Eldeco Housing and Industries

Eldeco came with a muted set of nos, they are very confident of crossing 200+ cr. of presales in FY24 on back of 3 new projects (1 already launched, 2 in pipeline for FY24). Concall notes below

FY24Q2

• Eldeco Latitude 27 was launched this quarter (5.17 lakh sq.ft total area), it has 5 towers of ~1 lakh sq.ft each. Have opened 2 towers (~2 lakh sq.ft) and will open 3rd tower in current festive season. Sold 41 units (36 cr., 73,766 sq.ft) and allotted 44,200 sq.ft to partner
• Eldeco Trinity (high rise; luxury group housing in Shaheed path): Seeking RERA registration, will add 5 lakh sq.ft (received layout/map approval). 6500-7500 sq.ft realization
• Eldeco Imperia Phase II: Received layout/map approval, expect RERA approval in next few weeks (6.3 lakh sq.ft). Imperia Phase I last sales was done at 4200/sq.ft, expect 4000-4500 sq.ft realization for Phase II
• In group housing projects, EBITDA margins will be 25-30%
• Acquired 18.1 acres of land in Q2
• Raised debt of 160 cr. from two lenders (Piramal, ICICI), 80 cr. has already been allocated and deployed

Disclosure: Not invested (no transactions in last-30 days)