IGI Logo

Robust performance; double-digit growth across key metrics

Operational performance

4QFY25

* Presales rose 14% YoY/7% QoQ to INR48.1b (2.8% below our estimate).

* Volumes grew 8% YoY/7% QoQ to 3.6msf (2.1% above our estimate).

* Launched projects with saleable area of 3.4msf with GDV of INR33b across seven projects.

* Collections were up 26% YoY/3% QoQ at INR 44.4b (20% above our estimate).

* OCF increased 13% YoY to INR23.2b.

* Two new projects were added in Pune with total GDV of INR43b, bringing the total number of Pune projects to nine.

* Net debt reduced by INR3.2b to INR39.9b (vs. INR43.1b in 3QFY25), with net D/E of 0.20x.

* Credit rating was upgraded to AA (Stable) by Crisil and India Ratings.

FY25

* Presales grew 21% YoY to INR176.3b (0.8% below our estimate and 1% above guidance of INR175b). FY26 presales are guided at INR210b.

* Volumes were up 10% YoY at 12.5msf (0.6% above our estimate).

* Launched 9.8msf with GDV of INR137b across micro-markets (30% of presales from new launches) and guided for 13.1msf with GDV of INR188b across 17 projects for FY26.

* Collections were up 29% YOY at INR144.9b (5.4% above our estimate).

* LODHA also reported 26% YoY growth in OCF to INR65.3b, aided by healthy collections. OCF for FY26 is guided at INR77b.

* 10 new projects were added (excluding digital infra projects) with INR237b of GDV across MMR, Bengaluru and Pune, surpassing its full-year guidance of INR210b. For digital infra, LODHA added two locations in NCR and Chennai and acquired JV stake in the existing platform. FY26 business development (BD) is guided at INR250b.

* India Ratings upgraded LODHA’s credit rating to IND AA/(Stable).

* Among key markets, South & Central, Extended Eastern Suburbs, Pune and Western Suburbs were major contributors to presales growth.

* Acquired two new land parcels in NCR (33acres) and Chennai (45acres).

* Declared a final dividend of INR4.25 for FY25.

Financial performance

4QFY25

* Revenue stood at INR42b, up 5% YoY/3% QoQ (1% below estimate).

* EBITDA (excl. other income) was up 17% YoY and down 7% QoQ at INR12b (36% above our estimate). Reported EBITDA margin improved by 285bp YoY to 29%. According to management, the embedded EBITDA margin for presales stood at ~32%. Adjusted EBITDA (excluding interest charge-off and capitalized interest) stood at INR14.6b, with a margin of 34.6%.

* Adjusted PAT came in at INR9.2b, up 37% YoY and down 2% QoQ (2.6x above estimates), with a margin of 22%.

FY25

* Revenue came in at INR138b, up 34% YoY (in line with estimates).

* EBITDA (excl. other income) rose 49% YoY to INR40b (9% above our estimate). Reported EBITDA margin improved by 300bp YoY to 29%. According to management, the embedded EBITDA margin for presales stood at ~33%. Adjusted EBITDA (excluding interest charge-off and capitalized interest) stood at INR49.6b, with a margin of 36.1%.

* Adjusted PAT came in at INR27.6b, up 70% YoY (26% above estimate), with a margin of 20%.

For More Research Reports : Click Here 

For More Motilal Oswal Securities Ltd Disclaimer
http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html
SEBI Registration number is INH000000412