Lodha developers have recorded a breaking annual sales of Rs 14,000 crores+. This is their best ever annual pre-sales (INR 9,024 crores); Best ever quarterly pre-sales (INR 3,456
crores)
By Varun Singh
Lodha, the Mumbai based real estate developer, reported record breaking performance with sales of over Rs 14,000 crores for FY22.
- In India, Lodha had pre-sales of INR 9,024 crores, up 51% compared to FY21.
- Additionally, in UK, its investments had sales of GBP 500 million+ (INR ~5,000 crores)
Collections in India were INR 8,597 crores, up 70% YoY. As a result, net debt in India reduced to INR 9,310 crores.
Commenting on the performance, Abhishek Lodha, MD & CEO, Lodha said “Our best ever quarterly and annual performance showcases the growing demand for high quality homes in India. Q4FY22 was our best ever quarter with INR ~5,000+ crores of sales – INR 3,456 crores in India and GBP 173 million in UK. Driven by the strength of our brand, we delivered India pre-sales at INR 9,024 crores for FY22, thus meeting our guidance, despite disruption due to Covid second wave in Apr-May’21 as well as impact of Omicron in Jan’22.
We believe that the housing sector will grow by 3-4x in this decade (2021-2030), as India grows into a USD 5 trillion economy and reaps the benefits of its young population entering the workforce. Housing will create significant jobs – directly and in the supply chain, and spur consumption as home owners feel wealthier with gradually rising home prices. India is significantly under-bought when it comes to housing as compared to developed markets and other large economies and the catchup has just begun in our view.
We are also pleased with the performance of our UK investments which continue to outperform our business plan. This has enabled us to pre-pay USD 170 million of the USD bonds a year ahead of its scheduled maturity. The remaining outstanding of USD 55 million will be paid out of receivables from already sold units. Our debt reduction plans will get accelerated as our investment in the UK is repatriated back starting FY23.”
Lodha has continued with its focus on capital light growth through the JDA model, signing new projects with GDV of INR ~15,000 crores in FY22. It expects to achieve similar additions in new projects in FY23 on the back of robust pipeline of new deals.
Lodha is committed to becoming a ‘net zero emission’ company by 2035 and is making rapid progress in achieving this goal ahead of time. Lodha was ranked amongst the top 13% of real estate companies for its ESG practices by S&P in 2021 and aims to be a global leader in ESG in the real estate industry.
Also Read: Lodha forays into Powai, with Lodha Bellagio
