment banks, family offices, and foreign portfolio investors. The company also assists Foreign Portfolio Investors in obtaining investment limits in government and corporate bonds.
The Integrated Derivatives Desk specializes in Interest Rate Swaps and Currency Options, placing Crest Ventures among the top brokers in this sector. As an approved Foreign Exchange Broker with more than two decades of experience in Inter-Bank Foreign Exchange Markets, the company offers broking services in USD/INR swaps, Long Term Forwards (LTFX), and Outright Forward Segments.
Mutual Funds Distribution
Since 2001, Crest Ventures has been a key mobilizer of funds for large mutual funds. Its AMFI-certified sales team serves institutional investors, corporate clients, and high-net-worth individuals. The company also distributes third-party products such as PMS, AIFs, fixed deposits, corporate bonds, and IPOs.
Special Situations and Credit
Crest Ventures participates in special situations by offering structured debt and equity solutions to help companies unlock debt capacity and drive growth initiatives. The company seeks attractive investments in businesses with untapped growth potential and tailors its capital investment structures based on specific company or transaction needs.
Investments Vertical
Crest Ventures invests in and partners with world-class teams and leaders, playing a pivotal role in unlocking their growth potential. With over 30 years of experience, Crest focuses on creating long-term value by deploying flexible capital in both private and public markets.
At Crest, the focus is on partnering with passionate founders and innovative teams tackling real-world challenges. Crest actively supports their growth by providing access to business development opportunities, industry experts, cutting-edge technologies, and established processes.
Crest maintains a strategy of investing in a concentrated portfolio of high-quality businesses, aiming for superior, risk-adjusted returns over the long term. With a history of successful investments and exits, Crest continues to foster long-term value for its companies, shareholders, and community.
The Crest Approach
Crest Ventures takes a value-driven, bottom-up investment approach, seeking companies with experienced founders, strong unit economics, and scalable business models in high-growth sectors. The firm focuses on both private and public markets, identifying opportunities in businesses with robust fundamentals and visionary leadership.
Key Metrics
– 30+ Years of Experience
– 27.75% IRR (since 2004)
– 6 Successful Exits
Financials
For Q1FY25
- Net sales rose to Rs. 77.36 crore in June 2024, marking a 149.24% increase from Rs. 31.04 crore in June 2023.
- Quarterly net profit surged to Rs. 49.26 crore in June 2024, up 741.55% from Rs. 5.85 crore in June 2023.
- EBITDA reached Rs. 67.44 crore in June 2024, a 290.73% growth from Rs. 17.26 crore in June 2023.
- Crest Ventures’ EPS increased significantly to Rs. 17.47 in June 2024 from Rs. 2.08 in June 2023.
For the year ended March 24
- For the fiscal year ending in March 2024, Crest Ventures reported sales of Rs. 184 crore, which represents a significant decrease of 71.74% compared to Rs. 651 crore in March 2023.
- Operating profit dropped sharply by 81.21%, down from Rs. 580 crore in March 2023 to Rs. 109 crore in March 2024.
- The company’s operating profit margin (OPM) declined from 89% in March 2023 to 60% in March 2024.
- Profit before tax saw a steep decline, falling from Rs. 573 crore in March 2023 to Rs. 83 crore in March 2024, a reduction of 85.51%.
- Net profit stood at Rs. 62 crore in March 2024, down 84.34% from Rs. 396 crore in March 2023.
- Over the last 5 years, sales grew at a 29% CAGR, profits at 6%.
- Over the past 3 years, sales and profits exhibited even more impressive growth, with sales growing at 50% CAGR and profits at 172%.
- Company has debt to equity ratio of 0.19 with total debt of 205 crores.
- However company has cash and equivalents of 104 crores with sizeable amount investments in shares and securities along with much of its investments in liquid mutual fund schemes.
In 2024, there was no income reported under the category “Net Gain on Derecognition of Financial Instruments under Cost Category,” whereas in 2023, it contributed a significant Rs. 54,725.77 lakh to the company’s revenue. This represents a complete elimination of this revenue stream, which had been a major contributor to the overall revenue in the previous year. The absence of this income in 2024 is the primary reason for the substantial decline in the company’s topline revenue compared to the previous year. Without this large one-time gain, the total revenue fell sharply, reflecting the impact of this loss on the company’s financial performance.
Bifurcation of the Revenue for more clarity
For the year ended 31st March 2024, Crest Ventures reported total revenue from operations of Rs. 18,361.44 lakh, a significant decline compared to Rs. 65,054.53 lakh in the previous year, marking a decrease of 71.76%. The breakdown of revenue sources is as follows:
1. Interest Income: The interest income increased substantially to Rs. 10,550.79 lakh from Rs. 5,899.14 lakh in the previous year, reflecting an increase of 78.88%.
2. Net Gain on Derecognition of Financial Instruments under Cost Category: In 2024, there was no reported income under this category, whereas in 2023, it contributed Rs. 54,725.77 lakh. This represents a complete decline in this revenue stream.
