Lodha Developers , a prominent real estate company operating in key Indian markets, has reported a 7% year-on-year increase in sales bookings for the second quarter of the current fiscal year. The company's performance highlights the resilience of the housing market despite limited new project launches.

Q2 Performance Highlights

H1 FY2024 Overview

The company's performance in the first half of the fiscal year shows an 8% increase in sales bookings, rising from ₹8,320.00 crore in the previous year to ₹9,020.00 crore in the current year.

Full-Year Outlook

Lodha Developers maintains its full-year pre-sales guidance of ₹21,000.00 crore. The company plans significant launches in the second half of the fiscal year, following the Supreme Court's approval of the Environmental Clearance process in late August.

Company Overview

Lodha Developers primarily operates in:

• Mumbai Metropolitan Region
• Pune
• Bengaluru

The company has a track record of delivering 110 million sq ft of real estate and currently has over 130 million sq ft under development.

The growth in sales bookings, despite limited launches, suggests strong housing demand in Lodha's key markets. The company's ability to maintain its full-year guidance indicates confidence in its project pipeline and market conditions for the remainder of the fiscal year.

Lodha Developers has demonstrated remarkable performance in the first half of the fiscal year, achieving its full-year target of INR 250 billion well ahead of schedule. The company's Q2 results showcase robust growth across key metrics, positioning it strongly in the real estate market.

Q2 Performance Highlights

Lodha Developers reported impressive numbers for the second quarter:

The company's pre-sales growth of 7% year-over-year is particularly noteworthy, especially considering the limited launches during the quarter. This performance indicates strong demand for Lodha's properties and effective sales strategies.

H1 Overview

The first half has been exceptionally strong for Lodha Developers:

These figures underscore the company's consistent growth trajectory and its ability to maintain strong financial performance across multiple quarters.

Strategic Developments and Future Outlook

Lodha Developers has made significant strides in business development during Q2:

1. New Project Addition: The company added one project with a Gross Development Value (GDV) of INR 23 billion in the Mumbai Metropolitan Region (MMR).

2. Environmental Clearance: With the Supreme Court's approval for the Environmental Clearance process in late August, Lodha is poised for significant launches in the second half.

3. Guidance: The company remains on track to meet its pre-sales guidance of INR 210 billion, supported by upcoming launches in H2.

4. Debt Management: Despite substantial investments in business development during H1, Lodha's net debt stood at INR 53.7 billion, well below its ceiling of 0.5x Net debt/Equity ratio.

Conclusion

Lodha Developers' performance in Q2 and H1 reflects its strong market position and effective execution of business strategies. The achievement of the full-year target in just six months, coupled with a robust project pipeline and prudent debt management, positions the company favorably for sustained growth in the Indian real estate market.

Investors and market watchers will likely keep a close eye on Lodha's upcoming launches and its ability to maintain this growth momentum in the face of evolving market conditions.