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 year-over-year, but down from 7.29 lakh sq ft sequentially due to fewer new launches.

• Value of area booked in Q3 was ₹454.16 crores, with total pre-sales for nine months at ₹1,362.03 crores, a 45.56% increase year-over-year.

• Q3 FY25 revenue was ₹139.93 crores, up from ₹59.53 crores in Q2, driven by project deliveries.

• PAT for Q3 FY25 turned positive at ₹10.89 crores, including a one-time ₹5 crore GST payout as an exceptional item.

• Unaudited consolidated and standalone financial results for Q3 and 9M FY25 were reviewed and approved, with no material misstatements identified by auditors.

Financial highlights

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

• 9M FY25 pre-tax operating cash flow at ₹273.53 crores, up from ₹212.27 crores year-over-year.

• Q3 FY25 EBITDA margin at 17.07%, net profit margin at 7.78%, and operating margin at 21.06%.

• Revenue guidance for FY25 is ₹550–575 crores, with Q4 expected to contribute about ₹300 crores.

• Credit rating reaffirmed at [ICRA] A (Stable); consolidated debt-equity ratio at 0.34 as of December 2024.

Outlook and guidance

• FY25 pre-sales guidance maintained at ₹2,000 crores, contingent on the Ashiana Amara/Amarah Phase V launch.

• Revenue of ₹4,350.66 crores already locked in over the next 3 years from ongoing projects.

• FY26 expected to see improved margins as higher-margin projects are delivered.

• Launches planned for Amara in Gurugram, Jaisinghpura in Jaipur, and Jamshedpur in FY26, with at least one new project from ongoing negotiations.

• Long-term plan to consume current land bank and unsold stock by 2030, targeting high-teens PAT margins and ~30% EBITDA margins.