Lodha once again delivered a strong pre-sales momentum with pre-sales of INR 3,025 crores for Q4FY23 and INR 12,064 crores for FY23, thus surpassing the full year guidance of INR 11,500 Crores. Collections at INR 10,606 crores for FY23 was up 23% YoY. Net debt has further reduced to INR 7,071 crores showing a decline of INR 2,229 crores for the year.
Commenting on the performance, Abhishek Lodha, MD & CEO, Lodha said “It is heartening to note yet another quarter of strong performance enabling us to surpass our annual guidance. The icing on the cake is that this has happened in the face of one of the fastest ever increase in interest rates. With a high visibility of interest rate hike cycle pausing now and a probable cycling down in 2HFY24, the industry is poised to continue seeing demand acceleration for quality tier-1 branded homes. The on-ground demand fundamentals driven by improving affordability, consistent income growth, and above all consumer’s desire to upgrade their lifestyle have continued to strengthen. Our strong performance across all segments of products is the true testimony of the strength of our brand and consumer’s trust in us to help them achieve the desired lifestyle upgrade in their lives.”
He further added, “We continue to remain the preferred partner for various landowners across micro-markets for JDA partnerships. We have added 12 projects in FY23 on ~14 mn sq ft for a combined GDV of INR ~19,800 crores, far exceeding our guidance of INR ~15,000 crores. Business growth robustness continues to strengthen with significant number of land proposals under evaluation.Our business continues to demonstrate unique ability to generate surplus operating cash flow alongside substantial growth. This has enabled us to reduce our net debt by INR 2,229 crores to INR 7,071 crores in FY23 of which reduction of INR 971 crores was achieved in Q4FY23.”
Lodha is committed to create a better future for the planet while achieving significant growth. It is heartening to see the Company’s efforts being recognized by leading global benchmarks. Lodha received exceptional score and was ranked in the top-10 among the 280+ global real estate companies and in the top 7% of the 15,300+ globally rated companies by Morningstar Sustainalytics.
