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Macrotech Developers' profit rises 25% to Rs 505 crore in Q3 FY24
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Macrotech Developers' profit rises 25% to Rs 505 crore in Q3 FY24
Publish on : 2024-01-31 17:52:02
Total income rose to Rs 2,958.7 crore in the October-December period of the 2023-24 financial year from Rs 1,902.4 crore in the corresponding period of the previous year, according to a regulatory filing. NEW DELHI: Realty firm Macrotech Developers on Saturday reported a 25 percent rise in its consolidated net profit to Rs 505 crore in the December quarter and said it could raise to Rs 5,000 crore, if needed, for expansion. Mumbai-based Macrotech Developers is one of the leading real estate developers in the country. It has a major presence in Mumbai Metropolitan Region and Pune. The company markets its properties under the Lodha brand. Its net profit stood at Rs 405 crore in the year-ago period. Total income rose to Rs 2,958.7 crore in the October-December period of the 2023-24 financial year from Rs 1,902.4 crore in the corresponding period of the previous year, according to a regulatory filing. The board also approved an enabling proposal to raise up to Rs 5,000 crore by issuing securities through public issues, private placement, or any other mode in one or two tranches. "Strong underlying demand on the back of rising incomes, ample job creation, as well as enhanced consumer confidence, enabled us to achieve our best Q3 pre-sales performance of Rs 34.1 billion," Abhishek Lodha, Managing Director and Chief Executive Officer of Microtech Developers said. In the first nine months of FY24, he said the pre-sales (sales bookings) stood at Rs 10,300 crore, showing a robust 14 percent year-on-year growth, and remains on track to deliver full-year guidance of Rs 14,500 crore. New tailwinds for housing would further strengthen demand in 2024, Lodha said. "Latest communication from global central banks suggest peaking of interest rates and steady reduction in benchmark rates will commence in 2024. This will likely result in lower home loan rates in India, strengthening demand," he said. Lodha said the company witnessed an excellent response to its first project launch in Bengaluru and the entire phase 1 was sold out within the first three days of the launch. "This success showcases the strength of the brand in new geographies and would help us build further momentum in pre-sales," he said. Lodha noted that infrastructure development in the Mumbai region would benefit the company's large township 'Palava City'. "During the third quarter, we have added three more projects for a 2 million square feet area with a GDV (gross development value) of Rs 6,000 crore, taking our nine months business development to Rs 20,300 crore already surpassing our full-year guidance of Rs 17,500 crore." Lodha highlighted that the substantial-high pace of business development showcases the attractiveness of the brand Lodha to landowners. This has resulted in a burgeoning pipeline of new attractive opportunities which will enable the company to grow business in the future, he said. "To capitalize on some of these opportunities in the future while keeping our deleveraging journey intact, our board has approved to have enablers in place for raising capital to be pursued if needed," he said. Macrotech Developers has delivered 95 million square feet of real estate and is currently developing more than 110 million square feet under its ongoing and planned portfolio.

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