On April 22, 2023 Real estate developer Macrotech Developers Ltd (Lodha) reported a 39% jump in its consolidated net profit at Rs 744 crore for the quarter ended March 31, 2023 (Q4FY23). The builder announced the issue of bonus shares to the shareholders in the ratio of 1:1.
However, its consolidated revenue fell 5.5% to Rs 3,255 crore as compared to Rs 3,445 crore in Q4FY22. The company’s debt stood at Rs 7,071 crore as on March 31, 2023, after an overall reduction of Rs 2,229 crore during the year. Company’s net profit to decline to Rs 486.63 crore in FY23 from Rs 1,202.37 crore in FY22, including provision for doubtful receivables/advances of Rs 1,177.39 crore, while total income in FY22 to Rs 9,525.59 crore 9,611.16 crore in the last financial year.
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One of the leading brands in India, Macrotech Developers sells properties under the Lodha brand.
“We have exceeded our full-year guidance due to a steep rise in interest rates… We outperformed our annual guidance by recording pre-sales of Rs 12,064 crore for FY23, an annual growth of 34%. The growth journey of the Indian housing market is in the second year of a multi-year cycle, against the backdrop of rising incomes and favorable demographics. Our strategy of capitalizing on industry consolidation by expanding into the under-represented micro-markets of MMR and Pune is working well. Adhering to our micro-market-based growth strategy, in a short span of time, we have become a formidable player in the eastern suburbs of Pune and MMR garnering Rs 1,126 crore and Rs 1,232 crore respectively. A price hike of around 8% for FY23 – below average wage growth, will improve affordability and also reward existing home owners – both drivers of demand,” said Abhishek Lodha, MD & CEO, Macrotech Developers.
“Driven by strong demand fundamentals and supply consolidation, we are very confident of achieving 20% CAGR in pre-sales over the medium term. In line with this, we expect our pre-sales to grow to over Rs 14,500 crore in FY24.”
The company added new projects with a sales potential of over Rs 20,000 crore in FY23. This is in addition to 11 projects worth over Rs 15,000 crore in the previous financial year. “We expect to maintain a similar run-rate of new project additions, primarily through JDA, on the back of a strong business development pipeline. This will help us meet our development goals in a predictable and consistent manner, Lodha said.
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