 "Lodha Q4 results: Net profit slips 10% to Rs 667 crore, FY24 profit up 300%")
Realty firm Macrotech Developers, also known as Lodha, reported a 10.6 per cent drop in consolidated net profit to Rs 667 crore for the fourth quarter ended March, from Rs 746.2 crore in the same quarter of the previous year.
The company reported its best ever quarterly and annual pre-sales performance with robust margins. For the quarter ended March, Lodha reported a 40 per cent YoY growth in pre-sales at Rs 4,230 crore. For FY24, pre-sales stood at Rs 14,500 crore, up 20 per cent.
Revenue from operations stood at Rs 4,020 crore, up 23 per cent year-on-year on the back of robustness in business fundamentals. “Our enhanced financial strength will provide us an opportunity to accelerate margin as well as top line growth as the capital is invested over the next 6-12 months,” said Abhishek Lodha, MD & CEO, Macrotech Developers.
“We received yet another excellent response to our project launch in Bengaluru – our second in the city. We have achieved pre-sales of Rs 1,200 crore in just two quarters from two operating projects showcasing the brand resonance of Lodha in a new geography. This better-than-anticipated success provides greater confidence towards advancing our ‘expansion stage’ in Bengaluru,” Lodha added.
During FY24, the company added new projects having cumulative GDV (gross development value) of Rs 20,300 crore across various micro-markets of MMR, Pune and Bengaluru, exceeding its guidance of Rs 17,500 crore.
Lodha said it continues to take “big strides” in driving sustainability into the built environment. During the quarter, the company entered into two Memoranda of Understanding (MoUs), one with IIT-Delhi for piloting the new greener LC3 concrete to explore commercial-scale use for the same and another with Third Derivative, the startup incubation arm of RMI – a leading global sustainability think tank, to foster innovation in the built environment.
“These partnerships exemplify Lodha’s commitment to innovation and sustainability. The Company has also launched Women in Construction Network under its flagship women’s empowerment initiative, Unnati – creating a platform for women in the real estate industry to drive the change, innovate and lead,” Lodha added.
Macrotech Developers declared its results on Wednesday after market hours. Ahead of the results, its shares closed up 1.4 per cent at Rs 1,251.50 on the BSE.