Shares of Macrotech Developers slipped over 3 percent in early deals on July 5 as investors turned to book partial profits following the stock's strong run in recent times.
Sentiment for the real estate developer has been running strong, which resulted in over 24 percent gains within the past one month, giving investors more leeway to take home some profits.
At 09.59 am, shares of Macrotech Developers were trading 1.1 percent lower at Rs 692 on the NSE.
Further cementing its strong growth trajectory, the Lodha Group, listed as Macrotech Developers, recorded its highest ever quarterly pre-sales of Rs 3,353 crore in the April-June quarter, jumping into FY24 with a bang.
The real-estate company also added five new projects with a potential gross development value of Rs 12,000 crore across different micro-markets during the quarter.
“With a strong start for the year, the performance achieved is in line with our guidance of 20 percent pre-sales growth for FY24. Demand conditions remain robust with a very strong consumer desire to buy a home,” said Abhishek Lodha, MD & CEO of Lodha Group.
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Moreover, the company also recorded a rise in collections to Rs 2,403 crore during the quarter and anticipates further improvement in the upcoming quarters of the fiscal. The net debt also increased by 3 percent to Rs 7,264 crore mainly due to early-stage investments made for business development purposes.
Also Read: Lodha Group records highest-ever Q1 pre-sales of Rs 3,353 crore
The company aims to achieve it guidance of reducing net debt to a maximum of 0.5 times equity or one-time operating cash flow. On that, the real estate major anticipates a substantial reduction in debt during the second half of the year.
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