Ashiana is expecting reported nos to improve in H2FY25 and continued margin improvement in next few years. Concall notes below
FY25Q2
- Land prices in Gurgaon are very expensive and they are finding it hard to find commercially viable projects
- Will prefer not to launch projects for a year or two than pay very high land prices
- Gurgaon Sector 80 project will be launched in Q1/Q2 FY26. The last auction in this area was 6-8 months back and land prices had already doubled vs what Ashiana had paid
- Planned launches in FY25: Ashiana Amarah Phase V, Nitara Phase II, Ekansh Phase IV, Swarang, Amodh Phase II
- In Ashiana Malhar, will now focus on increasing realizations
- Believe they will deliver 700-750 sales and 9% PAT margins in FY25. Will start seeing margin expansion in FY26 (1100 cr. sales, 12-13% PAT margins) and FY27 (1700 cr. sales, 20% PAT margins)
- Bhiwadi sales are quite good, supply situation is good with no new builders and sales price is increasing, looking to deploy money in Bhiwadi
- Bangalore launch will take longer as they are setting up team there for the first time
- Milakpur stuck money is 3-4 cr.
Disclosure: Invested (no transactions in last-30 days)
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