Macrotech Developers Q1 results: Co posts net profit at Rs 161 cr

MUMBAI: Lodha Group (Macrotech Developers), the country’s largest real estate developer, has reported a net profit of Rs 161 crore for the quarter ended June as against the net loss of Rs 133 crore a year ago.

Revenue from operations for the developer listed as Macrotech Developers rose 221 per cent year-on-year to Rs 1,605 crore with a 346 per cent jump in collections at Rs 1,714 crore.

The company has clocked 88 per cent growth in bookings at Rs 957 crore for the quarter. In June, the developer recorded sales of over Rs 650 crore in spite of continuing Covid restrictions, the developer said in its earnings release.

“We are on a disciplined growth path with expansion across Mumbai Metropolitan Region (MMR) and Pune region. There are significant growth opportunities in these markets for us given our strong brand and track record of delivering quality products. We have been able to reduce our debt significantly with consolidated net debt reduced by over Rs 3,600 crore for the quarter enabling us to pursue faster growth,” said Abhishek Lodha, MD & CEO, Macrotech Developers.

On the back of the IPO as well as loan repayment by the promoters, the company has reduced its net debt by Rs 3,641 crores. The developer’s average cost of debt has come down to 11.6 per cent from 12.3 per cent in March.

During the quarter, the company entered into 4 new joint development agreements (JDAs) for nearly 3.3 million sq ft with an estimated sales value of Rs 3,500 crore.

See also  Beancounters accused of being 'complicit' in Thomas Cook's collapse 



Please enter your comment!
Please enter your name here