IGI Logo

Strong presales driven by the uber luxury segment

Collections to improve once execution ramps up

Operational performance

* SRIN reported presales of INR6.35b in 3QFY25, up 40% YoY (in line with our estimate of INR6.5b). The growth was driven by the 66% contribution from the uber luxury and 19% contribution from the premium luxury segments.

* During 9MFY25, the company achieved presales of INR16.61b, up 34% YoY, fueled by the strong traction in uber and premium luxury projects. SRIN achieved 66% of the total presales guidance for FY25 (at INR25b).

* Collections declined 23% YoY to INR3.36b for 3QFY25. The company achieved INR9.45b (flat) collections for 9MFY25. The collection efficiency stood at 57%.

* Net operating cashflow surplus for the company was INR3.12b for 9MFY25.

* The net debt-to-equity ratio stood at zero, with a net cash surplus of INR610m at the end of 3QFY25.

* SRIN added the Nepean Sea project-2 with a total GDV of INR24b, which translated into a total GDV of INR54b for the said project.

P&L highlights

* Revenue jumped ~4x YoY to INR1.6b, while it was 54% below our estimate. For 9MFY24, SRIN reported revenue of INR6.5b, which surged 369% YoY.

* The company reported EBITDA of INR484m vs. a loss of INR148m in 3QFY24. EBITDA margin came in at 29.9% (vs. 22.1% in 2QFY25). For 9MFY25, it reported an EBITDA of INR1.2b compared to a loss of INR364m for 9MFY24.

* For 3QFY25, Adj. PAT stood at INR425m vs. net loss of INR97m in 3QFY24. For 9MFY25, Adj. PAT came in at INR1b against a loss of INR300m for 9MFY24.

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