Lodha Developers Ltd. benchmarking: Perfomance to industry peers

Financial

	Lodha Developers	Prestige EstatesProj	Godrej Properties
Operational Metrics
NBFC
Cost of Borrowing	8.0 %	10.14 %	7.4 %
Real Estate
Leasable Area	3.5 Mn Sqft	16.12 Mn Sqft	n/a
Residential Projects Under Construction	39.84 Mn Sqft	95.0 Mn Sqft	79.93 Mn Sqft
Non-Residential Area Under Construction	2.8 Mn Sqft	26.0 Mn Sqft	5.7 Mn Sqft
Total Area Under Construction	40.41 Mn Sqft	125.0 Mn Sqft	85.63 Mn Sqft
Occupancy Rate - Commercial Real Estate	13.51 %	n/a	n/a
Inventory - Residential	0.83 Mn Sqft	n/a	n/a
Sales Realization / Sqft - Residential	16772.5 Rs/Sqft	7343.0 Rs/Sqft	11911.76 Rs/Sqft
Unclassified
Rent per sqft - Annualized	781.01 Rs/Sqft	n/a	n/a
Financials
5 yr Average ROE	7.44 %	14.41 %	4.66 %
5yr average Equity Multiplier	3.98	3.6	2.63
5yr Average Asset Turnover Ratio	0.22	0.2	0.09
5yr Avg Net Profit Margin	10.8 %	18.31 %	14.45 %
Price to Book	5.73	4.91	3.55
P/E	36.61	143.7	41.96
5yr Avg Cash Conversion Cycle	1357.74 Days	1649.03 Days	1630.57 Days
Inventory Days	1239.1 Days	794.55 Days	1655.38 Days
Days Receivable	20.88 Days	64.08 Days	27.56 Days
Days Payable	131.51 Days	62.27 Days	727.76 Days
5yr Average Interest Coverage Ratio	3.83	3.05	5.73
5yr Avg ROCE	15.75 %	12.87 %	8.2 %
5yr Avg Operating Profit Margin	18.29 %	28.53 %	-5.73 %
5 yr average Debt to Equity	1.28	0.75	0.72
5yr CAGR Net Profit	133.11 %	-30.0 %	n/a
5yr Average Return on Assets	2.67 %	4.27 %	1.58 %
Shareholdings
Promoter Holding	71.87 %	60.94 %	47.05 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	-10.33 %	-4.54 %	-11.43 %
Change in Mutual Fund Holding (3 Yrs)	1.19 %	9.55 %	4.62 %

	Lodha Developers	Prestige EstatesProj	Godrej Properties
Product Wise Break-Up	Product Wise Break-Up Income from property development 88.61 Sale of Land / Development rights 9.34 Income from lease rentals 0.94 Sale of Building Materials 0.32 0 Contractual Projects 0 0 Residential and commercial projects 0 Real Estate Development 0 Others 0.79	Product Wise Break-Up Sale of Land / Development rights 0 Income from property development 0 Income from lease rentals 0 Real Estate Development 0 Contractual Projects 1.14 Rental Income 7.96 Sale of Building Materials 0 Hospitality 7.53 Residential 81.84 Others 1.53	Product Wise Break-Up Sale of Land / Development rights 0 Income from property development 0 Income from lease rentals 0 Real Estate 100.0 Contractual Projects 0 0 Sale of Building Materials 0 0 Residential and commercial projects 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 PUNE 0 Rest of the World 0 BANGALORE 0 MMR 0 India 100.0 Domestic 0 International 0 NCR 0	Location Wise Break-Up Pune 9.59 Rest of the World 0 Bangalore 43.72 MMR 22.99 India 0 Domestic 0 International 0 NCR 23.69 Others 0.01