Business description – Lodha Developers is the largest real estate developer in India by residential Sales for the nine months ended 31 December 2017 and financial year 2017. The company develops real estate across the residential and commercial sectors in the Mumbai Metropolitan Region (MMR), Pune and London. In the residential portfolio, the company is present across multiple price points with unit values ranging from INR3.50 million to INR590 million. In our commercial portfolio, it develops office and retail projects as income generating assets on lease model and sale model, with an increasing focus on the former. Lodha Developers began its operations in Mumbai, developing affordable housing in the suburbs of Mumbai, and later diversified into other segments and regions in the MMR. As of 31 December 2017, it had completed projects with developable area of 50.49 million square feet.
As of 31 December 2017, the company had 37 ongoing projects, of which 35 projects were in India and two were in London. These projects accounted for a developable area of 33.80 million square feet, of which 31.95 million square feet represented projects located in the MMR. As of 31 December 2017, the company also had 22 planned projects in India with a developable area of 64.21 million square feet, of which 62.74 million square feet is located in the MMR. The company focuses on branded realty and its brands include “CASA by Lodha” for affordable housing, the “Lodha” and “Lodha Luxury” brands for premium projects, and the “iThink”, “Lodha Excelus” and “Lodha Supremus” brands for office spaces.
Promoters of Lodha Developers – Mangal Prabhat Lodha, Abhishek Mangal Prabhat Lodha, Sambhavnath Infrabuild And Farms Private Limited and Mangal Prabhat Lodha Family Discretionary Trust
| Lodha Developers IPO details | |
| Subscription Dates | To be updated |
| Price Band | To be updated |
| Fresh issue | INR3,750 crore |
| Offer For Sale | 18,000,000 shares |
| Total IPO size | 18,000,000 shares |
| Minimum bid (lot size) | To be updated |
| Face Value | INR10 per share |
| Retail Allocation | 35% |
| Listing On | NSE, BSE |
Use of IPO proceeds
- Reduction of the aggregate outstanding borrowings on a consolidated basis – INR3,300 crore
- General corporate purposes
| Lodha Developers’ consolidated financial performance (in INR crore) | ||||||
| FY2013* | FY2014* | FY2015 | FY2016 | FY2017 | 9M FY2018 | |
| Total revenues | 3,522.0 | 4,724.4 | 6,269.5 | 8,291.0 | 7,957.3 | 6,634.5 |
| Total expenses | 3,054.4 | 3,999.0 | 4,997.6 | 7,058.8 | 6,940.6 | 5,773.5 |
| Profit after tax | 370.5 | 435.0 | 765.9 | 677.1 | 570.3 | 612.9 |
| Net margin (%) | 10.5 | 9.2 | 12.2 | 8.2 | 7.2 | 9.2 |
* Figures for FY2013 and FY2014 are based on IGAAP and subsequent years are based on IND AS
Lodha Developers Contact Details
Lodha Developers Limited
Lodha Excelus, L 2
N M Joshi Marg, Mahalaxmi
Mumbai – 400 011
Phone: +91 22 2302 4400
Fax: +91 22 2302 4550
Email: [email protected]
Website: www.lodhagroup.com
Registrar of Lodha Developers IPO
Link Intime India Private Limited
C-101, 1st Floor, 247 Park
Lal Bahadur Shastri Marg, Vikhroli (West)
Mumbai – 400 083
Phone: +91 22 4918 6200
Fax: +91 22 4918 6195
Email: [email protected]
Website: http://www.linkintime.co.in
Valuation of Lodha Developers (Based on latest FY)
Earnings Per Share (EPS): INR15.26
Price/Earnings (P/E) ratio: To be updated
Return on Net Worth (RONW): 14.55%
Net Asset Value (NAV): INR101.41 per share
Lodha Developers IPO Subscription Details
| Category | Shares offered | Subscription (no. of times) | ||
| Day 1 | Day 2 | Day 3 | ||
| QIB | ||||
| NII | ||||
| Retail | ||||
| Employees | ||||
| Total | ||||
Lodha Developers IPO Allotment Status
Lodha Developers IPO allotment status will be available on Link Intime’s website. Click on this link to get allotment status.
Listing Performance of Lodha Developers
IPO Opening Date: To be updated
IPO Closing Date: To be updated
Finalisation of Basis of Allotment: To be updated
Initiation of refunds: To be updated
Transfer of shares to demat accounts: To be updated
Listing Date: To be updated
Listing Price on NSE: To be updated
Closing Price on NSE: To be updated
Q1 – 18-19
New Sales Profits
Oberoi 117%↑ 241%↑
DLF 445%↑ 55%↑
Shobha 22%↑ 50%↑
Prestige 65%↑ 9%↑
Suntek 42%↑ 69%↑
Mahindra Lifespaces 5%↑ 93%↑
Major turnaround for organised players in the sector. Both affordable and mid-income housing are doing well. At a good valuation, real estate may be a good opportunity to invest
People have lost faith in big names like DLF as they have consistently delayed projects and deliveries. It will take long for real estate business to recover. I personally regret the decision to invest in an under construction property and wouldn’t suggest anyone to invest in real estate stocks. Most of these guys are cheaters.