July 5, 2023: Real estate developer Lodha has delivered its best ever Q1 pre- sales at Rs 3,353 crore as per a statement issued by the company. The company also added five new projects with gross development value (GDV) potential of Rs 12,000 crore across different micro-markets in Q1.
Abhishek Lodha, MD and CEO, Lodha, said, “With a strong start for the year, the performance achieved is in line with our guidance of 20% pre-sales growth for FY24. Demand conditions remain robust with a very strong consumer desire to buy a home. With RBI already pausing its interest rate hiking cycle and likelihood of downward journey of interest rates in next few quarters, we see momentum for housing continuing to strengthen.”
Lodha added, “Our collections were Rs 2,403 crore and we expect these to pick up in the remaining quarters of FY24. Our net debt has increased marginally by approximately 3% to Rs 7,264 crore from Rs 7,073 crore, primarily on account of front loaded business development investment. This marginal increase is on a significantly enlarged base of sales and business development. We remain on the path to achieve our full year guidance for reduction of net debt to lower of 0.5x equity and 1x operating cash flow, with significant debt reduction seen in H2 FY24.”
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