3. Net Gain on Previously Held Equity Interest in Associate: For 2024, this income stood at Rs. 21.88 lakh, which was not present in the previous year’s financials.
4. Net Gain on Fair Value Changes: The company reported Rs. 790.62 lakh in 2024, up by 43.48% from Rs. 550.76 lakh in 2023.
5. Dividend Income: Dividend income saw a notable increase, reaching Rs. 89.07 lakh in 2024, compared to Rs. 48.54 lakh in 2023, a growth of 83.52%.
6. Income from Securities Trading: Revenue from securities trading grew by 38.57%, rising from Rs. 336.78 lakh in 2023 to Rs. 466.86 lakh in 2024.
7. License Fees: License fees declined marginally, with Rs. 259.05 lakh recorded in 2024 compared to Rs. 282.31 lakh in 2023, a decrease of 8.24%.
8. Real Estate and Related Services: The revenue from real estate and related services experienced a significant increase of 427.96%, climbing from Rs. 738.63 lakh in 2023 to Rs. 3,900.88 lakh in 2024.
9. Financial and Related Services: This segment saw a decrease, with income dropping from Rs. 2,180.07 lakh in 2023 to Rs. 2,036.94 lakh in 2024, a reduction of 6.57%.
10. Sale of Products: Income from product sales also saw a decline, falling by 16.15% from Rs. 292.53 lakh in 2023 to Rs. 245.35 lakh in 2024.
The total income for the year ended 31st March 2024, including other income of Rs. 38.57 lakh, amounted to Rs. 18,400.01 lakh, significantly lower than the total income of Rs. 65,085.15 lakh in 2023, marking a 71.72% decline. This significant decrease was largely driven by the absence of the major revenue source from the derecognition of financial instruments under the cost category, which had contributed a substantial amount in the previous year. However, certain segments, such as interest income, fair value changes, and real estate services, demonstrated strong growth.
Management’s comments
As per the management, FY 2023-24 was a year of significant growth for Crest Ventures Limited. After selling its stake in Classic Mall Development Company (Phoenix Marketcity, Chennai), the company expanded into new markets and diversified its portfolio, creating a more balanced business model.
In the Real Estate vertical, Crest leveraged its strengths in planning and capital management to secure key projects in cities like Mumbai, Jaipur, Chennai, and Raipur. Strategic partnerships in Mumbai helped the company efficiently secure projects, while top talent was hired to manage the growing pipeline, especially in the luxury residential segment.
In Financial Services, Investments, and Credit, Crest delivered consistent profits, with its debt broking division expanding into GIFT City. A strong credit book supported real estate project financing, ensuring timely execution and solid returns.
The company emphasized the importance of its workforce, launching initiatives focused on employee engagement and development. Looking ahead, Crest aims to execute its project pipeline efficiently while maintaining financial discipline.
Sectorial Outlook
Real Estate Sector Outlook
The Indian real estate market was valued at US$ 265.18 billion in 2023 and is projected to reach US$ 1 trillion by 2030. Housing sales in India’s top seven cities surged by 31% in 2023, driven by increased disposable incomes, urbanization, and growing demand for luxury properties, especially among millennials and Gen Z.
Technological advancements, such as AI and IoT, are transforming the sector, while regulatory reforms like RERA have improved transparency and boosted investor confidence. Government initiatives, including PMAY, are further promoting affordable housing.
However, the sector faces challenges such as rising construction costs, land acquisition difficulties, and project delays. Despite these, the demand for spacious, sustainable, and luxury apartments is expected to continue growing, supported by strong GDP growth and government policies.
The outlook for 2024-25 remains positive, with anticipated peaks in housing sales and new project launches, particularly in major cities like Mumbai, where redevelopment projects are key to addressing housing shortages.
Financial Services and Investments Outlook
In FY 2023-24, the Reserve Bank of India’s balanced monetary policy and regulatory reforms improved financial stability and investor confidence. Digitalization fueled rapid growth in digital payments and online banking, though challenges like cybersecurity and compliance remain.
Private market investments faced volatility, with a 33% drop in deals and 11% reduction in value. However, infrastructure, real estate, and healthcare saw growth, while PE/VC exits reached record highs. The Indian capital market surged by 30%, with strong foreign portfolio inflows and robust IPO activity.
Looking ahead, India’s financial outlook is positive, driven by strong GDP growth, FPI inflows, and emerging sectors like renewable energy and infrastructure. The launch of a new broking unit in GIFT City presents further opportunities, and Crest Ventures is positioned to capitalize on these trends in the evolving financial landscape.
Conclusion
Crest Ventures, a 30+ year-old company engaged in real estate, financial services, and investments, has achieved remarkable growth and diversification. Over the years, the company has expanded its footprint across key markets in India, developed marquee real estate projects, and built a strong portfolio in the financial sector. With strategic partnerships, efficient capital management, and successful forays into new markets, Crest has maintained its resilience and adaptability. The company’s focus on delivering high-quality projects and leveraging emerging opportunities in digitalization and financial markets further strengthens its position. These achievements make Crest Ventures a company worth exploring for its future potential.