Realty firm Macrotech Developers Ltd on Tuesday reported a multi-fold jump in consolidated net profit at Rs 1,202.37 crore for the last fiscal on higher revenue and pre-sales.
Its net profit stood at Rs 40.16 crore in 2020-21, according to a regulatory filing. Total income rose to Rs 9,579.17 crore in the 2021-22 financial year from Rs 5,771.65 crore in the previous fiscal.
ALSO READ: Bajaj Finance net profit jumps 80% YoY in March quarter
Net profit rose to Rs 535.46 crore in the fourth quarter of last fiscal from Rs 310.56 crore in the year-ago period. Total income also grew to Rs 3,516.41 crore in the January-March quarter from Rs 2,611.17 crore earlier.
Abhishek Lodha, MD and CEO, Macrotech Developers Ltd, said: "We are extremely pleased to report our best ever quarterly and annual pre-sales performance. It's a true testimony of the strong brand and the consumer trust that it inspires." On the ground, the demand for quality housing remains very strong, he added.
"With each passing quarter, demand only strengthens on the back of rising consumer confidence on the strong real estate brands on the back of growing economy and per capita income," Lodha said. All segments of the portfolio are showing strong interest from consumers, he noted.
"We delivered India pre-sales at Rs 9,024 crore for FY22 thus meeting our guidance, despite disruption due to Covid second wave in Apr-May'21 as well as impact of Omicron in Jan'22," Lodha said. The growth journey of Indian housing market on the back of rising incomes and favourable demography has just begun, he said.
Lodha noted that the industry after several years has entered into a positive price-demand cycle, enabling conversion of latent demand into actual sales in a shorter time frame. "We are very confident of achieving around 25 per cent CAGR growth in pre-sales over medium term," he said.
The JDA (joint development agreement) strategy will enable the company to achieve this growth in a very capital light manner. The company has signed 11 JDAs for nearly Rs 15,000 crore GDV (gross development value) during FY22. "We expect to maintain this run-rate of new project additions through JDAs," he added.
Mumbai-based Macrotech Developers is one of the leading real estate developers in the country. It markets properties under the Lodha brand.
