#COMPANY #POTENTIAL
โข The total Foodservice Market in India was estimated at ~โน6,12,600 cr in FY25, of which the organised segment was ~โน2,81,900. (Source: CRISIL) โข The food service industry has witnessed significant increase in the spending by the consumers due to factors like increase in disposable income, increase in delivery-based services, reduction in the GST rates from 18% to 5% and increase in ease of online ordering. โข The organized QSR segment had a market size of ~โน79,400 cr and represents a small portion of India's food services industry. (Source: CRISIL) is the enabler making it happen. โข In the current scenario, the food service industry is expected to see a significant shift from the unorganized segment towards the organized segment due to the increase in the awareness of hygienic products which is absent in most of the unorganized segment. This would bode well for the Quick Service Restaurant (QSR) food chains like Dominoโs to gain market share in the long term. โข Ordering in has been an integral part of the eating experience as customers do not have to travel, wait-in line or compromise on the food quality. While speed and convenience are the two major driving forces behind this shift in consumer behavior, technology โข An increasing number of fast-food franchises in untapped areas and expansion of tier II and tier III cities have also led to the rise in the number of quick service restaurants. โข While the long-term prospects for the food service industry remains robust, in the near term there may be few restaurant closures in the unorganized segment due to significant loss of sales for a prolonged period. In this situation, QSRs may gain more market share due to quick and convenient delivery system and better brand penetration.
โข The total Foodservice Market in India was estimated at ~โน6,12,600 cr in FY25, of which the organised segment was ~โน2,81,900. (Source: CRISIL) โข The food service industry has witnessed significant increase in the spending by the consumers due to factors like increase in disposable income, increase in delivery-based services, reduction in the GST rates from 18% to 5% and increase in ease of online ordering. โข The organized QSR segment had a market size of ~โน79,400 cr and represents a small portion of India's food services industry. (Source: CRISIL) is the enabler making it happen. โข In the current scenario, the food service industry is expected to see a significant shift from the unorganized segment towards the organized segment due to the increase in the awareness of hygienic products which is absent in most of the unorganized segment. This would bode well for the Quick Service Restaurant (QSR) food chains like Dominoโs to gain market share in the long term. โข Ordering in has been an integral part of the eating experience as customers do not have to travel, wait-in line or compromise on the food quality. While speed and convenience are the two major driving forces behind this shift in consumer behavior, technology โข An increasing number of fast-food franchises in untapped areas and expansion of tier II and tier III cities have also led to the rise in the number of quick service restaurants. โข While the long-term prospects for the food service industry remains robust, in the near term there may be few restaurant closures in the unorganized segment due to significant loss of sales for a prolonged period. In this situation, QSRs may gain more market share due to quick and convenient delivery system and better brand penetration.
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#COMPANY #OUTLOOK
โข DP Eurasia plans to expand the number of Dominoโs stores to 1,000 in the coming years. Additionally, Dominoโs is projected to establish a presence in 700 cities across India, reaching a total of 3,000 stores by FY28. In FY26, 250 new additions is planned for Dominoโs India, 30 for popeyes in India, 30 for Dominoโs Turkey and 50 for Coffy. โข Going forward, the company anticipates a double-digit revenue CAGR and a double-digit profit CAGR, along with a margin improvement of over 200 basis points. โข By FY28, it aims to make Popeyes the 2nd largest chicken brand in India and Coffy in the top 3 coffee chains in Turkey. It also plans to expand Coffy to international markets. store boosting employee productivity. โข Elate, Indiaโs first android-based point of system sales and a cloud native was launched by the company. This was developed by the companyโs in-house team. It is expected to streamline operations, personalize customer journey and reduce training time in โข Losses from emerging formats are projected to reduce by at least half within the next 12-18 months, as the company improves unit economics and manages expansion for other brands. โข Overall capex will moderate to some extent as the high cycle of supply chain commissary capex is behind, but the company plans to accelerate store openings, shifting capex towards faster and higher revenue and return-generating investments. โข Store capex per store has been consistently reducing by 10%-15% annually due to scale and negotiations with landlords for investment. The company calibrates store sizes based on location, opening smaller stores in urban centres that are more deliverycentric, and larger ones in tier 2-4 cities where dining-in demand is higher. โข On pricing, the company is taking calibrated price increases in a few places. However, the primary focus shall be on penetrating more and growing the 5,000-store franchise.
