Embassy Developments (EMBDL) Q1 24/25 earnings summary

Executive summary

• Q1 FY2025 pre-sales reached ₹82 Cr with 68,000 sq ft of new bookings and gross collections of ₹105 Cr.

• Board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2024, and reviewed key governance and compliance matters.

• The company changed its name from Indiabulls Real Estate Limited to Equinox India Developments Limited effective June 20, 2024.

• Targeted launch of a new phase in One Indiabulls Thane project set for October 2024.

• Land monetization of 6.5 acres in MMR valued at ₹12.5 Cr completed.

Financial highlights

• Q1 FY2025 revenue was ₹40 Cr, down from ₹209 Cr in Q1 FY2024.

• Consolidated revenue from operations rose to ₹3,872.4 million, up from ₹1,958.7 million year-over-year.

• Adjusted EBITDA for Q1 FY2025 was -₹21 Cr, compared to -₹44 Cr in Q1 FY2024.

• Adjusted PAT for Q1 FY2025 was -₹27 Cr, improving from -₹50 Cr in Q1 FY2024 (excluding exceptional items in Q1 FY2024).

• Gross debt at quarter-end was ₹269 Cr, with cash and equivalents at ₹365 Cr, resulting in a net cash positive position of ₹96 Cr.

Outlook and guidance

• New project launches planned, including One Indiabulls Thane in October 2024 and additional launches in Bengaluru, Gurgaon, Mumbai, and Chennai through FY2027.

• The company is pursuing a merger with NAM Estates and Embassy One, pending regulatory approval, with the next hearing scheduled for August 27, 2024.

• Focus on execution and completion of existing projects, maintaining prudent capital structure, and organic/inorganic growth strategies.

• Strategic arrangements with Embassy Property Developments Private Limited provide first rights on a pipeline of potential assets.