Macrotech Developers Q1 Results: Profit Rises 165% But Misses Estimates
Net profit of the real estate developer increased to Rs 476 crore for the quarter-ended June 30, 2024.
Mumbai-based Macrotech Developers Ltd.'s first quarter profit rose 165.6%, but missed analysts' estimates.
Net profit of the real estate developer, that sells properties under the Lodha brand, increased to Rs 476 crore for the quarter-ended June, according to an exchange filing on Tuesday. This compares with the estimate of Rs 508.9 crore of analysts tracked by Bloomberg.
Its revenue jumped 76% to Rs 2,874 crore during the quarter. Analysts polled by Bloomberg estimated it to be Rs 3,045.4 crore.
Macrotech Developers Q1 FY25 Highlights (YoY)
Revenue up 76% to Rs 2,847 crore versus Rs 1,617 crore (Bloomberg estimate: Rs 3,045.4 crore).
Ebitda rose 129.4% to Rs 757 crore versus Rs 330 crore (Bloomberg estimate: Rs 852.2 crore).
Margin at 26.6% versus 20.4% (Bloomberg estimate: 28%).
Net profit up 165.6% to Rs 476 crore versus Rs 179 crore (Bloomberg estimate: Rs 508.9 crore).
Other Key Highlights
Pre-sales up 20% at Rs 4,030 crore versus Rs 3,350 crore.
Collections up 12% at Rs 2,690 crore versus Rs 2,400 crore.
Net Debt/Equity stood at 0.24 times, below its 0.5 times equity ceiling.
"We are pleased to note that we have achieved more than 50% of our business development guidance in the first quarter itself. During the quarter, we added three more projects at marquee locations in the MMR and Pune with Rs 11,100 crore of GDV (gross development value)," said Abhishek Lodha, chief executive officer and managing director, Macrotech Developers Ltd.
The company maintained its 20% pre-sales guidance of Rs 17,500 crore for the fiscal and Rs 21,000 crore in FY26. Along with this, it expects an operating cash flow of Rs 6,500 crore in FY25. It stood at Rs 700 crore in the first quarter.
Shares of Macrotech Developers closed 2.42% lower at Rs 1,328 apiece on Tuesday, as compared with a 0.09% increase in the NSE Nifty 50.
