Ashiana Housing (523716) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 area booked was 6.77 lakh sq ft, up from 3.35 lakh sq ft YoY, but down from 7.29 lakh sq ft in Q2 FY25 due to fewer new launches.

• Value of area booked in Q3 FY25 was ₹454.16 crores, up from ₹173.89 crores YoY, but down from ₹672.54 crores in Q2 FY25.

• PAT for Q3 FY25 turned positive at ₹10.89 crores, including a one-time ₹5 crores GST payout, compared to a loss of ₹7.55 crores in Q2 FY25.

• Total pre-sales for nine months FY25 reached ₹1,362.03 crores, a 45.56% YoY increase.

• 9MFY25 revenue was ₹327.97 crores, down from ₹669.56 crores YoY, with PAT at -₹2.10 crores vs ₹66.02 crores YoY.

Financial highlights

• Q3 FY25 revenue was ₹139.93 crores, up 135% QoQ from ₹59.53 crores, driven by higher deliveries.

• Pre-tax operating cash flow in Q3 FY25 was ₹120.42 crores, up from ₹78.18 crores in Q2 FY25.

• Pre-tax operating cash flow for nine months FY25 was ₹273.53 crores, up from ₹212.27 crores YoY.

• Construction in Q3 FY25 was 5.19 lakh sq ft, up YoY but down QoQ due to GRAP restrictions in Delhi NCR.

• Credit rating reaffirmed at [ICRA] A (Stable).

Outlook and guidance

• FY25 pre-sales guidance remains at ₹2,000 crores, contingent on the Ashiana Amara(h) Phase V launch in Q4.

• Revenue of ₹4,350.66 crores is locked in over the next 3 years from ongoing projects; unsold value of ₹1,117.30 crores to contribute as sold.

• FY25 revenue is projected at ₹550–575 crores, with Q4 revenue expected around ₹300 crores.

• Margins in Q4 FY25 are expected to be muted due to low-margin project deliveries, but FY26 is expected to see improved profitability.