Real estate developer Macrotech Developers Ltd (Lodha) on April 22, 2023, reported a 39% jump in its consolidated net profit at Rs 744 crore for the quarter ended March 31, 2023 (Q4FY23). The builder announced the issue of bonus shares to shareholders in a ratio of 1:1.
However, its consolidated revenue fell 5.5% to Rs 3,255 crore as compared to Rs 3,445 crore in Q4FY22. The company’s debt stood at Rs 7,071 crore as on March 31, 2023, after an overall reduction of Rs 2,229 crore during the year. The company’s net profit fell to Rs 486.63 crore in FY23 from Rs 1,202.37 crore in Fy22 owning to provision of Rs 1,177.39 crore for doubtful receivables/advances while total income rose to Rs 9,611.16 crore in the last fiscal from Rs 9,525.59 crore in FY22
One of the leading brands in India, Macrotech Developers sells properties under the Lodha brand.
“We have surpassed our full year guidance in the face of the steep increase in interest rates… We delivered pre-sales at Rs 12,064 crore for FY23, outperforming our annual guidance by registering a 34% y-o-y growth. The growth journey of the Indian housing market on the back of rising incomes and favorable demography is just in the 2nd year of a multi-year cycle. Our strategy of capitalising on industry consolidation by expanding into under-represented micro-markets of the MMR and Pune is playing out well. Following our micro-market-based growth strategy, in a short span of time, we have become a formidable player in Pune and Eastern Suburbs of MMR achieving Rs 1,126 crore and Rs 1,232 crore, respectively. Price increase of nearly 8% for FY23 – below average wage growth, will lead to improvement in affordability and also reward existing home owners – both drivers of demand,” said  Abhishek Lodha, MD and CEO, Macrotech Developers.
“Driven by strong demand fundamentals and supply consolidation, we are very confident of achieving 20% CAGR in pre-sales over the medium term. In line with this, we expect to grow our pre-sales to Rs over 14,500 crore in FY24,” he added.
The company added new projects with sales potential of over Rs 20,000 crore in FY23. This is in addition to the 11 projects added in the previous financial year for over Rs 15,000 crore. Â “We expect to maintain a similar run-rate of new project additions primarily through JDAs on the back of a robust business development pipeline. This will help us deliver our growth objectives in a predictable and consistent manner,” said Lodha.
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