โข DP Eurasia plans to expand the number of Dominoโs stores to 1,000 in the coming years. Additionally, Dominoโs is projected to establish a presence in 700 cities across India, reaching a total of 3,000 stores by FY28. In FY26, 250 new additions is planned for Dominoโs India, 30 for popeyes in India, 30 for Dominoโs Turkey and 50 for Coffy. โข Going forward, the company anticipates a double-digit revenue CAGR and a double-digit profit CAGR, along with a margin improvement of over 200 basis points. โข By FY28, it aims to make Popeyes the 2nd largest chicken brand in India and Coffy in the top 3 coffee chains in Turkey. It also plans to expand Coffy to international markets. store boosting employee productivity. โข Elate, Indiaโs first android-based point of system sales and a cloud native was launched by the company. This was developed by the companyโs in-house team. It is expected to streamline operations, personalize customer journey and reduce training time in โข Losses from emerging formats are projected to reduce by at least half within the next 12-18 months, as the company improves unit economics and manages expansion for other brands. โข Overall capex will moderate to some extent as the high cycle of supply chain commissary capex is behind, but the company plans to accelerate store openings, shifting capex towards faster and higher revenue and return-generating investments. โข Store capex per store has been consistently reducing by 10%-15% annually due to scale and negotiations with landlords for investment. The company calibrates store sizes based on location, opening smaller stores in urban centres that are more deliverycentric, and larger ones in tier 2-4 cities where dining-in demand is higher. โข On pricing, the company is taking calibrated price increases in a few places. However, the primary focus shall be on penetrating more and growing the 5,000-store franchise.
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Jubilant FoodWorks 400-470
Expected level 580
Support 354
Expected level 580
Support 354
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๐๐ผ๐ป๐ด ๐ง๐ฒ๐ฟ๐บ ยฎโข
Siemens 2700-3100 Expected level 4000 Support 2451
3875๐ฅ๐ฅ๐ฅ
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๐๐ผ๐ป๐ด ๐ง๐ฒ๐ฟ๐บ ยฎโข
Cera Sanitaryware 4500-4950 Expected level 6000 Support 3900
6020โก๏ธโก๏ธโก๏ธLong term level hit
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Asahi India Glass Limited Company Details Report
Asahi India Glass Limited is a prominent manufacturer of value-added glass products and has become an integrated glass solutions provider in India. Spanning the entire glass value chain, AIS is engaged in the production of automotive glass, float glass, glass processing, fabrication, and installation. AIS was established as a joint venture between the Labroo Family, AGC Inc., Japan and Maruti Suzuki India Limited, beginning operations in 1987. AIS entered the float glass segment after acquiring Float Glass India Limited with its manufacturing facility at Taloja (Maharashtra) in 2001. The company majorly caters to three business units which include: Automotive Glass, Architectural Glass and Consumer Glass. AIS auto glass products and solutions have attained 75% market share in the passenger car market segment and the product range encompasses laminated glass for car windshields, tempered glass for side windows, backlites, sunroofs and windshields, along with sub-assemblies and a wide array of value-added glass products. The company has ~3,700 stock keeping units under this segment. Its client base includes Maruti Suzuki India, Kia, Hyundai, Toyota, Mahindra & Mahindra, Toyota, Honda, Ashok Leyland, Daimler, Force Motors, Bajaj Auto, Volvo to name a few. It is a sunroof system supplier to Webasto, Aisin, and Golde Group. Additionally, the company also supplies auto glass in white goods segment i.e., refrigerator shelf glass and washing machine lid glass, etc. In the architectural glass industry, its offering include specialised value-added glass products which includes float glass, high performance coated glass, mirror, back painted glass, decorative glass, processed glass, and other value-added glass products. These offerings are designed for both exterior and interior use in modern architecture. In this category the company has a market share of ~16% and has 1,372 stockists across India. Through consumer glass segment, for B2C (business to consumer) segment, the company provides customised solutions in the automotive and architectural glass segments. It leverages its expertise in B2B (business to business) segments and product innovation to provide interface to its customers with in-depth consultancy services. It has presence across 65 cities in India and addresses over 101 dealerships & workshops. Within the automotive segment, OEMs account for over ~75% of AISโ revenue, while the replacement market contributes ~25%. In this space, AIS plays a significant role through its network of distributors and dealers, and also operates the well-known Windshield Experts chain of standalone repair and replacement workshops. As on 31st March 2024, total installed capacity stood at 4.5 cr pieces for tempered glass, 1,280 TPD (tonne per day) float glass and 0.85 cr pieces for laminated glass.
