Lodha real estate developer, delivered its best ever 3 rd quarter pre-sales at INR 3,410 crores. Collections for the quarter stood at INR 2,594 crores. Lodha added three more new projects during the quarter with GDV potential of INR ~6,000 crores taking the 9mFY24 project addition to INR ~20,300 crores.
Commenting on the performance, Abhishek Lodha, MD & CEO, Lodha said “It is heartening to witness the housing cycle taking shape with each passing quarter. Consumer’s desire to own a quality home early in their life journey and upgrade their lifestyle, continues to strengthen. On the back of steady rise in income levels and ample job creation this desire is translating into robust demand for high quality homes. This fundamental driver of demand has enabled us to deliver our best ever Q3 pre-sales performance at INR 3,410 crores.”
“This was despite the adverse seasonality of inauspicious period of ‘Shraddhh’ falling in October this FY (vs. in September in FY23). Having delivered ~INR 10,500 crores of sales in the first 3 quarters, we remain on track to deliver our full year pre-sales guidance of INR 14,500 crores. We are excited by the reception of brand Lodha in the city of Bengaluru where we launched phase-1 of our first project,” he said.
“The success of our launch at a pricing which was premium to existing projects in the neighbourhood, showcases our superior understanding of consumer aspiration and high-income demography being starved of high-quality branded product supply in-spite of significant wealth creation in the city from new age economy,” he added.
“The launch received excellent response from customers and phase1 was sold out within 3 days. We added three new projects with a GDV of INR 6,000 crores in Q3. With this we have already achieved INR 20,300 crores of new business addition in 9mFY24 thus surpassing our guidance of INR 17,500 crores for the year with a quarter to spare,” he added further.
“We are pleased to note that, despite high level of business development activity during the year, our net debt has remained on a glide down path YTD with our net debt at INR 6,750 cores (vs. INR 7,073 Crores in Mar’23). We remain on course to achieve our full year guidance for reduction of net debt to lower of 0.5x equity and 1x Operating Cash flow, with further debt reduction seen in Q4. We have exited the UK market after realisation of the entire balance from UK investments as per our earlier communication. From here on, we are going to be solely focussed on the significant opportunities in India,” he said.
During the quarter, Lodha added yet another feather in its cap in the field of Sustainability, by getting included in the prestigious Dow Jones Sustainability Index (DJSI) 2023, with an exemplary score of 77 out of 100 in the S&P Global Corporate Sustainability Assessment (CSA)^. This ranks Lodha as the 3rd most sustainable company in real estate globally. This underscores Lodha's unwavering commitment to setting new sustainability benchmarks within the global business landscape and highlights its role as a trailblazer within the industry
