Any current/future new fundraising through debt or equity?

No explicit mention of new fundraising through debt or equity in the provided transcript. The company highlighted a strong balance sheet with net debt at Rs 4,300 crores and a conservative debt-to-equity ratio of 0.24 times. Credit rating upgraded to AA Minus with Positive Outlook by CRISIL, reflecting strong financial health. Operating cash flow is expected to accelerate in the second half of the fiscal year, targeting Rs 65 billion for the full year. Focus appears to be on robust cash flow generation and efficient capital allocation rather than raising new funds currently. The company contin

Any current/future capex/capital investment/strategic investment?

Macrotech Developers has significantly ramped up construction spending this quarter, with further acceleration expected in the second half of FY25, supporting operating cash flow guidance of ~₹65 billion for the year. They invested about ₹18 billion this quarter, largely attributable to the ₹111 billion GDV added through business development; additional spend will continue as projects progress. Business development remains robust with a mix of joint development agreements (JDA) and outright land acquisitions, targeting a sales mix of approximately 60% owned land and 40% JDA lands. The company

Future growth expectations in sales/revenue/volumes?

The company targets a 20% year-on-year growth in pre-sales for the full year FY'25, aiming for Rs 17,500 crores. Growth drivers include 6-7% from price increases, 3-4% from volume growth at existing locations, and 10-15% from new locations, with around five new projects to be added. Pune sales are expected to grow from under Rs 2,000 crores last year to closer to Rs 3,000 crores in FY'25, becoming a top three player. Bangalore pilot is concluding; if successful, expansion planned, though no significant sales expected from new cities within three years. South Central Mumbai and Thane markets ar

Future growth expectations in earnings/operating earnings/profits/EPS?

The company expects steady price growth at mid to high single digits, contributing 6-7% to pre-sales growth, leading to modest upward bias in EBITDA margins, potentially moving from low-30s to mid-30s over the decade. Q1 FY25 PAT was over Rs 800 crores (~21% of pre-sales), signaling strong profitability. Operating cash flows are seasonally lower in H1 but expected to accelerate in H2, targeting around Rs 65 billion for FY25. Pre-sales growth guidance is 20% for FY25, with Rs 17,500 crores targeted, driven by Mumbai, Pune, and Bangalore markets. Pune sales are expected to exceed Rs 3,00

Current/ Expected Orderbook/ Pending Orders?

The company has a strong and robust pipeline of business development opportunities, particularly in Mumbai, Pune, and Bangalore. Business development continues actively with a mix of joint development agreements (JDAs) and outright land acquisitions. Guidance is maintained to meet or potentially exceed business development targets for the fiscal year. Approximately 60% of sales are expected from owned land and 40% from joint development lands. The company aims to have about 45 projects by the end of the year, up from 40 projects last year, supporting pre-sales growth guidance of 20% and Rs 17,

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Lodha Developers LtdQ2 FY24Realty

Lodha Developers Ltd Q2 FY24 Earnings Call Analysis

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

Price: ₹947P/E: 24.8Market Cap: ₹84.9K CrSector: Realty

Management growth scorecard

Revenue

Category 2

Margin

Category 2

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→The company targets a 20% year-on-year growth in pre-sales for the full year FY'25, aiming for Rs 17,500 crores.
→Growth drivers include 6-7% from price increases, 3-4% from volume growth at existing locations, and 10-15% from new locations, with around five new projects to be added.
→Pune sales are expected to grow from under Rs 2,000 crores last year to closer to Rs 3,000 crores in FY'25, becoming a top three player.
→Bangalore pilot is concluding; if successful, expansion planned, though no significant sales expected from new cities within three years.
→South Central Mumbai and Thane markets are expected to provide steady growth, with opportunities to add new locations and gain market share.
→The company anticipates modest upward bias in embedded EBITDA margins from low-30s toward mid-30s over the decade.
→Sustainable, predictable growth supported by a granular project base across Mumbai, Pune, and Bangalore.

Margin guidance

Category 2

→The company expects steady price growth at mid to high single digits, contributing 6-7% to pre-sales growth, leading to modest upward bias in EBITDA margins, potentially moving from low-30s to mid-30s over the decade.
→Q1 FY25 PAT was over Rs 800 crores (~21% of pre-sales), signaling strong profitability.
→Operating cash flows are seasonally lower in H1 but expected to accelerate in H2, targeting around Rs 65 billion for FY25.
→Pre-sales growth guidance is 20% for FY25, with Rs 17,500 crores targeted, driven by Mumbai, Pune, and Bangalore markets.
→Pune sales are expected to exceed Rs 3,000 crores this year, indicating significant geographic diversification.
→The embedded EBITDA margin was 33% in Q1, above the full-year guidance of 31%, with anticipated modest improvement over time.
→Long-term goal: sustained 20% CAGR in sales, aligned with steady EBITDA margin improvement and prudent capital allocation.

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Fundraise plans

→No explicit mention of new fundraising through debt or equity in the provided transcript.
→The company highlighted a strong balance sheet with net debt at Rs 4,300 crores and a conservative debt-to-equity ratio of 0.24 times.
→Credit rating upgraded to AA Minus with Positive Outlook by CRISIL, reflecting strong financial health.
→Operating cash flow is expected to accelerate in the second half of the fiscal year, targeting Rs 65 billion for the full year.
→Focus appears to be on robust cash flow generation and efficient capital allocation rather than raising new funds currently.
→The company continues to invest in business development and construction with existing resources.
→No clear indication of plans for raising large new debt or equity capital at this time, though business development pipeline is strong.

Order book

Yes

→The company has a strong and robust pipeline of business development opportunities, particularly in Mumbai, Pune, and Bangalore.
→Business development continues actively with a mix of joint development agreements (JDAs) and outright land acquisitions.
→Guidance is maintained to meet or potentially exceed business development targets for the fiscal year.
→Approximately 60% of sales are expected from owned land and 40% from joint development lands.
→The company aims to have about 45 projects by the end of the year, up from 40 projects last year, supporting pre-sales growth guidance of 20% and Rs 17,500 crore sales.
→No specific numeric value for the total order book or pending orders is explicitly mentioned in the transcript.

Capex plans

Yes

→Macrotech Developers has significantly ramped up construction spending this quarter, with further acceleration expected in the second half of FY25, supporting operating cash flow guidance of ~₹65 billion for the year.
→They invested about ₹18 billion this quarter, largely attributable to the ₹111 billion GDV added through business development; additional spend will continue as projects progress.
→Business development remains robust with a mix of joint development agreements (JDA) and outright land acquisitions, targeting a sales mix of approximately 60% owned land and 40% JDA lands.
→The company is concluding its Bangalore pilot phase and is studying a couple of new cities for future pilot projects, indicating potential future geographic expansion but no significant pre-sales contribution expected from new cities in the next 3 years.
→High street retail projects are under construction, expected to generate annuity income of ₹5 billion per annum by FY26.
→Strategic investments focus on premiumization in Palava and expansion in Mumbai, Pune, and Bangalore markets.

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