Embassy Developments Ltd

The company's board approved the appointment of Jitendra Virwani as chairman of the board, and Aditya Virwani as managing director of the company. Aditya Virwani spearheads a dynamic and experienced leadership team at one of India's fastest growing real estate companies, including Sachin Shah, who continues as chief executive officer and executive director, alongside Rajesh Kaimal appointed as chief financial officer and executive director. Aditya Virwani, managing director, said, 'I am delighted to take on this role at such a pivotal moment for EDL. Embassy has always been a pioneer in Indian real estate ' launching India's first listed REIT, institutionalising the co-working sector, and setting the benchmark for luxury residential projects across gateway markets. EDL represents our flagship development platform with 45 million square feet of residential and commercial saleable and leasable area, and over a 3,000-acre landbank.' Meanwhile, the board approved to raise Rs 2,000 crore through qualified institutional placement (QIP) to fund growth initiatives and optimize capital structure prudently. It will also launch around Rs 4.5 crore Employee stock option plan (Esop) to attract and retain top-tier talent critical to the company's success Further, the company's board approved the acquisition of assets worth Rs 599 crore, which includes a 100% equity acquisition of entity holding around 1.3 million square feet (msf) luxury residential development potential in North Bengaluru for Rs 455 crores in cash. Additionally, the acquisition includes a 9.5-acre land parcel with 0.2 msf of plotted residential development potential in North Bengaluru (extension to its marquee Embassy Springs development) for Rs 104 crore in cash. Furthermore, the company's board appointed Vikas Khandelwal as company secretary and group chief compliance officer, Shailendra Subbaraya as chief operating officer ' South and Maria Rajesh as chief human resources officer. Sachin Shah, CEO & executive director, said, 'With the merger now complete, the company is fortunate to have Jitendra as its chairman and promoter and Aditya as its managing director. Jitendra's exceptional execution capabilities in India's real estate business remain unmatched. EDL is primed for significant growth, with eight new project launches in FY 2026 spanning 7.7 msf and a gross development value of Rs 15,000 crore. We are assembling a best-in-class team and optimizing our capital structure to capitalize on market opportunities. Following recent approval of the merger scheme between Equinox India Developments and Nam Estates Pvt, by the Hon'ble National Company Law Appellate Tribunal (NCLAT) on January 7, 2025, Embassy Group has become the new promoter with a 41.4% controlling stake. The merger was successfully implemented with effect from January 24, 2025, and the company has been officially renamed as Embassy Developments Limited (EDL) as of February 13, 2025. Embassy Developments Limited (EDL) is one of India's leading real estate developers, specializing in the construction and development of residential, commercial, and Special Economic Zone (SEZ) projects across Indian cities. With a strategic focus on Bengaluru, the Mumbai Metropolitan Region (MMR), and the National Capital Region (NCR), the company also has a presence in Chennai, Jodhpur, Vadodara, Vizag, and IndorePowered by Capital Market - Live

Embassy Developments announced that the Board of Directors at its meeting on 25 February  2025, approved the appointment of Jitendra Virwani as Chairman of the Board, and Aditya Virwani as Managing Director of the Company. K.G. Krishnamurthy, previous Independent Chairman to remain as Independent Member of the Board.Powered by Capital Market - Live

Equinox India Developments announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 25 March 2025.Powered by Capital Market - Live

Equinox India Developments will hold a meeting of the Board of Directors of the Company on 25 February 2025.Powered by Capital Market - Live

The company will raise funds by way of debt, equity or any other equity linked or convertible securities through all or any permissible modes or method, including private placement, preferential issue, rights issue, qualified institutions placement or such other modes as may be permitted under applicable law. Equinox India Developments is a real estate development company. The Company develops residential and commercial real estate projects, including luxury office and commercial spaces, residential developments, and special economic zones. Equinox India Developments serves customers worldwide. The company reported consolidated net profit of Rs 22.17 crore in Q3 FY25 as against net loss of Rs 38.65 crore posted in Q3 FY24. Revenue from operations soared 177% YoY to Rs 278.50 crore in the quarter ended 31 December 2024. The scrip rallied 4.82% to end at Rs 133.70 on Wednesday, 19 February 2025. Powered by Capital Market - Live

Equinox India Developments announced the remarkable success of Embassy Verde, its premium residential project within Embassy Springs, one of North Bengaluru's largest developments. Since its pre-launch 5 days ago, Embassy Verde has garnered an overwhelming response, securing pre-sales bookings worth Rs 619 crore and selling over 700 units with total saleable area of 0.7 million square feet. This asset forms part of the NAM Estates portfolio, now under Equinox India post-merger. Powered by Capital Market - Live

