Lodha Developers (LODHA) Q4 21/22 earnings summary

Executive summary

• FY22 delivered record pre-sales of ₹9,024 crore and consolidated revenue of ₹9,233 crore, alongside sharply higher profit and lower leverage despite pandemic disruptions.

• Growth strategy combines capital-light residential expansion through JDAs with digital infrastructure partnerships and continued debt reduction.

Financial highlights

• Consolidated revenue rose 69% YoY to ₹9,233 crore; profit for the year reached ₹1,209 crore vs ₹48 crore in FY21.

• Adjusted EBITDA was ₹3,243 crore, up 111% YoY; adjusted EBITDA margin was 35.1% vs 28.3%, up 680 bps.

• Reported EBITDA was ₹2,125 crore vs ₹1,372 crore; finance costs fell to ₹680 crore from ₹1,126 crore.

• Pre-sales reached ₹9,024 crore, up 51% YoY; collections rose 70% to ₹8,597 crore.

• Q4 FY22 pre-sales hit a record ₹3,456 crore, up 37% YoY; FY22 completed area was 5.3 msf vs 2.7 msf.

Outlook and guidance

• Medium-term pre-sales target is ~20% CAGR, supported by faster project additions, launches, sales and construction.

• Expand in underrepresented MMR and Pune micro-markets, enter Bengaluru in FY23 through JDAs, and target 20%+ growth across MMR and Pune.

• Digital infrastructure plans include a partner platform targeting ~30 msf of operating assets and investment of ~US$1 billion.

• FY23 outlook remains constructive on housing demand, but global supply disruption, inflation and tighter monetary policy create uncertainty.