Embassy Developments (EMBDL) Q2 24/25 earnings summary

Executive summary

• Pre-sales reached ₹98 Cr in Q2 FY2025, with H1 FY2025 pre-sales at ₹180 Cr and new bookings totaling 98k sf for the quarter.

• Gross collections were ₹144 Cr in Q2 FY2025, with H1 FY2025 collections at ₹252 Cr; construction spend for H1 FY2025 was ₹162 Cr.

• Net surplus from projects stands at ₹11,278 Cr, with OC projects surplus at ₹381 Cr and pending costs fully covered by receivables with ~2x cover.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2024, with results reviewed by statutory auditors and Audit Committee.

• Thane phase 2 project launch expected in November 2024, pending RERA approval.

Financial highlights

• Q2 FY2025 consolidated revenue was ₹2,459.7 million, down from Q1 FY2025 but up from Q2 FY2024; standalone revenue was ₹287 Cr.

• Adjusted EBITDA for Q2 FY2025 was ₹44 Cr, a significant turnaround from negative EBITDA in prior quarters.

• Consolidated net profit after tax for Q2 FY2025 was ₹242.7 million, compared to net losses in previous quarters.

• H1 FY2025 revenue reached ₹691 Cr, up 118% year-over-year; adjusted PAT for H1 FY2025 was ₹10 Cr versus a loss of ₹68 Cr in H1 FY2024.

• Paid-up equity share capital increased to ₹1,271.7 million following conversion of share warrants.

Outlook and guidance

• Focus on execution and completion of existing projects to meet delivery timelines.

• Renewed emphasis on new launches and organic growth from existing land parcels.

• Prudent capital structure and visibility on near-term liquidity and cash flows are strategic priorities.

• The company continues to pursue the proposed merger with NAM Estates and Embassy One, pending regulatory and statutory approvals.