Lodha Developers Ltd.

Financial

	Lodha Developers	Prestige EstatesProj	Godrej Properties
Operational Metrics
NBFC
Cost of Borrowing	8.7 %	10.32 %	7.8 %
Real Estate Sector
Leasable Area	1.5 Mn Sqft	11.35 Mn Sqft	n/a
Residential Projects Under Construction	35.27 Mn Sqft	86.0 Mn Sqft	86.29 Mn Sqft
Non-Residential Area Under Construction	2.4 Mn Sqft	25.0 Mn Sqft	6.15 Mn Sqft
Total Area Under Construction	37.67 Mn Sqft	109.0 Mn Sqft	92.44 Mn Sqft
Occupancy Rate - Commercial Real Estate	13.51 %	n/a	n/a
Inventory - Residential	1.42 Mn Sqft	n/a	n/a
Sales Realization / Sqft - Residential	21480.26 Rs/Sqft	6975.0 Rs/Sqft	13514.63 Rs/Sqft
Unclassified
Rent per sqft - Annualized	781.01 Rs/Sqft	n/a	n/a
Financials
5 yr Average ROE	7.44 %	15.31 %	4.66 %
5yr average Equity Multiplier	3.98	3.94	2.63
5yr Average Asset Turnover Ratio	0.22	0.23	0.09
5yr Avg Net Profit Margin	10.8 %	18.03 %	14.45 %
Price to Book	5.97	4.46	3.57
P/E	40.62	147.23	41.71
5yr Avg Cash Conversion Cycle	1357.74 Days	1408.62 Days	1630.57 Days
Inventory Days	1239.1 Days	627.65 Days	1655.38 Days
Days Receivable	20.88 Days	59.1 Days	27.56 Days
Days Payable	131.51 Days	144.77 Days	727.76 Days
5yr Average Interest Coverage Ratio	3.83	3.1	5.73
5yr Avg ROCE	15.75 %	13.85 %	8.2 %
5yr Avg Operating Profit Margin	18.29 %	27.37 %	-5.73 %
5 yr average Debt to Equity	1.28	0.96	0.72
5yr CAGR Net Profit	133.11 %	27.8 %	n/a
5yr Average Return on Assets	2.67 %	4.39 %	1.58 %
Shareholdings
Promoter Holding	71.9 %	60.94 %	46.7 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	-10.3 %	-4.54 %	-11.73 %
Change in Mutual Fund Holding (3 Yrs)	0.43 %	9.98 %	3.33 %

Business

	Lodha Developers	Prestige EstatesProj	Godrej Properties
Product Wise Break-Up	Product Wise Break-Up Income from property development 93.44 Sale of Land / Development rights 4.06 Income from lease rentals 0.99 Sale of Building Materials 0.36 0 Contractual Projects 0 0 Residential and commercial projects 0 Real Estate Development 0 Others 1.15	Product Wise Break-Up Income from property development 0 Contractual Projects 1.14 Real Estate Development 0 Income from lease rentals 0 Sale of Land / Development rights 0 Hospitality 7.53 Residential 81.84 Sale of Building Materials 0 Rental Income 7.96 Others 1.53	Product Wise Break-Up Income from property development 0 Contractual Projects 0 Real Estate 100.0 Income from lease rentals 0 Sale of Land / Development rights 0 0 Residential and commercial projects 0 Sale of Building Materials 0 0
Location Wise Break-Up	Location Wise Break-Up Domestic 100.0 International 0 Rest of the World 0 India 0 BANGALORE 0 PUNE 0 MMR 0 NCR 0	Location Wise Break-Up India 100.0 International 0 MMR 0 PUNE 0 NCR 0 Rest of the World 0 Domestic 0 BANGALORE 0	Location Wise Break-Up India 0 International 0 MMR 28.33 Pune 15.56 NCR 40.5 Rest of the World 0 Domestic 0 Bangalore 2.77 Others 12.84