Any current/future new fundraising through debt or equity?

The company expects net debt reduction in the second half of the year to be higher, helped by INR550 crores expected from UK operations. There is ongoing assessment of business development opportunities, which could lead to variations in net debt if capital deployment is required. The company has paid out its first dividend last year and intends to increase returns to shareholders over time, possibly through dividends or other means. There is no explicit mention of any new fundraising through debt or equity planned currently. The company’s strategy involves managing net debt carefully while ex

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

The company continuously evaluates business development opportunities to deploy capital effectively, implying ongoing or future strategic investments. Debt reduction is prioritized; surplus cash flow may be used for business development or to increase shareholder returns through dividends or other means. The digital infrastructure business (warehousing and industrial parks) is active, including land sales to partners and third parties, signifying capital recycling and reinvestment. Recent divestment of a subsidiary (New Cold, cold chain logistics) for INR1.5 billion, with funds expected this q

Future growth expectations in sales/revenue/volumes?

Targeting 20% CAGR in presales and about 20% ROE for steady, predictable high growth. Eastern Suburbs aiming for 40%-50% presales growth in FY '24 (~INR 1,700-1,800 crores), already at INR 800 crores in H1. Plan to add 7-9 new launches over next 6 months (~8 million sq ft worth INR 12,000 crores). Expansion to 5-6 projects in Eastern Suburbs by year-end across multiple locations. Pune presales expected to cross INR 2,000 crores in FY '24; aim to be top 3 developer by year-end. Bangalore launches planned to start November; expect growth trajectory similar to Pune. Continued price growth of 6%-7

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

Macrotech Developers targets a steady 20% CAGR in presales and about 20% Return on Equity (ROE), driving predictable growth. Adjusted EBITDA margins stood strong around 30% in the recent quarter, indicating robust profitability. ROEs on underlying pro forma earnings are moving towards the high teens, with expectations to improve further. The company plans to sustain modest price growth (6-7% annually), maintaining strong affordability to support long-term sales. Revenue recognition changes will better reflect business performance by FY '27, improving earnings visibility. Business development p

Current/ Expected Orderbook/ Pending Orders?

The transcript does not explicitly mention a formal "order book" or "pending orders" figure. However, the company has delivered about 80% of its annual business development guidance with INR143 billion out of INR175 billion targeted, indicating a strong pipeline. The Eastern Suburbs region is experiencing accelerated growth with plans to add 2-3 projects annually per their supermarket strategy. There are ongoing transactions such as land sales and the sale of a subsidiary (New Cold) worth INR1.5 billion expected to close soon. The pipeline for Joint Development Agreements (JDA) and land acquis

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Lodha Developers LtdQ3 FY23Realty

Lodha Developers Ltd Q3 FY23 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 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Targeting 20% CAGR in presales and about 20% ROE for steady, predictable high growth.
→Eastern Suburbs aiming for 40%-50% presales growth in FY '24 (~INR 1,700-1,800 crores), already at INR 800 crores in H1.
→Plan to add 7-9 new launches over next 6 months (~8 million sq ft worth INR 12,000 crores).
→Expansion to 5-6 projects in Eastern Suburbs by year-end across multiple locations.
→Pune presales expected to cross INR 2,000 crores in FY '24; aim to be top 3 developer by year-end.
→Bangalore launches planned to start November; expect growth trajectory similar to Pune.
→Continued price growth of 6%-7% annually with focus on affordability.
→Expect meaningful growth in extended Eastern Suburbs sales (expected to grow beyond last year's INR 23 billion).
→Market share in Mumbai expected to grow with new locations and supply additions.
→Overall, robust pipeline and strong business development underpin growth outlook.

Margin guidance

Category 3

→Macrotech Developers targets a steady 20% CAGR in presales and about 20% Return on Equity (ROE), driving predictable growth.
→Adjusted EBITDA margins stood strong around 30% in the recent quarter, indicating robust profitability.
→ROEs on underlying pro forma earnings are moving towards the high teens, with expectations to improve further.
→The company plans to sustain modest price growth (6-7% annually), maintaining strong affordability to support long-term sales.
→Revenue recognition changes will better reflect business performance by FY '27, improving earnings visibility.
→Business development pipeline is strong with expected presales growth of 40-50% YoY in new markets like Pune, plus new launches in Bangalore.
→Net debt reduction is ongoing, supporting financial health and potential to increase shareholder returns (via dividends or other means).
→Overall, Macrotech maintains confidence in steady earnings and operating profit growth driven by strong demand and disciplined execution.

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Fundraise plans

→The company expects net debt reduction in the second half of the year to be higher, helped by INR550 crores expected from UK operations.
→There is ongoing assessment of business development opportunities, which could lead to variations in net debt if capital deployment is required.
→The company has paid out its first dividend last year and intends to increase returns to shareholders over time, possibly through dividends or other means.
→There is no explicit mention of any new fundraising through debt or equity planned currently.
→The company’s strategy involves managing net debt carefully while exploring opportunities to deploy surplus cash flow effectively, considered by the Board as appropriate.

Order book

Yes

→The transcript does not explicitly mention a formal "order book" or "pending orders" figure.
→However, the company has delivered about 80% of its annual business development guidance with INR143 billion out of INR175 billion targeted, indicating a strong pipeline.
→The Eastern Suburbs region is experiencing accelerated growth with plans to add 2-3 projects annually per their supermarket strategy.
→There are ongoing transactions such as land sales and the sale of a subsidiary (New Cold) worth INR1.5 billion expected to close soon.
→The pipeline for Joint Development Agreements (JDA) and land acquisitions remains healthy and larger than 18 months ago, giving flexibility to be selective.
→The company expects meaningful growth in sales and revenue in extended locations and new markets, supported by a strong new project pipeline.

Capex plans

Yes

→The company continuously evaluates business development opportunities to deploy capital effectively, implying ongoing or future strategic investments.
→Debt reduction is prioritized; surplus cash flow may be used for business development or to increase shareholder returns through dividends or other means.
→The digital infrastructure business (warehousing and industrial parks) is active, including land sales to partners and third parties, signifying capital recycling and reinvestment.
→Recent divestment of a subsidiary (New Cold, cold chain logistics) for INR1.5 billion, with funds expected this quarter.
→Land acquisition continues in key areas like South Central Mumbai, indicating ongoing capital investment in new projects.
→The company aims to expand in Eastern Suburbs with 2-3 new projects annually and increase market share, implying future capex.
→Launch pipelines for FY24 are strong, largely planned for H2, reflecting upcoming investment in project development and execution.

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