Ashiana Housing Ltd

- Ashiana Housing plans to raise funds mainly through debentures or loans. - They have a Rs. 225 crore investment platform tied up with IFC for some projects. - Approval has been taken to raise secured debentures, similar to earlier ICICI-approved debentures. - Construction finance may be utilized but will be a small part; most funding will be for land acquisition. - Fundraising will be done as and when required for land acquisitions. - Operating cash flows are strong, with over Rs. 150 crores of pre-tax cash flows from current projects in H1 FY25. - No specific equity fundraising was mentioned; focus is on debt instruments and internal cash flows.

- Ashiana Housing Limited is looking to deploy capital in Bhiwadi by acquiring land for at least one new project. - The company has recently done land deals in Jaipur (expected closure early next quarter) and Bangalore (CPs expected mid next quarter). - Bangalore is a new market for Ashiana, with a launch expected in 12-18 months due to setting up approvals, sales offices, and show flats. - No active ongoing negotiations for new land in Gurgaon due to expensive land prices; focus is on other neighborhoods with commercial viability. - The capital required for land acquisition will be raised as needed, mainly through loans, debentures, and a tied-up Rs. 225 crore platform with IFC. - Construction finance is planned to be a small part of funding. - The company will continue to use a mix of outright land purchases and joint development agreements (JDA) depending on risk appetite and returns.

- FY25 revenue expected around Rs. 700-750 crores, rising to about Rs. 1,100 crores in FY26 and Rs. 1,700 crores in FY27 (Page 14). - Pre-sales guidance maintained at Rs. 2,000 crores for FY25 (Page 4, 10). - Volume growth anticipated through project deliveries, including Ashiana Amarah, Nitara, Ekansh, Swarang, Amodh Phase-2, and Tarang in H2 FY25 (Page 7). - Profit margins to improve from about 9% in FY25 to 12%-13% in FY26, expanding to approximately 20% from FY27 onwards (Page 10, 11, 14). - Bhiwadi market outlook positive with consistent inventory clearance and plans to acquire new land for future projects (Page 15). - Bangalore project launch expected in 12-18 months, signaling geographical expansion (Page 7, 11). - Continued focus on senior living and new market entries like Jaipur, Bhiwadi to sustain growth (Page 9, 14).

- FY25 revenues expected around Rs. 700-750 crores; rising to Rs. 1,100 crores in FY26 and Rs. 1,700 crores in FY27 (Page 14). - EBITDA margins projected to increase from about 9% in FY25 to 12%-13% in FY26, expanding further to around 20% by FY27 (Pages 10 & 14). - Profit margins anticipated to grow from approximately 9% PAT in FY25 to low teens (~12%-13%) in FY26 and 20% net profit margin from FY27 onwards (Pages 10 & 11). - Operating cash flows remain strong with Rs. 150+ crores pre-tax cash flows in H1 FY25 (Page 10). - Cumulative profits of about Rs. 2,000 crores expected from ongoing and future projects over FY24-30 (Page 14). - Growth driven by scale-up, higher priced projects, and margin expansion from new project deliveries (Pages 10, 11, 14).

- Ashiana Housing Limited's expected revenues (orderbook) by financial year (slide 16 reference): - FY25: Rs. 700-750 crores - FY26: About Rs. 1,100 crores - FY27: Around Rs. 1,700 crores - The company expects to generate about Rs. 2,000 crores of profits cumulatively from ongoing and future projects (excluding land deals) from April 2024 to March 2030. - Pre-sales guidance for FY25 remains at Rs. 2,000 crores. - Inventory includes completed projects with decreasing unsold stock: - Ashiana Town inventory expected to be cleared in next 3-4 quarters. - Ashiana Surbhi inventory to be cleared thereafter. - Some inventory from Lavasa worth Rs. 50 crores remains unsold and unresolved. - The majority of inventory pending sale is from newer projects at Bhiwadi (Ashiana Town, Ashiana Surbhi).