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Macrotech Developers, a real estate company under the Lodha Group, disclosed a net consolidated profit after tax of Rs 202.8 crore for the quarter concluding on September 30, 2023, as reported in a filing with the Bombay Stock Exchange (BSE). This marks a substantial turnaround from the loss of Rs 932.9 crore incurred during the same period in the previous fiscal year.
The company's total consolidated income for Q2 FY24 was Rs 1,755.1 crore, indicating a slight decline of 0.35% compared to the Rs 1,761.2 crore recorded in the corresponding quarter of the previous year.
During this quarter, Macrotech Developers issued 4,14,771 equity shares valued at Rs 10 each, upon exercising options provided through the Employee Stock Option Schemes. Abhishek Lodha, the MD & CEO of the company, highlighted the 'for-sale' business's impressive 20% year-on-year growth, contributing to achieving pre-sales of Rs 6,890 crore in the first half of FY24.
Additionally, the company added two projects covering a 1.2 million square feet area, with a gross development value (GDV) of Rs 2,300 crore. This addition significantly contributed to their yearly guidance of Rs 17,500 crore in GDV, with Rs 14,300 crore already incorporated.
As of September 30, 2023, the company's net worth stood at Rs 130.5 billion. Their financial health was indicated by a debt-equity ratio of 0.69, a current liability ratio of 0.89, total debts to total assets ratio of 0.23, an operating margin of 32.17%, and a net profit margin of 11.55%.
The firm's pre-sales surged by 12% year-on-year, amounting to Rs 3,530 crore, while collections increased by 16% year-on-year, reaching Rs 2,750 crore in the same quarter. Lodha emphasized the ongoing focus on reducing leverage while maintaining robust business development, aiming to achieve specific debt reduction goals during the fiscal year. Notably, the company successfully trimmed its net debt by Rs 540 crore to Rs 6,730 crore during this quarter, with an exit cost of debt standing at 9.6%.
Macrotech Developers has an extensive track record, having delivered approximately 95 million square feet of real estate and currently developing over 110 million square feet across ongoing and planned projects. The vision of reducing leverage is seen as a step towards greater sustainability in the future growth.
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