Real estate firm Macrotech Developers Ltd reported a consolidated net profit of Rs 423 crore for the July-September quarter, nearly double over that of the same quarter last year, despite the quarter being traditionally weak for real estate sales due to the monsoons and the "inauspicious" Shradh period.
The company, which is branded Lodha, reported a consolidated topline of around Rs 2,630 crore for the quarter, growing by around 50 percent on a year-on-year basis. Its adjusted earnings before interest, taxes, depreciation, and amortisation were around Rs 960 crore, up by 74 percent on a year-on-year basis, with an embedded EBITDA margin of around 34 percent.
Net debt for the company stood at Rs 4,900 crore, with a cost of debt of around 8.9 percent, according to a press release.
Residential business
Despite the seasonal weakness and the Shradh period, Macrotech also reported healthy pre-sales of around Rs 4,290 crore, higher by 21 percent over the same period last year. That takes the total pre-sales for the first half of the year to Rs 8,300 crore.
"Despite this disruption (monsoons and Shradh), we achieved our third consecutive quarter of Rs 4,000 crore-plus in pre-sales, showcasing the consistency and predictability in our business model. What was heartening to note is that these strong pre-sales have come along side robust embedded EBITDA margins of 34 percent, indicating a continued strong profitability in the underlying business. We have achieved Rs 8,300 crore of pre-sales in H1FY25 and with the festive season well underway, we are on track to achieve our guidance of Rs 17,500 crore in pre-sales for FY25," said Abhishek Lodha, managing director and chief executive officer of Macrotech Developers.
Customer collections during the quarter were Rs 3,070 crore, higher by 11 percent on a year-on-year basis.
Besides its stronghold in the Mumbai metropolitan area, Macrotech continued its play into other real estate markets during the quarter. During July-September, the company picked up two projects in Pune and Bengaluru, having a total gross development potential of around Rs 5,500 crore. Macrotech has provided a guidance of Rs 21,000 crore by way of business development in FY25, of which it has achieved Rs 16,600 crore in the first half of the ongoing financial year.
Commercial business expansion
Macrotech continued to consolidate its portfolio in the commercial asset space, in order to reach its goal of increasing annuity income to Rs 1,500 crore by FY31. According to media reports, the company sold around 40 acres of land to Amazon Web Services for a data centre at its Palava integrated development at the outskirts of Mumbai, for a sum of around Rs 500-600 crore.
Besides Mumbai, the company acquired around 45 acres of land in Chennai in order to scale up its industrial parks and warehousing business.
On October 25, Macrotech's shares closed 0.6 percent higher on the National Stock Exchange at Rs 1,071.05 apiece.
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