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.