Lodha Developers Ltd

- No explicit mention of new fundraising through debt or equity in the provided transcript. - Focus is on reducing existing debt below the ceiling of 1x operating cash flow and 0.5x equity. - Emphasis on maintaining the strongest balance sheet and consistent debt reduction. - FY24 capex planned at INR ~2,500 crores for growth projects, likely funded through operating cash flows. - No indication of fresh equity raise; primary and secondary capital raises were done earlier. - Plans to continue divesting UK assets and fully exit international exposure to focus investments solely in India. - Strong cash flow generation allows investment in growth while reducing debt, suggesting internal accrual funding rather than fresh fundraising.

- For FY24, the construction expenditure is expected to be around INR 4,500 crores. - Growth capex, including new projects and already signed projects coming up in the year, is estimated at approximately INR 2,500 crores. - Total investment into land for the current year is about INR 2,500 crores, covering new land acquisitions and partner shares for joint development agreements (JDAs). - JDAs typically require investment between 5% and 10% of GDV, whereas outright land purchases require about 20% of GDV. - The company aims to add sufficient land each year equivalent to likely sales for the next year, targeting land acquisition in the INR17,000-17,500 crores range. - Strategic investment focus includes building high-quality annuity assets and expanding digital infrastructure platforms in partnership with Bain Capital and Ivanhoe Cambridge. - The firm plans to continue prudent deal signing and launches with consistency and selectivity.

- Fiscal 24 sales guidance is about INR 14,500 crores, with business development guidance targeting at least INR 17,500 crores in FY24, indicating a 20% compounded growth in sales for FY25. - Pre-sales growth target is 20% for fiscal 24, with an expected rise to INR 21,000 crores by fiscal 26. - Sales growth is expected mainly from Mumbai and Pune, with Bangalore contributing INR 700-1,000 crores through two planned launches in FY24. - The business expects consistent growth driven by new launches, under-construction projects, and ready-to-move-in sales, each contributing roughly 30% to sales. - Average annual completions are projected at 6-7.5 million sq ft for next two years, impacting revenue recognition. - Despite mortgage rate headwinds, demand remains robust, with increased customer visits and improved conversion rates supporting growth. - A mature business stage is targeted by 2028, positioning for potential REIT or similar exit.

- EBITDA margin guidance for FY24 is around 30%, despite increasing contribution from newer, lower-margin Joint Development Agreement (JDA) projects. - Expect strong growth in pre-sales: 20% growth forecast for FY24, aiming for INR 21,000 crores by FY26. - Return on Equity (ROE) projected to improve from 16%+ in FY23 to nearly 20% in FY24. - Operating Cash Flow (OCF) growth slightly lower than sales growth due to strategic retention of high-quality annuity assets. - Net annuity income target set at INR 500 crores by FY26 and INR 1,500 crores by decade-end, supporting stable earnings. - Consistent sales momentum across ready-to-move-in, under-construction, and new launches (~30% each). - Future EPS growth supported by steady cash flow generation, debt reduction, and dividend payouts beginning FY23 with INR 2 per share.

The transcript provided does not explicitly mention the current or expected order book or pending orders for Macrotech Developers Limited. However, relevant points related to business outlook and sales are: - FY23 sales: Approximately INR 11,400 crores driven by strong fundamentals. - Guidance: Medium-term target of 20% CAGR in sales with strong growth drivers. - Consistent sales mix: Around 30-35% ready-to-move-in, 30% under construction, and 30% new launches. - High customer engagement: Over 115,000 customer visits across 33 sites with a 7.5% conversion rate. - Active launches: Two launches planned in Bangalore at two different locations this year. - Strong pipeline: Significant deal flow and opportunities in JDAs and own land banks. - Operating cash flow: Approx. INR 5,660 crores with substantial reinvestment and debt reduction. No specific numbers were given for order book size or pending orders.