Ashiana Housing Ltd. Earnings Call Summary (May 29, 2024)
Key Highlights
• Earnings Performance
• Record sales value of Rs. 1,798.22 crores for FY24 (up from Rs. 1,313.43 crores in FY23).
• Total revenue of Rs. 966.52 crores for FY24 (more than double the previous year).
• Comprehensive income of Rs. 84.24 crores.
• Average sales price per square foot increased by 34% year-on-year.
• Management Insights
• Emphasis on maintaining cash flexibility for future acquisitions over buybacks.
• Anticipated margin expansion to 17%-18% by FY’27.
• Focus on capital returns rather than aggressive growth in land acquisitions.
Future Projections
• Sales and Construction Targets
• Target of Rs. 2,000 crores in pre-sales for FY’25, contingent on market conditions.
• Annual construction target of 25-26 lakh square feet, despite potential fluctuations.
• Project Updates
• Ongoing negotiations for new land parcels, particularly in senior living.
• Exploration of new cities for senior living projects, including Bangalore and NCR.
Financial Considerations
• Cost Management
• Inflation impacts on construction costs are manageable.
• Expected expansion of gross profit margins despite rising costs.
• Joint Ventures and Partnerships
• Equal profit sharing and fee structures in partnerships, ensuring expected returns.
Sales Strategy
• Sales Projections for Ashiana Amarah
• Conservative sales estimates; not anticipating Rs. 1,500 crores from Amarah.
• Focus on larger, premium senior living projects rather than hybrid developments.
Conclusion
• Management expressed optimism about future growth and invited further inquiries from participants.

Ashiana Housing Ltd. Earnings Call Summary (February 13, 2024)
Key Financial Highlights
• Quarter Performance:
• Area booked decreased to 3.35 lakh sq. ft.
• Revenue dropped to INR 189.25 crores.
• Profit after tax increased slightly to INR 27.8 crores.
• Future Growth Outlook:
• Anticipated annual growth rate of 15%-20% in area booked value.
• New project launches expected in Q4.
Upcoming Projects
• Q4 Launch Plans:
• Three new projects totaling approximately 24-25 lakh sq. ft.
• 5-6 lakh sq. ft. expected to launch this quarter.
• FY'25 Projections:
• Phases of three projects totaling around 30 lakh sq. ft.
• Target of INR 1,500 crores in pre-sales, contingent on RERA approval.
Pricing Strategy
• Current Pricing Trends:
• Project prices are 20%-30% higher than anticipated two years ago.
• Senior living projects priced between INR 4,700-7,000 per sq. ft.
• Premium homes priced between INR 3,500-7,000 per sq. ft.
• Challenges:
• Rising land prices affecting unit economics.
• Ongoing land acquisition efforts in Bangalore and Mumbai.
Market Demand and Growth Projections
• Demand Insights:
• Healthy demand across various regions, with some challenges in premium homes in Bhiwadi.
• Real estate cycles typically last 6-7 years; favorable supply conditions expected for 1-1.5 years.
• Growth Rate Projection:
• Annualized growth rate of 15%-20% over the next 2-3 years, with potential fluctuations.
Financial Management
• Debt-Equity Ratio:
• Preference to maintain a ratio of 0.3-0.5, avoiding higher leverage.
• Senior Living Projects:
• Generate maintenance revenue but do not significantly contribute to profits.
Conclusion
• Call Wrap-Up:
• Participants thanked and encouraged to reach out via email for further inquiries.
• Compliance:
• Communication signed by Nitin Sharma, Company Secretary, with investor relations contact information provided.

