Ashiana Housing (523716) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 area booked was 6.77 lakh sq ft, up from 3.35 lakh sq ft YoY, but down from 7.29 lakh sq ft QoQ due to fewer new launches.

• Value of area booked in Q3 FY25 was ₹454.16 crores, up from ₹173.89 crores YoY, but down from ₹672.54 crores QoQ.

• PAT turned positive at ₹10.89 crores in Q3 FY25 from a loss of ₹7.55 crores in Q2 FY25, aided by higher deliveries and including a one-time ₹5 crores GST payout.

• Total pre-sales for nine months FY25 reached ₹1,362.03 crores, a 45.56% YoY increase.

• 9MFY25 revenue was ₹327.97 crores, down from ₹669.56 crores YoY due to lower deliveries; PAT at -₹2.10 crores vs ₹66.02 crores YoY.

Financial highlights

• Q3 FY25 revenue was ₹139.93 crores, up 135% QoQ from ₹59.53 crores, driven by higher deliveries.

• Pre-tax operating cash flow in Q3 FY25 was ₹120.42 crores, up from ₹78.18 crores in Q2 FY25; 9MFY25 pre-tax operating cash flow at ₹273.53 crores.

• Credit rating reaffirmed at [ICRA] A (Stable).

• Cash flows remain healthy due to higher collections from improved sales.

• PAT for Q3 FY25 included a one-time impact of ₹5 crores related to GST Metro Trios Hotel as an exceptional item.

Outlook and guidance

• FY25 pre-sales guidance remains at ₹2,000 crores, contingent on the Ashiana Amara/Amarah Phase V launch in Q4.

• Expected FY25 revenue is around ₹550–575 crores, with Q4 revenue projected at ₹300 crores.

• Margins in Q4 FY25 are expected to be muted due to low-margin project deliveries, but significant margin improvement is anticipated from FY26 onwards.

• Revenue of ₹4,350.66 crores already locked in over next 3 years from ongoing projects; unsold value of ₹1,117.30 crores to contribute as sold.

• Launches planned for next year include projects in Gurugram, Jaipur, Jamshedpur, and potentially Bangalore.