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Highest quarterly bookings; achieves 93% of the guided BD

* Operational performance

* LODHA achieved 3QFY25 bookings of INR45b (2% lower than the estimate), up 32% YoY.

* Among key markets, South & Central, Extended Eastern Suburbs, and Western Suburbs outperformed with ~2x YoY growth in pre-sales.

* It launched 2.7msf of projects in 3Q across MMR and Pune worth INR42b.

* Another large land deal was executed in Palava at INR210m/acre (achieved more than the guided data center deals at INR200m/acre in Q2FY25).

* Cash flow performance

* Collections increased 66% YoY to INR43b. LODHA also reported a 135% YoY growth in OCF to INR24.2b, aided by healthy collections from completed projects with higher margins.

* Additionally, LODHA added one new project in Bengaluru worth INR28b. With this, it added a total of eight new projects in 9MFY25, achieving ~93% of FY25 business development guidance of 210b. The company added projects worth INR195b across MMR, Pune, and Bangalore in 9MFY25.

* The company has acquired 33 acres of land in NCR for warehousing.

* However, it reported a decline in net debt to INR43.2b (vs. 49.2b in 2QFY25), with a net D/E of 0.22x.

* Financial performance

* LODHA reported revenue of INR41b, up 39% YoY (5% above estimate).

* EBITDA (excl. other income) rose 48% YoY to INR13b, 27% above our estimate. Reported EBITDA margin expanded 186bp YoY to 32%. According to the management, the embedded EBITDA margin for presales stood at ~35%/~34% for Q3FY25/9MFY25. Adjusted EBITDA (excluding interest charge-off and capitalized interest) stood at INR16b, with a margin of 40%.

* Adjusted PAT came in at INR9.4b, up 65% YoY, with a margin of 23%.

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