Macrotech Developers gained 2.65% to Rs 1,057.70 after the real estate developer posted a consolidated net profit of Rs 223.36 crore in Q2 FY22 as compared to a net loss of Rs 362.58 crore posted in Q2 FY21.
The realty major Lodha Group, listed as Macrotech Developers posted a 135% jump in net sales to Rs 2,123 crore in Q2 FY22 as compared to Rs 900.76 crore posted in Q2 FY21. The company posted a profit before tax of Rs 295.22 crore in Q2 FY22 as compared to a pre tax loss of Rs 362.58 crore in Q2 FY21.Adjusted EBITDA grew 5 times to Rs 778 crore in Q2 FY22 as compared to Rs 153 crore in Q2 FY21. EBITDA margin also improved to 37% in quarter ended September 2021 from 17% posted in the same quarter last year.
On the operation front, the realtor delivered strong pre-sales of over Rs 3,450 crore. India pre-sales jumped 88% year on year and 109% quarter on quarter to Rs 2,003 crore in Q2 FY22. UK pre-sales stood at 145 million (approx. Rs 1,450 crore). Collections stood at Rs 1,912 crore in Q2 FY22, rising 73% year on year.
Commenting on the performance during Q2FY22, Abhishek Lodha, MD & CEO of Macrotech Developers said, Housing market in the last 9 months has gone from strength to strength. While at the beginning of the year we were quite optimistic about the underlying growth and opportunities available, even we have been pleasantly surprised by the trends on the ground that have emerged during this period. Enablers for strong multi-year up-cycle in housing demand remain intact. To capture this strong growth, in a short period of time since our IPO, we have been able to add 5 JDA projects in the micromarkets of MMR and Pune where we have limited or no presence. Combined area of these JDAs is nearly 4 million square feet with an estimated GDV of RS 4,600 crore. We have not only signed these JDAs but have also launched 3 of them so far and witnessed great traction from consumers. We see very strong pipeline of new JDAs with potential to add new projects in H2 with GDV potential of Rs 7000-10,000 crore. New launches coupled with strong underlying customer interest in housing augers well for demand as we enter the festive season. H2 as we know generally contributes 60% of the normalized sales. Thus, subject to no covid-like disruptions, we are set for 'never-seen-before' kind of presales momentum in the H2 delivering our strongest ever sales performance.
Commenting further on the growth plans, Lodha added, We are being presented with significant growth opportunities, largely in form of JDAs, with high RoEs in our target markets. In order to tap this exponential growth, we are contemplating raising growth capital in the next 12 months.
In a separate filing, the company said it is looking to raise the additional funds in one or more tranches through any of the permissible modes. The company's board discussed and approved the proposal of raising of funds by way of further issuance of securities through any of the permissible modes (in one or more tranches), for an aggregate amount not exceeding Rs 4000 crore subject to applicable laws and necessary shareholder / regulatory approvals.
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.
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