Asahi India Glass Limited is a prominent manufacturer of value-added glass products and has become an integrated glass solutions provider in India. Spanning the entire glass value chain, AIS is engaged in the production of automotive glass, float glass, glass processing, fabrication, and installation. AIS was established as a joint venture between the Labroo Family, AGC Inc., Japan and Maruti Suzuki India Limited, beginning operations in 1987. AIS entered the float glass segment after acquiring Float Glass India Limited with its manufacturing facility at Taloja (Maharashtra) in 2001. The company majorly caters to three business units which include: Automotive Glass, Architectural Glass and Consumer Glass. AIS auto glass products and solutions have attained 75% market share in the passenger car market segment and the product range encompasses laminated glass for car windshields, tempered glass for side windows, backlites, sunroofs and windshields, along with sub-assemblies and a wide array of value-added glass products. The company has ~3,700 stock keeping units under this segment. Its client base includes Maruti Suzuki India, Kia, Hyundai, Toyota, Mahindra & Mahindra, Toyota, Honda, Ashok Leyland, Daimler, Force Motors, Bajaj Auto, Volvo to name a few. It is a sunroof system supplier to Webasto, Aisin, and Golde Group. Additionally, the company also supplies auto glass in white goods segment i.e., refrigerator shelf glass and washing machine lid glass, etc. In the architectural glass industry, its offering include specialised value-added glass products which includes float glass, high performance coated glass, mirror, back painted glass, decorative glass, processed glass, and other value-added glass products. These offerings are designed for both exterior and interior use in modern architecture. In this category the company has a market share of ~16% and has 1,372 stockists across India. Through consumer glass segment, for B2C (business to consumer) segment, the company provides customised solutions in the automotive and architectural glass segments. It leverages its expertise in B2B (business to business) segments and product innovation to provide interface to its customers with in-depth consultancy services. It has presence across 65 cities in India and addresses over 101 dealerships & workshops. Within the automotive segment, OEMs account for over ~75% of AISโ revenue, while the replacement market contributes ~25%. In this space, AIS plays a significant role through its network of distributors and dealers, and also operates the well-known Windshield Experts chain of standalone repair and replacement workshops. As on 31st March 2024, total installed capacity stood at 4.5 cr pieces for tempered glass, 1,280 TPD (tonne per day) float glass and 0.85 cr pieces for laminated glass.
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#SALES #GROWTH
In FY25, the net sales increased by 5% YoY and stood at โน4,594 cr. Automotive glass segment grew by 13% YoY to โน3,011 cr led by steady demand from auto industry, followed by a decline in float glass segment at 13% YoY at โน1,332 cr as demand for float glass, primarily used in residential and commercial real estate, typically follows a lag effec and others segment expanded from โน350 cr to โน766 cr for the year. In FY24, the net sales grew by 8.4% YoY to โน4,357 cr driven by automotive glass segment, which grew by 21% YoY, while float glass category saw a decline of 12.6% YoY. The growth was majorly led by auto segment while the float glass segment observed a decline. In FY22 & FY23, the net sales observed significant rise as in the architectural glass segment, as it benefitted from the imposition of anti-dumping duty on imports of float glass from Malaysia from H2 FY21 onwards and rise in real estate & auto demand post Covid.
In FY25, the net sales increased by 5% YoY and stood at โน4,594 cr. Automotive glass segment grew by 13% YoY to โน3,011 cr led by steady demand from auto industry, followed by a decline in float glass segment at 13% YoY at โน1,332 cr as demand for float glass, primarily used in residential and commercial real estate, typically follows a lag effec and others segment expanded from โน350 cr to โน766 cr for the year. In FY24, the net sales grew by 8.4% YoY to โน4,357 cr driven by automotive glass segment, which grew by 21% YoY, while float glass category saw a decline of 12.6% YoY. The growth was majorly led by auto segment while the float glass segment observed a decline. In FY22 & FY23, the net sales observed significant rise as in the architectural glass segment, as it benefitted from the imposition of anti-dumping duty on imports of float glass from Malaysia from H2 FY21 onwards and rise in real estate & auto demand post Covid.
