Indian real estate player Lodha Developers reported strong earnings for the fourth quarter ended March 31 late last week. The company reported a net consolidated income of INR 26.11bn ($356.3mn), down 18% vs. the same quarter last year and a profit after tax of INR 3.13bn ($42.7mn), up 31% YoY. Abhishek Lodha, MD & CEO of the company said, “We are now expanding our residential reach in parts of Mumbai (MMR) and Pune (PMR) where we are currently not present so that we can provide our high quality developments to a wider cross-section of home buyers – our growth in housing will be driven by the JDA model over the next few quarters, with a focus on affordable & mid-income housing.” He added that the company monetized about 165 acres of land in its industrial park under JVs/outright sale with companies such as Morgan Stanley, FM logistics and a US pharma company. The company reported provisions of INR 4.6bn ($62.8mn) towards its loan made to its UK subsidiaries including LD UK on account of the impact of the pandemic on the UK project that has been facing delays and mounting costs.

Lodha’s 14% dollar bonds due 2023 are currently trading at 101.18 yielding 13.21% on the secondary markets.

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