Macrotech Developers jumped 5.57% to Rs 900.95 after the real estate company posted a consolidated net profit of Rs 160.91 crore in Q1 FY22 as compared to a net loss of Rs 134.44 crore in Q1 FY21.
Consolidated net sales soared 221% to Rs 1,605 crore in Q1 FY22 from Rs 500 crore in Q1 FY21. On a sequential basis, net profit slumped 48% while net sales declined 36.6% in Q1 FY22 over Q4 FY21. Profit before tax stood at Rs 219.56 crore in Q1 FY22 as compared to a pre tax loss of Rs 230.52 crore in Q1 FY21.The company witnessed strong recovery from the second wave of COVID-19 with pre-sales of Rs 650 crore in June which is 69% of the overall pre-sales in the quarter, inspite of the continuing partial restrictions in Mumbai. For Q1 FY22, Lodha had 88% growth in pre-sales and 346% growth in collections compared to Q1 FY21 which was the first wave of COVID.
Commenting on the performance during Q1FY22, Abhishek Lodha, MD & CEO of Macrotech Developers said, We are on a disciplined growth path with expansion across MMR and Pune region. There are significant growth opportunities in these markets for us given our strong brand and track record of delivering quality product. We have been able to reduce our debt significantly with consolidated net debt reduced by over Rs 3600 crore for the quarter enabling to pursue faster growth. We are focused on housing and digital infrastructure (warehousing, data centres, and industrial parks) and both these asset classes are benefitting significantly from the macro trends in our economy. During the quarter we have expanded our residential reach in micro-markets such as 'Western Suburbs MMR', 'Eastern Suburbs MMR', and 'Eastern Pune' by executing four JDAs with a combined area of 3.3 million square feet and estimated GDV (sales value) of Rs 3500 crore. We believe that housing is at the start of a multi-year bull run which will see growth in prices as well as volume.
Shares of Macrotech Developers hit a record high of Rs 916.45 in intraday today.
Macrotech Developers, formerly known as Lodha Developers, is one of the largest real estate developers in India. The core business of the company is residential real estate developments with a focus on affordable and mid-income housing. It also develops commercial real estate, including as part of mixed-use developments in and around core residential projects
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