Macrotech Developers Q1 sales bookings nearly tripled to Rs 2,814 cr
Property firm Macrotech Developers on Wednesday reported a nearly three-fold jump in sales bookings to Rs 2,814 crore in the April-June quarter this fiscal on Wednesday due to strong demand for its residential properties.
Macrotech Developers sells its properties under the Lodha brand. It has a major presence in the Mumbai Metropolitan Region (MMR) and the Pune market. The company recently made a foray into Bengaluru.
In a statement, Macrotech Developers said it achieved a pre-sale of Rs 2,814 crore in the first quarter of FY 2022-23, showing a strong increase of 194% from the year-ago period.
April-June 2021 sales were impacted due to the second wave of the Covid pandemic.
Customer collections in India grew by 53% annually to reach 2,616 crores. Net debt reduced from Rs 450 crore to Rs 8,858 crore.
Commenting on the performance, Abhishek Lodha, MD and CEO, Macrotech Developers said, “Q1FY23 was our best Q1 with Rs 2,814 crore in presales from our India business. Macrotech Developers has given forecast sales bookings of Rs 11,500 crore for the current financial year, higher than Rs 9,024 crore recorded in the last financial year.
“We are carefully monitoring the impact of inflation and rising interest rates, but have yet to see any impact on housing demand from quality developers,” Lodha said.
He noted that the housing industry in India is in a medium to long-term structural up cycle, driven by good wage growth, an increase in family housing suitability post Covid and a consolidation of the offers with highly credible promoters.
“Additionally, our investments in London continue to move towards the repatriation of Rs 1,500+ crore from FY23 which will further strengthen the cash flow of the Indian business,” Lodha said.
The company continues to see good momentum across all segments, with the affordable and middle-income segments particularly strong, he added.
“We believe that significant growth will come from these segments over the next few years as per capita income increases in India and households that have so far been unable to afford housing become ‘capable of housing,'” Lodha said.
During the quarter, he said the company signed three JDA (Joint Development Agreement) projects for an area of 5.1 million sq ft with a GDV (Gross Development Value) of Rs 6,200 crore.
“Based on our brand’s strong appeal to landowners and, as a result, a strong pipeline from JDA, we expect to add new projects with a combined GDV of Rs 15,000 crore over the course of the year. exercise 23,” Lodha said.
During the June quarter, he said the company took two new initiatives – first entering the Bengaluru market and second its platform with Bain Capital and Ivanhoé Cambridge to create high-quality green digital infrastructure ( logistics and industrial parks) across India.
“We expect both of these to contribute to growth starting in FY24,” he said.
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