Real estate developer Macrotech Developers on January 27 reported a consolidated net profit of Rs 505 crore, reflecting a 25% increase compared to Rs 405 crore in the same period of the previous year.
The Mumbai-based company’s revenue from operations in Q3FY24 rose 65.2% at Rs 2,930.6 crore, compared to Rs 1,774 crore in the corresponding period last year. Total income during the same period rose 55.6% to Rs 2,958.7 crore from Rs 1,902.4 crore.
Commenting on the performance, Abhishek Lodha, MD & CEO, Macrotech Developers, said, “Strong underlying demand on the back of rising incomes, ample job creation as well as enhanced consumer confidence enabled us to achieve our best Q3 pre-sales performance of Rs 34.1 billion. In 9mFY24, our pre-sales stood at Rs 103 billion, showing a robust 14% YoY growth and remains on track to deliver our full year guidance of Rs 145 billion. New tailwinds for housing will further strengthen demand in 2024.”
Also known as Lodha, the company has delivered over 95 million square foot of real estate. It is currently developing more than 110 million square feet under its on-going and planned portfolio.
“During the quarter, we have added three more projects for 2 million square feet area with a GDV of Rs 60 billion taking our 9mFY24 business development to Rs 203 billion– already surpassing our full year guidance of Rs 175 billion. Substantial high pace of business development showcases the attractiveness of brand Lodha to landowners leading to burgeoning pipeline of new attractive opportunities which will enable us to sustainably grow our business in future,” Lodha said.
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