Macrotech Developers posts net profit at Rs 202.8 cr in Jul-Sep quarter

Realty firm Macrotech Developers Ltd on Saturday reported a consolidated net profit of Rs 202.8 crore for the July-September quarter of this fiscal.

The company had posted a net loss of Rs 932.9 crore in the year-ago period.

Total income declined marginally to Rs 1,755.1 crore in the July-September period of the 2023-24 fiscal from Rs 1,761.2 crore in the corresponding period of the previous year, according to a regulatory filing.

Macrotech Developers sells properties under 'Lodha' brand.

Commenting on the performance, Abhishek Lodha, MD & CEO, Macrotech Developers, said, We achieved our best ever quarterly pre-sales performance at Rs 3,530 crore showing 12 per cent YoY (year-on-year) growth in spite of the quarter being the seasonally weakest."

With this strong performance, the company has achieved pre-sales of Rs 6,890 crore in the first half of this fiscal, its best-ever first half in terms of pre-sales or sales bookings.

 

"On the ground, demand conditions continue to strengthen on the back of strong affordability and consumer confidence. Persistent consumer desire to own quality homes with superior set of amenities from branded developers continues to drive consolidation benefiting branded players like us," Lodha said.

Intense competition among mortgage providers coupled with RBI pause and the expected downward trajectory for the rate cycle in 2024 means that mortgage rates have peaked, he noted.

"Likely reduction in mortgage rate, as well as government's affordable housing incentives, will act as a further tailwind for the demand especially for the affordable segment where we have a significant presence," Lodha said.

Macrotech Developers has delivered around 95 million square feet of real estate and is currently developing more than 110 million square feet under its ongoing and planned portfolio.