Lodha Developers (LODHA) Q3 24/25 earnings summary

Executive summary

• Achieved record quarterly pre-sales of INR 4,507 crore (INR 45.1bn), up 32% YoY, and nine-month pre-sales of INR 12,800 crore (INR 128.2bn), up 25% YoY, positioning well for 20% annual growth and full-year guidance of INR 17,500 crore.

• Embedded EBITDA margin for the quarter at 35%, with pro forma PAT margin at 23% and PAT growth of nearly 70% YoY, reflecting strong operating and financial leverage.

• Net debt at INR 4,300 crore (INR 43.1bn) with net debt to equity at 0.22x, well below the 0.5x ceiling, supporting growth investments.

• Continued expansion in Bangalore and NCR, with new projects, land acquisitions, and a GDV addition of INR 195bn in 9MFY25.

• Maintained strong ESG credentials, ranked #3 globally by WBA and #1 in real estate, with top sustainability ratings.

Financial highlights

• Revenue from operations for the quarter at INR 4,084 crore (INR 40.8bn), up 39% YoY; 9MFY25 revenue at INR 95.6bn, up 52%.

• Adjusted EBITDA for the quarter at INR 1,587 crore (INR 15.9bn), up 48% YoY, with margin just under 39%; 9MFY25 EBITDA at INR 35.0bn, up 68%.

• Quarterly PAT at INR 946 crore (INR 9.4bn), up 66% YoY; 9MFY25 PAT at INR 18.4bn, up 95%.

• Collections for the quarter just under INR 4,300 crore, up 65% YoY; nine-month collections crossed INR 10,000 crore, up 30% YoY.

• Average cost of funds declined to 8.8%, down 10 bps sequentially.

Outlook and guidance

• Confident in achieving full-year pre-sales guidance of INR 17,500 crore (INR 175bn), with 9MFY25 already at INR 128bn.

• Operating cash flow guidance for FY25 at INR 65bn; 9MFY25 at INR 42.6bn.

• FY25 GDP growth expected at 6.5%, with potential monetary easing in FY26 and policy support for mid-income consumption.

• Anticipates continued robust demand for residential real estate, especially from higher-income segments and branded developers.

• Plans for more new launches across micro-markets and segments, with a focus on diversification and predictability.