Aditya Birla Real Estate (500040) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 consolidated turnover from continuing operations declined 4% year-on-year to ₹946 crore, with EBITDA at ₹18 crore and a net loss of ₹37 crore; for the nine months ended FY25, turnover grew 18% year-on-year to ₹3,206 crore.

• Real estate business saw booking value surge 257% year-on-year to ₹675 crore and collections up 175% to ₹501 crore; revenue grew 117% to ₹184 crore in Q3 FY25.

• Real estate segment expanded with a 70–71-acre land acquisition in Boisar for plotted development.

• Pulp and paper segment faced volume and margin pressures due to weak demand and higher input costs.

• Board approved unaudited standalone and consolidated financial results for Q3 FY25 and nine months ended December 31, 2024.

Financial highlights

• Q3 FY25 EBITDA margin was 1.9%; nine-month EBITDA margin stood at 7.5%.

• Q3 FY25 EBITDA dropped 92% YoY to ₹18 crore; PAT fell 136% YoY to -₹37 crore.

• Net debt outstanding as of Dec 31, 2024, was ~₹4,317 crore; net debt to equity increased to 1.06x in 9M FY25.

• Standalone Q3 FY25 sales: ₹820.79 crore; consolidated: ₹946.21 crore; nine months consolidated sales: ₹3,206.38 crore.

• Dividend per share at ₹4.0 for 9M FY25.

Outlook and guidance

• Management remains confident in achieving FY25 pre-sales guidance of ₹7,000–8,000 crore, supported by upcoming launches worth ₹8,000 crore in Q4.

• No FY26 pre-sales guidance provided; will be revisited after Q4 performance.

• Real estate revenue share expected to increase as no new capacity is planned for pulp and paper.

• Real estate sector outlook remains optimistic, supported by urbanization, rising incomes, and infrastructure investments.

• Segment classification revised due to discontinuation of textile business; focus now on pulp & paper, real estate, and others.