Ashiana Housing Ltd. Earnings Call Summary (November 16, 2023)
Company Performance
• Quarter and Half-Year Results: Performance for the quarter and half-year ending September 30, 2023.
• Key Management: Whole-Time Director Varun Gupta and CFO Vikash Dugar led the call.
• Highlights:
• New land acquisitions and project launches.
• Increased sales with 5.92 lakh square feet booked in Q2 FY2024, valued at ₹325.60 Crores.
• Total revenue of ₹351.02 Crores and profit after tax of ₹27.35 Crores.
Future Sales Growth
• Sales Targets: Aim to increase pre-sales from 25 lakh square feet to 30-35 lakh square feet in the coming year.
• Focus Areas: Price increases and higher-value projects.
Development Strategy
• Horizontal Plotted Development: Not pursued; focus remains on home building and well-designed living spaces.
• Construction Targets: Target of 2 to 2.2 million square feet for FY2024.
Market Dynamics
• Lead Conversion Rates: Improved due to market changes and enhanced sales processes.
• New Projects: Larger project in Jaipur discussed, with challenges in attracting different demographics.
Project Launch Approach
• Market Conditions: Decisions based on micro market evolution rather than overall market trends.
• Supply Dynamics: Demand outpacing supply in key markets like Gurugram and Jaipur.
Senior Living Sector
• Growth Potential: Optimism about senior living becoming a larger part of the business.
• Pricing Dynamics: Prices in senior living have not increased as much as residential prices.
Construction Costs and Land Strategy
• Rising Costs: Preference for revenue share transactions over outright land purchases.
• Operational Goals: Treating land as a raw material rather than a long-term investment.
Luxury Segment Strategy
• Focus on Premium Housing: Competitive advantage in design, construction quality, and customer service.
• Consumer Feedback: Addressing maintenance issues through a dedicated social media team.
Financial Projections
• Return on Equity (ROE): Expected to exceed 15% this year.
• Pre-Sales Targets: ₹1,500 crores for FY2024, with higher targets anticipated for FY2025.
Delivery Expectations
• FY2024 Deliveries: Approximately 26 lakh square feet expected.
• Cumulative Deliveries: 50-55 lakh square feet planned from FY2025 to FY2027, generating revenues of ₹2,600-₹3,000 crores.
Consumer Preferences
• Kid-Centric Projects: Growing consumer preference noted, with a focus on senior living as a differentiated product.
• Profit Contribution: Senior living expected to represent 30-50% of profit shares in the future.
Conclusion
• Invitation for Inquiries: Call concluded with an invitation for further questions.

Ashiana Housing Ltd. Earnings Call Summary (August 9, 2023)
Key Highlights
• Performance Metrics:
• Area booked increased to 6.53 lakh sq. ft. (up from 3.34 lakh sq. ft. YoY).
• Total revenue rose to ₹129.3 crores.
• Profit After Tax (PAT) reported at ₹10.87 crores.
• Pre-tax operating cash flow of ₹83.15 crores.
• Sales Guidance:
• Pre-sales guidance maintained at ₹1,500 crores for the year.
• Strong sales from Ashiana Amarah Phase 2.
Future Projects and Strategy
• Project Launches:
• Plans to launch five projects, including Ashiana Amodh in Pune.
• Focus on maintaining a balanced project pipeline of around 1 crore sq. ft.
• Market Expansion:
• Plans to ramp up operations in Pune and Chennai, especially in senior living.
• Actively pursuing new acquisitions with ongoing discussions for two transactions.
Shareholder Returns and Financial Outlook
• Buyback Strategy:
• Recent buyback at ₹301 per share viewed as a one-time cash distribution.
• Financial Performance Expectations:
• Anticipated pre-tax operating cash flows of ₹250-300 crores for the year.
• Collections around ₹250 crores for the quarter.
Market Insights
• Gurugram Market:
• Expected to contribute one-third of sales and profits.
• Average realization for a recent project at ₹7,700 per sq. ft.
• Price Trends:
• Apartment prices appreciating, but land prices rising faster and stabilizing.
• Cautious outlook on future price appreciation due to market conditions.
Investor Sentiment and Future Considerations
• Investor Interest:
• Shift towards buy-to-let investors rather than property flippers.
• Financial Targets:
• Aiming for a 10-15% PAT margin with a focus on maintaining healthy EBITDA margins.
• Cautious approach to capital deployment, prioritizing land acquisitions and joint ventures.
Conclusion
• Management expressed optimism about future growth and stable margins despite market fluctuations.
• Participants were thanked for their attendance, and the call concluded.

