Macrotech Developers jumped 4.16% to Rs 1,098.50 after the real estate company reported strong operational update for Q2 FY22.
The company's pre-sales jumped 109% quarter on quarter and 88% year on year to Rs 2,003 crore in Q2 FY22, despite the early part of the quarter being impacted by Covid. Macrotech said that this is the best ever sales performance for second quarter of a fiscal year. Rising customer footfalls at company's developments along with improving conversions stand as a strong underlying demand for the festive season. The company remains confident of achieving pre-sales guidance for the fiscal.Collections grew by 12% quarter on quarter and 73% year on year to Rs 1,912 crore in Q2 FY22. Collections in July and August were muted on account of the slow sales in Q1 due to second wave of Covid. The company's net debt for India business stood at Rs 12,508 crore, which is around the same level as Q1. The company estimates that the net debt will be at Rs 10,000 crore at the end of fiscal year in the India business.
The realtor said it entered into Joint Development Agreement for one additional new project during the quarter for 0.7 million sq. ft. of saleable area in the Eastern Suburbs of Mumbai.
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.
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.
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