Macrotech Developers Unveils Rs 3,000 Crore Worth Of Properties For Sale in June Quarter
The firm intends to launch properties worth approximately Rs 12,000 crore by March next year to capitalise on strong housing demand.
The World Towers in Worli, Mumbai developed by Macrotech Developers Ltd. (Source: Company website)
Realty firm Macrotech Developers Ltd. has unveiled projects valued at Rs 3,000 crore for sale in the June quarter and intends to launch properties worth approximately Rs 12,000 crore by March next year to capitalise on strong housing demand.
Mumbai-based Macrotech Developers, which sells its projects under the Lodha brand has a prominent presence in Mumbai Metropolitan Region and Pune. It had also recently entered the Bengaluru market.
According to its latest investor presentation, the company launched six projects during the April-June quarter of the 2024-25 fiscal, including new phases in existing developments. These projects span 1.8 million square feet and have an estimated revenue potential of Rs 3,010 crore.
For the remaining three quarters of 2024-25, the company plans to introduce 18 additional projects, including new phases of existing ones, covering 9.6 million square feet and with a revenue potential of Rs 11,980 crore.
"We have a strong pipeline of new launches in the second half of the year," the company's Managing Director and Chief Executive Officer Abhishek Lodha told investors, as per the transcript of discussions with analysts.
The launch of these projects in the Mumbai Metropolitan Region and Pune is expected to drive a 20% increase in the company's sales bookings for this fiscal.
In terms of operational performance, Macrotech Developers recorded a 20% rise in sales bookings, reaching Rs 4,030 crore in the first quarter of the fiscal,, driven by strong housing demand. This compares to Rs 3,350 crore in sales bookings during the same period last year.
Macrotech Developers had registered a 20% growth in its sale bookings (pre-sales) to a record Rs 14,520 crore during 2023-24 against Rs 12,060 crore in the previous year.
It has given the guidance of achieving 21% annual growth in sale bookings this fiscal to Rs 17,500 crore.
During the first quarter of this fiscal, the collection from customers rose 12% to Rs 2,690 crore from Rs 2,400 crore in the corresponding period of the previous year.
Macrotech Developers net debt rose 43.5% to Rs 4,320 crore during the first quarter of this fiscal year due to higher investment in land acquisition and construction.
The company's net debt stood at Rs 3,010 crore at the end of the March quarter of 2023-24.
Recently, Macrotech Developers reported a 2.7-fold jump in its consolidated net profit to Rs 475.3 crore for the June 2024 quarter on higher income.
Its net profit stood at Rs 178.4 crore in the year-ago period.
Its total income grew to Rs 2,918.3 crore during the April-June period of this fiscal from Rs 1,671.8 crore in the corresponding period of the preceding year.
(With Inputs From PTI)
