Ashiana Housing (523716) Q1 24/25 earnings summary

Executive summary

• Area booked in Q1 FY25 was 4.43 lakh sq ft, down from 10.60 lakh sq ft in Q4 FY24, mainly due to lack of inventory in key projects and high base effect from previous launches.

• Value of area booked was ₹235.32 crore in Q1 FY25, compared to ₹862.54 crore in Q4 FY24.

• Total revenue for Q1 FY25 was ₹128.51 crore, down from ₹296.96 crore in Q4 FY24 and nearly flat versus ₹129.29 crore in Q1 FY24.

• Net loss for Q1 FY25 was ₹5.45 crore, compared to net profit of ₹10.87 crore in Q1 FY24 and ₹17.38 crore in Q4 FY24, impacted by lower margin projects, one-off staff incentives, and delayed delivery interest costs.

• New launches included Ashiana Ekansh (Jaipur, premium homes) and Ashiana Advik (Bhiwari, senior living); handover commenced in Chennai and completion certificate received for Lavasa project.

Financial highlights

• Sales and other income for Q1 FY25: ₹128.51 crore vs ₹296.96 crore in Q4 FY24.

• EBITDA margin for Q1 FY25 was -0.27%, and net profit margin was -4.24%.

• Pre-tax operating cash flow for Q1 FY25 was ₹74.92 crore, down from ₹92.20 crore in Q4 FY24 and ₹83.15 crore in Q1 FY24.

• FY24 sales and other income reached ₹966.52 crore, with PAT at ₹83.40 crore and EBITDA margin at 12.34%.

• Earnings per share (basic and diluted) for Q1 FY25 were -₹0.51, versus ₹1.72 in Q4 FY24 and ₹1.09 in Q1 FY24.

Outlook and guidance

• Losses are anticipated in Q2 FY25 due to lower planned deliveries, but H2 FY25 is expected to be strong, supporting full-year profitability.

• FY25 guidance for ₹2,000 crore in pre-sales is maintained.

• Revenue of ₹3,227.68 crore is already locked in over the next three years from ongoing projects.

• Launches planned for Ashiana Amara Phase 4, Ashiana Malhar Phase 3, and ONE44 Phase 2 in the current quarter; Ashiana Swarang and Ekansh Phase 4 in the next.

• The Board recommended a dividend of ₹1.5 per equity share (75% of face value), subject to shareholder approval.