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#EBITDA #GROWTH
In FY25, EBITDA grew moderately by ~4% YoY to โน766 cr. The expansion was led by better product mix of SUV cars and EV. Gross profit increased by 7% YoY. In FY24, the EBITDA was โน738 cr and declined by 7.2% on account of rise in cost of raw materials and power & fuel cost. The glass industry is highly energy extensive industry with power and fuel costs constituting a significant portion (~15.9% of revenue in FY24) of the total cost. The key inputs for manufacturing automotive glass are auto-quality float glass and poly vinyl butyral (used for binding glass together). Soda ash, sand, limestone, dolomite, power and fuel are the key inputs for manufacturing float (architectural) glass. The rise from FY22 onwards was on account of rise in sales from auto & architectural segments.
In FY25, EBITDA grew moderately by ~4% YoY to โน766 cr. The expansion was led by better product mix of SUV cars and EV. Gross profit increased by 7% YoY. In FY24, the EBITDA was โน738 cr and declined by 7.2% on account of rise in cost of raw materials and power & fuel cost. The glass industry is highly energy extensive industry with power and fuel costs constituting a significant portion (~15.9% of revenue in FY24) of the total cost. The key inputs for manufacturing automotive glass are auto-quality float glass and poly vinyl butyral (used for binding glass together). Soda ash, sand, limestone, dolomite, power and fuel are the key inputs for manufacturing float (architectural) glass. The rise from FY22 onwards was on account of rise in sales from auto & architectural segments.
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#PAT #GROWTH
In FY25, net profit grew by 15% YoY to โน365 cr. This was led by operating profit and higher other income. There was an exceptional gain of โน32 cr from Q3 FY25, pertaining to gain on sale of non current investments. Tax rate for the year was 28.4% v/s 27% in FY24. In FY24, the net profit was โน317 cr and declined by 8.1% YoY. A portion of the decline can be attributed to rise in finance cost and depreciation expenses.
In FY25, net profit grew by 15% YoY to โน365 cr. This was led by operating profit and higher other income. There was an exceptional gain of โน32 cr from Q3 FY25, pertaining to gain on sale of non current investments. Tax rate for the year was 28.4% v/s 27% in FY24. In FY24, the net profit was โน317 cr and declined by 8.1% YoY. A portion of the decline can be attributed to rise in finance cost and depreciation expenses.
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#EBITDA #MARGIN
In FY25, the EBITDA margin stood at 16.7% and declined moderately by 26 bps YoY. EBIT margin from automotive glass segment, float glass and others was 12%, 15.1% and 3% respectively. In FY24, the EBITDA margin was 16.9%. Towards auto glass segment the EBIT margin was 11.8% in FY24 and for architectural glass it was 17.3%, with rising imports impacting the pricing power of domestic architectural glass suppliers and from 2022 onwards the same touched 31% on account of anti-dumping duty imposed on float glass and strong rise in sale of auto & architectural glass backed by pick up in auto & real estate demand.
In FY25, the EBITDA margin stood at 16.7% and declined moderately by 26 bps YoY. EBIT margin from automotive glass segment, float glass and others was 12%, 15.1% and 3% respectively. In FY24, the EBITDA margin was 16.9%. Towards auto glass segment the EBIT margin was 11.8% in FY24 and for architectural glass it was 17.3%, with rising imports impacting the pricing power of domestic architectural glass suppliers and from 2022 onwards the same touched 31% on account of anti-dumping duty imposed on float glass and strong rise in sale of auto & architectural glass backed by pick up in auto & real estate demand.
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#ROCE
In FY25, the ROCE is expected to decline owing to subdued PBIT growth. In FY24, the ROCE declined to 15.1%, on account of capacity expansion. It increased significantly post 2021, as there was an increase in sales & operating profit from architectural & auto segment and company has been undergoing expansion since then.
In FY25, the ROCE is expected to decline owing to subdued PBIT growth. In FY24, the ROCE declined to 15.1%, on account of capacity expansion. It increased significantly post 2021, as there was an increase in sales & operating profit from architectural & auto segment and company has been undergoing expansion since then.
