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Lodha Shares Rose 2% on FY24 Pre-Sales Growth Outlook

Lodha shares rose 2% following the Q4FY23 update.

On April 25, Macrotech Developers, a Mumbai-based selling homes under the Lodha brand, shares rose by 2%. The company reported a solid overall performance in the March quarter. The company’s pre-sales of Rs 3,000 crore were boosted by new launches and collections of Rs 2,900 crore.

At 9.30 am, Lodha shares traded at Rs 913 on BSE, up 1% from its previous close. In intraday, it rose much 2% to Rs 925 a share.

In Q4FY2023, Lodha chronicled revenues of Rs 3,250 crore, demonstrating a YoY decline of 5% but a QoQ increase of 84%. The company’s quarterly EBITDA was Rs 770 crore, marking an 11% fall compared to the previous year but a 91% increase from the prior quarter. Lodha’s quarterly PAT was Rs 740 crore, imitating a YoY increase of 39% and an 84% increase QoQ.

Lodha accomplished pre-sales of Rs 3,000 crore in Q4FY23, ensuing in total pre-sales of Rs 12,000 crore for FY23, a YoY increase of 34%. This performance is somewhat better than the company’s anticipated pre-sales of Rs 11,500 crore. In Q4FY23, Lodha had a fixed EBITDA margin of 31%, while the margin stood at 32% for the entire fiscal year.

Lodha aims to achieve sales of Rs 14,500 crore in FY24, signifying a YoY increase of 20%. Besides, it also plans to leverage a strong launch pipeline of 10.6 million square feet, with a gross development cost of Rs 12,900 crore to Rs 9,700 crore worth of inventory. Furthermore, it aims to maintain a Compound Annual Growth Rate (CAGR) of 20% over FY23-26 and targets pre-sales of Rs 21,000 crore in FY26.

Lodha’s Board of Directors (BOD) has permitted the issuance of bonus shares in a 1:1 ratio with a dividend of Rs 2 per share. Also, Lodha aims to pay out 20% of its PAT as dividends below its debt ceiling targets.

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