Earnings Outlook
Lodha Developers Apr-Jun revenue, PAT seen rising sharply
This story was originally published at 19:31 IST on 25 July 2025
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By Avishek Rakshit
KOLKATA – Strong project deliveries during the June quarter are expected to help Lodha Developers Ltd. report a surge in its profit for the June quarter. The company is expected to report a 35% on-year jump in its net profit for the June quarter at INR 6.4 billion, while revenue is expected to increase 22% on year to INR 34.7 billion, according to the average of the estimates of four brokerages.
On a quarter-on-quarter comparison, however, the net profit is likely to fall 30% and revenue may fall 18%. The company had reported a net profit of INR 4.8 billion for the year-ago quarter and INR 9.2 billion for the March quarter. Its revenue for the year-ago period was INR 28.5 billion and INR 42.2 billion for the March quarter. The company will detail its earnings for the June quarter on Saturday.
Among four brokerages that have estimates for the company's performance, Motilal Oswal Financial Services Ltd. has the highest net profit estimate at a little over INR 8 billion as well as the highest revenue estimate at INR 39.8 billion. JM Financial Institutional Securities Pvt. Ltd. has the lowest profit estimate at INR 5.2 billion and the lowest revenue estimate at INR 29.6 billion.
JM Financial said the real estate developer is expected to report bookings of INR 46 billion for the June quarter, which is a growth of 14% on year and Kotak Institutional Equities pegged pre-sales at INR 47 billion, which is a growth of 18% on year.
In real estate, pre-sales refers to sales of a property before it is fully constructed or completed. This involves securing commitments from potential buyers with an initial payment, before construction is completed. This helps developers secure funding, gauge market demand, and demonstrate project viability.
During the June quarter, Lodha Developers launched new projects at Alibaug, Thane, and Bengaluru and also completed the last tower at Wadala. It also sold some land at Palava.
In a note, HDFC Securities Ltd. said the residential segment witnessed a strong rebound in the June quarter, backed by robust sales and resilient demand across mid-premium and luxury categories. Developers such as Prestige Estates Projects Ltd., DLF Ltd., and Sobha Ltd. delivered record-high quarterly presales, reinforced by new launches and sustained buyer sentiment.
HDFC is of the view that the June quarter shaped up strongly for the annuity portfolio of real estate companies including Lodha Developers. Since the start of the financial year, gross office leasing is picking up and vacancy is coming down, HDFC said, and added demand is driven by Global Capability Centres, the banking and finance sector, and flex-space operators. Prime business districts are witnessing a 5-7% on-year rental growth with declining vacancies, particularly in Bengaluru, Pune, and Hyderabad.
Lodha Developers is estimated to report earnings before interest, tax, depreciation, and amortisation of INR 9.8 billion, according to the average of the estimates of four brokerages. Motilal Oswal estimated the EBITDA the highest at INR 11.4 billion and JM Financial estimated it the lowest at just over INR 8 billion.
Friday, shares of Lodha Developers closed at INR 1,279.40, down 3.52% on the National Stock Exchange.
Seven brokerages have a ‘buy' rating on the stock at an average target price of 1,475 and one brokerage has a ‘hold' rating on the scrip. One brokerage has a ‘sell' rating on the scrip.
Following are the Apr-Jun earnings estimates for Lodha Developers based on reports from four brokerages in descending order of the estimate of net profit:
Brokerage firm | Net sales (in million rupees) | Net profit (in million rupees) | EBITDA (in million rupees) |
Motilal Oswal Financial Services Ltd | 39,841.00 | 8,023.00 | 11,355.00 |
Kotak Institutional Equities | 35,477.00 | 6,657.00 | 10,160.00 |
HDFC Securities Ltd | 33,873.00 | 5,869.00 | 9,531.00 |
JM Financial Institutional Securities Pvt Ltd | 29,639.00 | 5,151.00 | 8,048.00 |
Average | 34,707.50 | 6,425.00 | 9,773.50 |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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