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#COMPANY #POTENTIAL
โข The Indian glass industry is set to witness substantial growth in the coming years, primarily propelled by the construction, automotive, and solar sectors. This growth will be further accentuated by the government's focus on infrastructure development, smart city projects, and sustainability initiatives. The burgeoning middle-class population and rise in consumer spending will drive the demand for home renovation, resulting in a higher adoption of glass products such as shelves, kitchen shutters, partitions, shower cubicles, and premium glass in the automotive sector. โข Another notable advancement is electrochromic glass, enabling passengers to adjust the transparency of the glass according to their specific needs. Additionally, suspended particle device glass utilises electricity to seamlessly transition between dark and light shades, making it an ideal choice for sunroofs and similar applications. The industry's growing focus on fuel efficiency and reducing emissions has resulted in the increased production of lightweight and electric vehicles. This trend is expected to drive the demand for glass and value-added glass in the automotive industry in the coming years. โข The glass industry in India presents significant growth opportunities. Increasing demand for glass products across diverse sectors, coupled with favorable government initiatives, particularly in construction, creates an encouraging business environment for manufacturers. Additionally, the implementation of the Goods and Services Tax (GST) has streamlined operations and reduced logistics costs, benefiting the industry as a whole. โข As the Indian real estate market expands, demand for architectural glass shall grow, driven by increasing construction projects. โข In terms of trends, the industry is witnessing a shift towards advanced glass products, such as low-emissivity (low-E) glass for energy-efficient buildings and automotive glass with advanced features like smart coatings and integration with sensors. This trend is driven by growing environmental concerns and the need for better thermal insulation and safety features.
โข The Indian glass industry is set to witness substantial growth in the coming years, primarily propelled by the construction, automotive, and solar sectors. This growth will be further accentuated by the government's focus on infrastructure development, smart city projects, and sustainability initiatives. The burgeoning middle-class population and rise in consumer spending will drive the demand for home renovation, resulting in a higher adoption of glass products such as shelves, kitchen shutters, partitions, shower cubicles, and premium glass in the automotive sector. โข Another notable advancement is electrochromic glass, enabling passengers to adjust the transparency of the glass according to their specific needs. Additionally, suspended particle device glass utilises electricity to seamlessly transition between dark and light shades, making it an ideal choice for sunroofs and similar applications. The industry's growing focus on fuel efficiency and reducing emissions has resulted in the increased production of lightweight and electric vehicles. This trend is expected to drive the demand for glass and value-added glass in the automotive industry in the coming years. โข The glass industry in India presents significant growth opportunities. Increasing demand for glass products across diverse sectors, coupled with favorable government initiatives, particularly in construction, creates an encouraging business environment for manufacturers. Additionally, the implementation of the Goods and Services Tax (GST) has streamlined operations and reduced logistics costs, benefiting the industry as a whole. โข As the Indian real estate market expands, demand for architectural glass shall grow, driven by increasing construction projects. โข In terms of trends, the industry is witnessing a shift towards advanced glass products, such as low-emissivity (low-E) glass for energy-efficient buildings and automotive glass with advanced features like smart coatings and integration with sensors. This trend is driven by growing environmental concerns and the need for better thermal insulation and safety features.
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#COMPANY #OUTLOOK
โข Asahi India would supply the rear and side windscreens, along with the sunroof glass, for the XEV 9e and BE 6 models of M&M. While the rear windscreen is made of standard laminated glass, both models are expected to feature laminated acoustic and solar side glass, which is thicker than conventional tempered glass. These side windows offer UV protection with a visual light transmission (VLT) of 70%. โข The company remains optimistic about the growing premiumisation of passenger vehicles in India, which is driving increased OEM demand for advanced glazing solutions such as UV-cut side window glass and rear windshields with integrated defoggers. With above ~70% share of the Indian passenger vehicle OEM market by the end of FY25, AIS continues to expand its product portfolio. Key growth drivers include laminated side glass with solar and acoustic insulation properties, and a next-generation sunroof solution being developed for one of its major Indian OEM clients. โข To align with the anticipated growth of the Indian automotive industry, AIS aims to expand its capacity to 10 million laminated windshields and 7.2 million tempered glass sets by FY28.
