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Arihant Super.Q3 FY24

Arihant Super. Q3 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹214P/E: 23.7Market Cap: ₹945 CrSector: Realty

Management growth scorecard

Revenue

Category 2

Margin

Category 1

Fundraise

Yes

Order

N/A

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2
  • The company plans to achieve a 25% CAGR in revenue from FY23 across all verticals.
  • For FY25:
  • - Target pre-sales of around ₹1,300 crore.
  • - Expect OC (Occupational Certificate) for major projects like Arihant Aalishan, Arihant Aspire, Arihant Anaika 5, and Arihant Aloki.
  • - Significant deliveries and inventory release anticipated, aiding revenue recognition.
  • - Key contributors include Arihant Advika, Aspire, World Villas, Avanti, Adarsh, Anaika 7, and Aaradhya.
  • FY26 pre-sales expected to grow around ₹1,600-1,700 crore, boosted by infrastructure developments like the Navi Mumbai Airport opening.
  • Sales guidance for FY24 Q4 anticipates closing at ₹1,000 crore.
  • Villa projects like World Villas offer higher IRR and margins compared to typical projects.
  • The company is focused on expanding its land bank strategically to sustain growth.

See what Arihant Super. management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes
  • The company expects to add some more debt in the next 5 to 9 months to fund new projects and acquisitions.
  • Debt is anticipated to increase by around ₹125 crores from current levels to support business expansion.
  • Repayments of existing debt (e.g., ICICI Ventures ₹45 crores and Tata Capital via escrow mechanism) are underway and expected to be managed smoothly through operating cash flows.
  • No specific mention of new equity fundraising was made in the transcript.
  • The company prefers to fund growth through debt to acquire best lands and develop projects rather than land banking.
  • Overall, debt is planned to increase short-term for growth but will be serviced steadily with anticipated cash flows from ongoing projects.

See what Arihant Super. management said on order book — free account, 30 seconds.

Capex plans

Yes
  • Arihant Superstructures plans capital investment in expanding its project portfolio, including projects like Arihant Anaika 7, Arihant World Villas, and Arihant Avanti at Shilphata.
  • Commencement certificates are awaited for Arihant World Villas, Arihant Avanti, and Arihant Anaika 7, expected by Q4 FY24, enabling launch and construction activities.
  • The company is investing around Rs. 250 crore to build a 2 lakh sq ft gymkhana and a 221-key hotel at Panvel, anticipating a 15% IRR on this investment.
  • New project launches and expansions (e.g., additional land for Arihant Aspire adding 5 lakh sq ft and ~Rs. 350 crore revenue potential) indicate ongoing strategic investments.
  • Debt is expected to increase by approx. Rs. 125 crores to fund acquisitions and projects, with a focus on sustainable growth and project completion to generate cash flows for debt repayment.
  • The company is selective in land acquisition, focusing mostly on purchases rather than long-term land banking, and prefers JV/JDA models for high-cost land parcels.

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Margin guidance

Category 1
  • The company plans to achieve a 25% CAGR in revenue from FY23 across all verticals (Page 14).
  • Pre-sales targets: ₹1,300 crore in FY25 and ₹1,600-1,700 crore in FY26, driven by key projects like Arihant Advika, Aspire, and others (Page 11).
  • EBITDA margin expected to increase to 25%-30% over the next few years, improving profitability (Page 6).
  • Earnings growth indicated by 7.3% revenue and 13% EBITDA growth YoY in 9 months FY24 vs FY23, with PAT growing 11.3% YoY (Page 3).
  • Profit after tax maintained around ₹15-16 crore quarterly, reflecting steady performance (Page 3).
  • Debt to increase modestly to fund expansion but supported by healthy cash flows from ongoing projects (Page 12).
  • Delivery of OCs for major projects in FY25 expected to support revenue recognition and profit (Page 14).

Order book

  • The company is targeting a 25% CAGR from FY23 numbers across all verticals.
  • FY25 is expected to witness substantial deliveries, including:
  • - Arihant Aalishan
  • - Arihant Aspire
  • - Arihant Anaika 5 at Taloja
  • - Arihant Aloki
  • - Partial OCs expected for Arihant Anmol at Badlapur and Aalishan 1 building.
  • OC timeline:
  • - H1 FY25: Completion expected for Aalishan.
  • - H2 FY25: Aspire and Anaika 5 are expected to get OCs.
  • The company’s sales booking for Q3 FY24 was 483 units worth ₹251 crores.
  • Pre-sales targets:
  • - FY24 expected to close at ₹1,000 crores.
  • - FY25 targeted at ₹1,300 crores; FY26 projected at ₹1,600–1700 crores.
  • Major contributors to FY25 and FY26 sales include Arihant Advika (₹200 crore estimated for FY25), Arihant Aspire (~₹200 crore), World Villas, Arihant Avanti, Arihant Adarsh, Arihant Anaika 7, and Aaradhya projects.

How does Arihant Super. rank vs peers in Realty?

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