Macrotech Developers Q3 Sale Bookings Up 12% To Rs 3,410 Crore

Realty firm Macrotech Developers on Friday reported 12% increase in its sale bookings to Rs 3,410 crore for December quarter of this fiscal year on better demand for its residential properties.

Sale bookings of Macrotech Developers, which markets its properties under Lodha brand, stood at Rs 3,040 crore in the year-ago period.

In a regulatory filing, Macrotech Developers informed that the company has achieved its best ever third quarter pre-sales performance.

MD & CEO Abhishek Lodha said, "It is heartening to witness the housing cycle taking shape with each passing quarter. Consumer's desire to own a quality home early in their life journey and upgrade their lifestyle, continues to strengthen."

On the back of steady rise in income levels and ample job creation, this desire is translating into robust demand for high quality homes, he added.

Lodha said this fundamental driver of demand has enabled the company to deliver its best ever Q3 pre-sales performance at Rs 3,410 crore.

This was despite the adverse seasonality of inauspicious period of 'shraddh' falling in October this fiscal year as compared to in September in FY23, he added.

Having delivered Rs 10,300 crore of sale bookings in the first three quarters, Lodha said it remains on track to meet the Rs 14,500 crore sale bookings guidance for the full fiscal.

"We added three new projects with a GDV (gross development value) of Rs 6,000 crore in Q3," Lodha said.

With this, the company has already achieved Rs 20,300 crore of new business addition in the first nine months of this fiscal, surpassing the guidance of Rs 17,500 crore for the full fiscal.

Under new business development, Macrotech buys land outright and also ties up with landowners for joint development agreements (JDAs) to create future pipeline of projects.

"We are pleased to note that, despite high level of business development activity during the year, our net debt has remained on a glide down path YTD with our net debt at Rs 6,750 crore (vs Rs 7,073 crore in March 2023). We remain on course to achieve our full year guidance for reduction of net debt to lower of 0.5x equity and 1x Operating Cash flow, with further debt reduction seen in Q4," Lodha said.

He also mentioned that the company has exited the U.K. market after realisation of the entire balance from U.K. investments.

The company has completed the development of two projects in London.

"From here on, we are going to be solely focused on the significant opportunities in India," Lodha said.