Ashiana Housing (523716) Q2 24/25 earnings summary

Executive summary

• Area booked in Q2 FY25 rose to 7.29 lakh sq ft from 4.43 lakh sq ft in Q1, driven by the launch of Ashiana Amara phase IV in Gurugram, with value surging to INR 672.54 crores.

• H1 FY25 area booked reached INR 907.87 crores, up 19.17% YoY, and area constructed was 10.93 lakh sq ft, up 22.20% YoY.

• Q2 FY25 revenue was INR 59.53 crores, down from INR 128.51 crores in Q1 and INR 351.02 crores in Q2 FY24, due to limited project deliveries.

• PAT for Q2 FY25 was negative INR 7.55 crores, compared to a positive INR 27.35 crores in Q2 FY24, attributed to lack of project deliveries.

• Major launches included Amarah Phase 4 (Gurugram), Malhar Phase 3 (Pune), and One44 Phase 2 (Jaipur).

Financial highlights

• Pre-tax operating cash flow for Q2 FY25 was INR 78.18 crores, up from INR 75.29 crores in Q1, with H1 FY25 total at INR 153.11 crores.

• H1 FY25 revenue was INR 188.04 crores, significantly lower than INR 480.31 crores in H1 FY24.

• PAT for H1 FY25 was negative INR 12.99 crores, compared to positive INR 38.22 crores in H1 FY24.

• Average realization in Q2 FY25 was INR 9,223 per sq ft, up from INR 5,315 in Q1 FY25, led by higher pricing in Amarah Phase 4.

• FY25 revenue is projected at INR 700-750 crores, rising to INR 1,100-1,200 crores in FY26 and INR 1,700 crores in FY27.

Outlook and guidance

• Guidance for FY25 pre-sales maintained at INR 2,000 crores.

• H2 FY25 is expected to be stronger in terms of deliveries and profitability, with several key project deliveries scheduled.

• Margin expansion anticipated from FY26 as higher-margin projects come up for delivery.

• Revenue of INR 3,911.09 crores is already locked in over the next 3 years from ongoing projects.

• Cumulative profit of INR 2,000 crores targeted from ongoing and future projects by FY30.