Ashiana Housing Ltd. Earnings Call Summary (June 7, 2023)
Company Performance Highlights
• Earnings Call Date: June 7, 2023
• Fiscal Year End: March 31, 2023
• Key Participants: Varun Gupta (Whole-Time Director), Vikash Dugar (CFO)
• New Projects: Launched five new projects
• Pre-sales Achievement: ₹1,313.43 crores (75% increase in area booked)
• Average Sales Price: Increased by 31% to ₹5,080 per square foot
• Total Revenue: ₹425.19 crores
• Comprehensive Income: ₹28.78 crores for FY '23
Sales and Revenue Projections
• Sales Run Rate Inquiry: Expected sales value push of ₹1,500 crores for FY '24
• Land Deal Update: 25% payment made for HSIIDC land; project launch expected in FY '25
• Sales Strategy: Focus on higher sale prices and volume growth; target gross margin of 30%
Financial Targets and Strategies
• Return on Equity (ROE): Aim for 15% at the company level, expected to exceed in FY '23-24
• Gurgaon Market Importance: Contributed 40% of booked area value; prices expected to reach ₹7,500-8,500 per square foot
• Gross Profit Margin Target: 30%; Profit After Tax (PAT) margin of 13-15%
• Sales and Marketing Expenses: Projected at 4-4.5% of sales; administrative overheads at 7-7.7%
Asset Management and Future Plans
• Stock Booking: ₹2,100 crores with potential sales value of ₹5,500 crores
• Focus on Non-Core Assets: Disposing of assets like a school and hotel in Bhiwadi
• Senior Living Projects: Shifting focus to cities like Chennai and Pune
Market Conditions and Challenges
• EBITDA Margins: Low due to increased operational costs and fixed costs burden
• Land Prices: Nearly doubled since FY '20; sales prices increased by 20-50%
• Occupancy Ratio: Maintains a balanced 50/50 ratio of owners to tenants
Market Outlook
• Housing Market Concerns: Limited supply alleviates affordability issues; larger flats are selling well
• Resale Policy: Prohibits resale of flats without registration to limit speculative trading
Conclusion
• Call Closure: Vikash Dugar thanked participants and invited further questions via email.

Ashiana Housing Ltd. Earnings Call Summary (February 15, 2023)
Key Financial Highlights
• Area Booked: Increased to 9.03 lakh sq. ft.
• Total Sales Value: Rose to ₹ 877.62 crores (April to December 2022).
• Average Realization Price: Improved to ₹ 5,373 per sq. ft.
• Q3 FY '23 Revenue: Increased to ₹ 135.31 crores.
• Comprehensive Income: Positive at ₹ 9.29 crores.
Challenges and Optimism
• Construction Delays: Due to regulatory bans and supply chain issues.
• Management Outlook: Optimistic about future construction volumes.
Upcoming Projects
• New Developments: Planned in Jaipur, Jamshedpur, and Chennai.
• Project Launches: Two projects totaling approximately 14 lakh sq. ft. in Q4; 3 million sq. ft. expected in FY '24.
• Land Inventory: Sufficient for the next 3-4 years, with future acquisitions needed.
Project Delivery and Revenue Recognition
• Minor Delays: 15-30 days in project deliveries.
• Key Revenue Source: Ashiana Daksh project in Jaipur completed ahead of schedule.
• Ongoing Projects: Ashiana Sehar on track; Ashiana Aditya may face slight delays.
Profit Margins and Business Development
• Gross Profit Margins: Average of 27%-28% for older projects; expected improvement.
• Senior Living Projects: Contributing 10%-20% of business; goal to increase revenue to ₹300-400 crores.
Strategic Discussions
• Profit Margin Expansion: Targeting 3-5% higher margins in senior living projects.
• Cyclicality Reduction: Focus on stabilizing cash flows over consistent profitability.
• Expected Deliveries: 6-6.5 lakh sq. ft. in Q4 and around 6.5 lakh sq. ft. in Q1 FY '24.
Additional Considerations
• Board Deliberations: Ongoing discussions about buybacks and dividends.
• Sales Performance: Approximately 1,200 units sold, averaging ₹70 lakhs per unit.
Conclusion
• Management Sentiment: Optimistic about future growth and margin expansion, with an invitation for further inquiries.