Macrotech Developers' Net Debt Rises 14% In September Quarter To Rs 4,920 Crore
The company attributed the increase in debt to its move to invest more on land acquisition and construction.
Realty firm Macrotech Developers' net debt rose 14% to Rs 4,920 crore during the second quarter of the current fiscal, as it looks to invest more on land acquisition and construction.
Mumbai-based Macrotech Developers Ltd., which sells its projects under the Lodha brand, is one of the leading developers in the country.
According to its latest operational update, the company's net debt stood at Rs 4,920 crore as of Sept. 30, 2024.
"Our net debt is Rs 49.2 billion, well below our ceiling of 0.5 times net debt/equity," the company stated.
Macrotech Developers' net debt was Rs 4,320 crore as of June 30, 2024, and Rs 3,010 crore at the end of the 2023–24 fiscal.
Earlier this month, Macrotech Developers reported a 21% increase in sales bookings to a record Rs 4,290 crore during the July–September period on better housing demand.
The company had sold properties worth Rs 3,530 crore in the year-ago period.
"We achieved our best-ever quarterly pre-sales of Rs 42.9 billion (Rs 4,290 crore) showing growth of 21% year-on-year despite the inauspicious 'Shradhh' period falling in September this fiscal year (vs October in FY24)," Macrotech Developers had stated.
During the last fiscal, the company had registered a 20% growth in its sale bookings (pre-sales) to a record Rs 14,520 crore as against Rs 12,060 crore in the preceding financial year.
It has given the guidance of achieving 21% annual growth in sale bookings during the 2024-25 fiscal to Rs 17,500 crore.
Macrotech Developers has a significant presence in the Mumbai Metropolitan Region and Pune. It has entered the Bengaluru property market.
It has delivered around 100 million square feet of real estate and is developing more than 110 million square feet under its ongoing and planned portfolio.
