Current/ Expected Orderbook/ Pending Orders?

The company had a GDV addition of about ₹20,000 crores through new projects in FY24, higher than their guidance of ₹17,500 crores. For FY25, they have planned launches from identified sites with a GDV of about ₹12,000 crores, expecting this to grow during the year. The pre-sales target for FY25 is ₹17,500 crores, aiming for little over 20% growth. Between Bangalore and Pune, they target combined pre-sales of about ₹40 billion (₹4,000 crores). The company aims to increase presence and expand the launch pipeline beyond current identified sites. The focus is on maintaining a balanced portfolio wi

Any current/future new fundraising through debt or equity?

Macrotech Developers Limited raised a significant amount of capital through a QIP towards the end of the last fiscal (March 2024), which will be deployed over the next 6 to 12 months to fuel growth. The company targets maintaining a net debt-to-equity ceiling of 0.5x and expects net debt to be close to Rs.5,000 crores by March 2025. Operating cash flow of about Rs.6,500 crores for the next year complements this capital raise. Planned business development spend for FY’25 is about Rs.3,500 to 4,000 crores on new projects, with additional support for existing projects. There is no explicit mentio

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

Targeting about Rs. 3,500 to 4,000 crores for new business development in FY’25, excluding support for existing projects. Plan to invest close to Rs. 7,000 crores total in FY’25, with about half expected to go into new project acquisitions. Two warehousing/industrial assets under development under Green Digital Infra JV with Bain and Ivanhoe Cambridge; one nearing operational stage, ongoing land acquisitions expected this quarter. Capex focus primarily on housing, selective office spaces (notably in Palava and key strategic locations), warehousing, and retail properties. Strategic laun

Future growth expectations in sales/revenue/volumes?

Targeting at least 30% growth in sales for Fiscal 2025, with hopes to maintain similar growth in Fiscal 2026. Expect significant ramp-up in Palava and Upper Thane sales from ~₹2,200 crores in FY24 to about ₹8,000 crores annually within five years. Cumulative sales from Palava and Upper Thane over the next three decades projected around US$175 billion. Planned launches with GDV of about ₹12,000 crores for FY25, likely to increase during the year. Overall pre-sales guidance of ₹17,500 crores for FY25, implying 20%+ growth from FY24. Pune market pre-sales expected to double in 2-3 years

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

Macrotech Developers is targeting at least 30% growth in FY25 with hopes to maintain this level in FY26, driven by infrastructure developments like Palava’s growth, Airoli tunnel, airport, bullet train, Metro-12 line, and Vasai-Alibaug corridor. Embedded EBITDA margin guidance is 31% for FY25, up from 30% in FY24, reflecting improved profitability through capital deployment and lower finance costs. ROE is expected to recover to around 20% by FY26 after some dilution in FY25 due to capital deployment. Operating cash flow is projected to increase to about ₹6,500 crore in FY25, supporting grow

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Lodha Developers LtdQ1 FY24Realty

Lodha Developers Ltd Q1 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

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Targeting at least 30% growth in sales for Fiscal 2025, with hopes to maintain similar growth in Fiscal 2026.
→Expect significant ramp-up in Palava and Upper Thane sales from ~₹2,200 crores in FY24 to about ₹8,000 crores annually within five years.
→Cumulative sales from Palava and Upper Thane over the next three decades projected around US$175 billion.
→Planned launches with GDV of about ₹12,000 crores for FY25, likely to increase during the year.
→Overall pre-sales guidance of ₹17,500 crores for FY25, implying 20%+ growth from FY24.
→Pune market pre-sales expected to double in 2-3 years, aiming for 12%-15% market share by decade-end.
→Bangalore presence is in initial scaling phase with ₹1,200 crores sold from two projects, expected to scale up conservatively.
→Land sales from Palava targeted at ₹400-500 crores annually, with some variability year-to-year.

Margin guidance

Category 2

→Macrotech Developers is targeting at least 30% growth in FY25 with hopes to maintain this level in FY26, driven by infrastructure developments like Palava’s growth, Airoli tunnel, airport, bullet train, Metro-12 line, and Vasai-Alibaug corridor.
→Embedded EBITDA margin guidance is 31% for FY25, up from 30% in FY24, reflecting improved profitability through capital deployment and lower finance costs.
→ROE is expected to recover to around 20% by FY26 after some dilution in FY25 due to capital deployment.
→Operating cash flow is projected to increase to about ₹6,500 crore in FY25, supporting growth and profitability.
→The company anticipates revenue growth supported by premium product launches in Palava and Upper Thane, contributing to margins improvement.
→Cumulative sales from Palava and Upper Thane are expected to reach about US$175 billion over the next three decades, with increasing EBITDA margins due to premium mix.

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Fundraise plans

Yes

→Macrotech Developers Limited raised a significant amount of capital through a QIP towards the end of the last fiscal (March 2024), which will be deployed over the next 6 to 12 months to fuel growth.
→The company targets maintaining a net debt-to-equity ceiling of 0.5x and expects net debt to be close to Rs.5,000 crores by March 2025.
→Operating cash flow of about Rs.6,500 crores for the next year complements this capital raise.
→Planned business development spend for FY’25 is about Rs.3,500 to 4,000 crores on new projects, with additional support for existing projects.
→There is no explicit mention of new fundraising planned beyond the capital raised recently, but the current capital and cash flow provide liquidity for growth and project launches.

Order book

Yes

→The company had a GDV addition of about ₹20,000 crores through new projects in FY24, higher than their guidance of ₹17,500 crores.
→For FY25, they have planned launches from identified sites with a GDV of about ₹12,000 crores, expecting this to grow during the year.
→The pre-sales target for FY25 is ₹17,500 crores, aiming for little over 20% growth.
→Between Bangalore and Pune, they target combined pre-sales of about ₹40 billion (₹4,000 crores).
→The company aims to increase presence and expand the launch pipeline beyond current identified sites.
→The focus is on maintaining a balanced portfolio with a target mix of 60% owned land and 40% Joint Development Agreements (JDAs).
→They expect to continue receiving steady and strong pipelines of new projects across markets.

Capex plans

Yes

→Targeting about Rs. 3,500 to 4,000 crores for new business development in FY’25, excluding support for existing projects.
→Plan to invest close to Rs. 7,000 crores total in FY’25, with about half expected to go into new project acquisitions.
→Two warehousing/industrial assets under development under Green Digital Infra JV with Bain and Ivanhoe Cambridge; one nearing operational stage, ongoing land acquisitions expected this quarter.
→Capex focus primarily on housing, selective office spaces (notably in Palava and key strategic locations), warehousing, and retail properties.
→Strategic launches planned amounting to GDV of Rs. 12,000 crores in FY’25, with potential to increase during the year.
→Premium housing products contributing about 8-10% of sales mix, including high-value standalone bungalows (Rs. 4 to 10 crores).
→Emphasis on operational efficiency, sustainable growth, and maintaining ROE near 20% post-capital deployment.

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