LODHA · Realty
Lodha Developers Ltd. reported revenue of ₹2,846 cr for April to June 2024, +76.0% on the year and −29.2% on the quarter.
Operating profit (EBITDA) was ₹756 cr, a margin of 26.6%, +628 bps on the year and +53 bps on the quarter. Operating costs grew +62.1% against revenue growth of +76.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹476 cr, +165.9% on the year and −28.6% on the quarter, with earnings per share of ₹4.78. Profit before other income, one-offs and tax grew faster, at +219.9%; other income, one-offs or tax held the headline back. The tax rate of 27% is in line with its recent average.
Real estate revenue is booked when projects complete, so the quarterly statements lag the business; pre-sales and collections show where it actually is. The quarterly statements do not carry pre-sales, collections and launches; those come with the filing read.
On earnings per share of ₹18.78 over the last four quarters, the stock at ₹1,058.00 trades at 56.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +165.9% on the year; profit before other income, exceptional items and tax +219.9%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,931 cr | ₹4,018 cr | ₹2,846 cr | ₹2,626 cr | ₹4,083 cr | ₹4,224 cr | ₹3,492 cr | ₹3,799 cr | ₹4,672 cr | ₹4,714 cr | ₹4,997 cr | ₹4,467 cr |
| YoY | — | — | +76% | +50% | +39% | +5% | +23% | +45% | +14% | +12% | +43% | +18% |
| EBITDA margin | 29.9% | 26.0% | 26.6% | 26.8% | 32.0% | 28.9% | 28.2% | 29.2% | 30.3% | 30.0% | 38.5% | 33.3% |
| Other income, % of PBT | −12% | 7% | 11% | 11% | 6% | 17% | 15% | 8% | 9% | 10% | 6% | 9% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 22% | 24% | 27% | 24% | 18% | 22% | 25% | 18% | 23% | 20% | 23% | 24% |
| Net profit | ₹505 cr | ₹667 cr | ₹476 cr | ₹423 cr | ₹945 cr | ₹923 cr | ₹675 cr | ₹790 cr | ₹958 cr | ₹1,008 cr | ₹1,373 cr | ₹1,014 cr |
| YoY | — | — | +166% | +108% | +87% | +38% | +42% | +87% | +1% | +9% | +103% | +28% |
| Core profit YoY | — | — | +220% | +93% | +51% | +22% | +33% | +76% | +4% | +15% | +117% | +39% |
| EPS | ₹5.22 | ₹6.69 | ₹4.78 | ₹4.25 | ₹9.47 | ₹9.24 | ₹6.76 | ₹7.90 | ₹9.58 | ₹10.09 | ₹13.73 | ₹10.14 |
| Flags | · | · | ✓ | ✓ | 1 | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Lodha Developers Ltd. reported revenue of ₹2,846 cr (+76.0% on the year) and net profit of ₹476 cr (+165.9% on the year) for April to June 2024.
Profit before other income, exceptional items and tax moved +219.9% on the year, against +165.9% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.