Operating income rose 45% to Rs 3,800 crore, while collections rose 13% to Rs 3,480 crore. Adjusted operating profit stood at Rs 1,310 crore, up 37% from a year ago with an operating margin of 34.4%.
During the quarter, the company achieved its full-year business development target of Rs 25,000 crore in Gross Development Value (GDV), with one new project worth Rs 2,300 crore added in the Mumbai Metropolitan Region, in addition to the five locations with a GDV of Rs 22,700 crore added in the previous quarter.
“We find strong market momentum with continued strength in walk-ins and conversions. Our weekly post-launch sales are now approaching Rs 300 crore per week, on the strength of a diversified spread of projects. With major launches planned in the second half of the year, following the resolution of the Environmental Clearance process by the Supreme Court in August, we are on track to achieve our full-year pre-sales guidance of Rs 21,000 crore,” said Abhishek Lodha, MD & CEO, Lodha Developers.
During the quarter, Lodha also signed a Memorandum of Understanding with the Government of Maharashtra to set up a Green Data Center Park in Palava, with Amazon Web Services and STT, a Temasek company, as anchor operators. The park has potential scalability up to 3 GW, the company said.
Lodha added that incentives from the state government and a draft central policy for data centers are expected to boost growth and value creation in the long term. About a third of the company’s business contribution is expected to come from markets outside Mumbai, driven by regions such as Pune, Bengaluru and Delhi-NCR. The company is in advanced stages of completing a land transaction in the NCR within the next 1-2 quarters. The developer’s net debt stood at Rs 5,370 crore at the end of the quarter, with a net debt-to-equity ratio of 0.25 times, below the stated ceiling of 0.5 times. The average cost of debt fell to 8%, a decline of 30 basis points over the quarter.
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