Macrotech Developers rose 2.52% to Rs 1066.55 after the realty major's pre-sales for Q1 FY23 stood at Rs 2,814 crores in India, jumping 194% from Rs 957 crore posted in Q1 FY22.
This was the best-ever Q1 performance. The realtor said that Q1 is typically the second weakest quarter of the financial year for sales due to holidays and the onset of the monsoon, Q2 tends to the weakest due to monsoon and inauspicious period.The realtor expects a growth of Rs 2500 crore on a year on year basis in the financial year ending 31 March 2022. Since, the Q1 pre-sales increased by Rs 1,857 crore, it can be seen that 75% of the sales growth required to meet in full-year guidance has been achieved in Q1 itself.
The company stated, We continue to see good demand across segments and whilst we are monitoring the evolving macro-economic conditions closely, we have not yet seen any negative impact on demand for housing from high credibility developers.
Meanwhile, the company said that its London investments continued to progress positively towards repatriation of more than Rs 1500 crore to India starting in FY23.
The real estate developer's collections grew by 53% year on year to Rs 2,616 crore in Q1 FY23. Meanwhile, net debt for India business has been reduced to Rs 8,858 crore in Q1 FY23 from 9,300 crore registered in Q4 FY22 and Rs 12,417 crore posted in Q1 FY22.
The realtor has added three new JDA projects having 5.1 million square feet of saleable area with gross development value (GDV) of Rs 6,200 crore across MMR, Pune and Bengaluru. The company has formalized its partnership with Bain Capital and lvanhoe Cambridge to develop green digital infrastructure assets across multiple cities in India. The platform will invest $1 billion to create 30 million square feet of warehousing and industrial parks to serve India's digital economy.
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Macrotech Developers (Lodha Group) is among the largest real estate developer in India that delivers with scale since 1980s. Core business of Lodha Group is residential real estate development with a focus on affordable and mid-income housing.
The company's consolidated net profit surged 72.4% to Rs 535.46 crore on a 36% jump in net sales to Rs 3,444.56 crore in Q4 FY22 over Q4 FY21.
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