โข Asahi India would supply the rear and side windscreens, along with the sunroof glass, for the XEV 9e and BE 6 models of M&M. While the rear windscreen is made of standard laminated glass, both models are expected to feature laminated acoustic and solar side glass, which is thicker than conventional tempered glass. These side windows offer UV protection with a visual light transmission (VLT) of 70%. โข The company remains optimistic about the growing premiumisation of passenger vehicles in India, which is driving increased OEM demand for advanced glazing solutions such as UV-cut side window glass and rear windshields with integrated defoggers. With above ~70% share of the Indian passenger vehicle OEM market by the end of FY25, AIS continues to expand its product portfolio. Key growth drivers include laminated side glass with solar and acoustic insulation properties, and a next-generation sunroof solution being developed for one of its major Indian OEM clients. โข To align with the anticipated growth of the Indian automotive industry, AIS aims to expand its capacity to 10 million laminated windshields and 7.2 million tempered glass sets by FY28.
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Asahi India Glass Limited 735-815
Expected level 1000
Support 623
Expected level 1000
Support 623
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Sunteck Realty Ltd Company Details Report
Sunteck Realty Ltd is one of the fastest growing real estate development companies of the country based in Mumbai. SRL has its own in-house project management team and strategic tie-ups with domestic/international contractors, architects, engineers and brand partners. The company focuses on designing, developing, and managing commercial and premium residentials. The company focuses on a city centric development well spread-out across Mumbai Metropolitan Region (MMR). It has acquired more than 50 million sq ft with a Gross Developmental Value (GDV) of โน39,370 cr. The company has entered into various Joint development agreement (JDA) projects which has helped the company better manage its financials in a disciplined manner and remain asset light. The company has 50:50 JV with Piramal Realty called Piramal Sunteck Realty Pvt Ltd which was formed in 2007. Sunteck offers 6 brands under the name of Signature (Uber Luxury Residencies raging from โน30 cr - โน40 cr), Signia (Uber Luxury Residencies raging from โน5 cr - โน20 cr), Sunteck City, Sunteck Beach Residences and Sunteck Sky Park (Upper - Mid Income Large mixed-use development between โน1 cr - โน3 cr), Sunteck World (Lower Mid Income between โน25 lac - โน1.25 cr) & Sunteck (Commercial) which allows them to be present across pricing spectrum.
It is focusing on middle income and aspirational group where they intend to offer well designed and quality apartments the pre-sales mix also reflects. The company follows project completion method of revenue recognition as per IND AS 115 where presales and collections are based on bookings and customer advances. Presales convert to revenue at project completion. The collections for FY25 were โน1,255 cr of which โน421 cr came from Uber luxury, โน294 cr from Premium luxury, โน435 cr from Aspirational luxury and others at โน105 cr.
Sunteck Realty Ltd is one of the fastest growing real estate development companies of the country based in Mumbai. SRL has its own in-house project management team and strategic tie-ups with domestic/international contractors, architects, engineers and brand partners. The company focuses on designing, developing, and managing commercial and premium residentials. The company focuses on a city centric development well spread-out across Mumbai Metropolitan Region (MMR). It has acquired more than 50 million sq ft with a Gross Developmental Value (GDV) of โน39,370 cr. The company has entered into various Joint development agreement (JDA) projects which has helped the company better manage its financials in a disciplined manner and remain asset light. The company has 50:50 JV with Piramal Realty called Piramal Sunteck Realty Pvt Ltd which was formed in 2007. Sunteck offers 6 brands under the name of Signature (Uber Luxury Residencies raging from โน30 cr - โน40 cr), Signia (Uber Luxury Residencies raging from โน5 cr - โน20 cr), Sunteck City, Sunteck Beach Residences and Sunteck Sky Park (Upper - Mid Income Large mixed-use development between โน1 cr - โน3 cr), Sunteck World (Lower Mid Income between โน25 lac - โน1.25 cr) & Sunteck (Commercial) which allows them to be present across pricing spectrum.
It is focusing on middle income and aspirational group where they intend to offer well designed and quality apartments the pre-sales mix also reflects. The company follows project completion method of revenue recognition as per IND AS 115 where presales and collections are based on bookings and customer advances. Presales convert to revenue at project completion. The collections for FY25 were โน1,255 cr of which โน421 cr came from Uber luxury, โน294 cr from Premium luxury, โน435 cr from Aspirational luxury and others at โน105 cr.
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