Revenue from operations soared 177% YoY to Rs 278.50 crore in the quarter ended 31 December 2024. The firm posted profit before tax of Rs 26.85 crore in Q3 FY25, as compared with pre-tax loss of Rs 28.33 crore recorded in same quarter last year. Additionally, the company reported an adjusted EBITDA of Rs 38 crore for the quarter, compared to negative adjusted EBITDA of Rs 22 crore posted in Q3 FY24. The company's pre-sales jumped 37% YoY to Rs 82 crore in Q3 FY25. Gross Collections for the quarter stood at Rs 105 crore, representing a 24% YoY decline. The company also noted new bookings of 78,000 square feet during Q3 FY25. The net surplus stood at Rs 11,150 crore, with ongoing project costs of Rs 2,302 crore significantly covered through receivables, with a coverage ratio of approximately 0.8x. The company's surplus from completed projects is Rs 302 crore. In terms of new launches, the company introduced Embassy One in Thane in November 2024, achieving pre-sales of Rs 36.5 crore as of 31 December 2024. Gross debt amounted to Rs 420 crore, with an average rate of interest (ROI) of 13.2% and a debt-to-equity ratio of 0.09x. Total equity stood at Rs 4,605 crore. Cash and cash equivalents stood at Rs 116 crore, with net debt of Rs 304 crore in the quarter ended 31 December 2024. On nine month basis, the company reported consolidated net profit of Rs 17.76 crore in Q3 FY25 as compared to net loss of Rs 736.63 crore posted in Q3 FY24. Revenue from operations surged 132.1% YoY to Rs 911.71 crore in the quarter ended 31 December 2024. Equinox India Developments is a real estate development company. The Company develops residential and commercial real estate projects, including luxury office and commercial spaces, residential developments, and special economic zones. Equinox India Developments serves customers worldwide. Powered by Capital Market - Live

Net profit of Equinox India Developments reported to Rs 22.17 crore in the quarter ended December 2024 as against net loss of Rs 38.65 crore during the previous quarter ended December 2023. Sales rose 176.98% to Rs 278.50 crore in the quarter ended December 2024 as against Rs 100.55 crore during the previous quarter ended December 2023. ParticularsQuarter EndedDec. 2024Dec. 2023% Var. Sales278.50100.55 177 OPM %1.07-32.92 - PBDT29.03-25.43 LP PBT26.85-28.33 LP NP22.17-38.65 LP Powered by Capital Market - Live

This long-awaited merger, which has been under consideration for five years, faced several hurdles, including concerns raised by the income tax department. However, the NCLAT ultimately dismissed these concerns and greenlit the deal. Last year, Indiabulls Real Estate rebranded as Equinox India Developments after receiving a substantial investment of Rs 3,911 crore from a consortium led by Embassy Group, Blackstone Real Estate Fund, and Baillie Gifford & Co. This capital infusion was facilitated through a preferential allotment of shares. Embassy One, the first residential project launched by Equinox under the Embassy brand, is a testament to this new chapter. Located in Thane, Mumbai, this development comprises 186 luxury apartments, each priced at R s1 crore and above. The merger will see Embassy Group, a leading real estate developer with a strong presence in the IT/ITES sector, expand its operations into key markets like Mumbai and Delhi-NCR. This move is expected to unlock significant value for both companies and position them for further growth in the competitive Indian real estate market. Embassy Group, known for its high-quality developments and innovative approach, will now lead the merged entity. Equinox India Developments is one of the largest real estate company with a Gross Development Value of Rs 32,189 crore, and with 15 on-going projects with total saleable area of 33.91 million sq. ft. under its wing. Further it has commercial development with a leasable area of 3.15 million sq.ft. under construction. Additionally the company has a land bank of 1,046 acres and also possesses 2,588 acres of SEZ land at Nasik, Maharashtra. In July of 2014, Equinox India Developments acquired the prime property, 22 Hanover Square in Central London for Rs 1630 crore. On a consolidated basis, Equinox India Developments reported net profit of Rs 24.06 crore in Q2 September 2024 as against net loss of Rs 18.43 crore in Q2 September 2023. Net sales rose 155.26% to Rs 245.97 crore in Q2 September 2024 over Q2 September 2023. The board of Equinox India will consider Q3 results on 10 January 2025. Powered by Capital Market - Live

Equinox India Developments will hold a meeting of the Board of Directors of the Company on 10 January 2025.Powered by Capital Market - Live