July 31, 2024: Real estate developer Lodha announced its financial results for the first quarter (Q1) of fiscal year 2024-25 (FY25) ended June 30, 2024. The company reported its best ever Q1 pre-sales of Rs 4,030 crore, up by 20% Year-on-Year (YoY). The company also added three more projects during the quarter in the MMR and Pune with a combined gross development value (GDV) of Rs 11,100 crore.
In Q1 FY25, Lodha’s collections grew by 12% YoY to Rs 2,690 crore while its revenue from operations increased by 76% YoY to Rs 2,850 crore. The company’s adjusted EBITDA in the quarter stood at Rs 960 crore, up by 107% YoY. The profit after tax (PAT) rose by 186% YoY to Rs 480 crore in Q1 2024.
Abhishek Lodha, MD and CEO, Macrotech Developers, said, “We believe we are in the early stage of a multi-decade housing up-cycle as India transitions from being a low-income economy to a mid-income economy. Continuity of growth-oriented policy will likely further support investments and growth in the economy leading to sustenance in housing demand strength. The recently announced union budget also indicates the same. The government’s focus on skilling the workforce as well as job creation and incentivising the ecosystem for the same is laudable as it would enhance productivity and support economic growth. Focus on housing, infrastructure development and urban planning is expected to further provide a boost to the housing sector on a continued basis.”
“Other key steps such as reinstatement of interest subsidy for entry-level homebuyers and reduction in capital gains tax on sale of property are also encouraging for the sector. On the back of the attractiveness of our brand to landowners and strong balance sheet, we have been able to add new projects worth over Rs 65,000 crore since our IPO following “supermarket” strategy in each micro-market. The large number of projects tied up across several micro-markets of the cities that we operate in, provide us opportunity to grow on a granular basis in a predictable manner over a longer term,” added Lodha.
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