Lodha Developers (LODHA) Q2 24/25 earnings summary

Executive summary

• Achieved record Q2FY25 pre-sales of just under INR 43 billion, up 21% YoY, with H1 sales at INR 83 billion, representing 48% of annual pre-sales guidance.

• Embedded EBITDA margin sustained at 34% for Q2, above full-year guidance, reflecting robust profitability.

• Net debt remains low at INR 49.2 billion (0.27x equity), well below the 0.5x ceiling, supporting future growth.

• Added new projects in Pune and Bangalore with INR 55 billion GDV in Q2, raising available inventory and business development pipeline.

• Promoter family to transfer one-fifth of shareholding to a philanthropic foundation, with a lock-in until March 2026.

Financial highlights

• Q2FY25 revenue grew 50% YoY to INR 26.3 billion; H1FY25 revenue up 62.5% to INR 54.7 billion.

• Adjusted EBITDA for Q2FY25 rose 73.7% to INR 9.6 billion, with a margin of 36.5%.

• Adjusted PAT for Q2FY25 nearly doubled to INR 4.2 billion; H1FY25 up 136.5% to INR 9.0 billion.

• Net collections for H1FY25 reached INR 50.7 billion, with operating cash flow at INR 17.9 billion.

• Average cost of funds reduced to 8.9% from 9.1% last quarter.

Outlook and guidance

• FY25 pre-sales guidance set at INR 175 billion, with H1FY25 achieving INR 83 billion.

• Operating cash flow guidance for FY25 is INR 65 billion; H1FY25 at INR 18 billion.

• New project additions guidance at INR 210 billion GDV for FY25; H1FY25 achieved INR 166 billion.

• Net debt/equity to remain below 0.5x; currently at 0.27x.

• Rental income visibility of INR 1,200 crore for FY31, with a target of INR 1,500 crore.