Shares of Macrotech Developers, which operates under the Lodha brand name, fell more than 2 percent in the opening trade on January 29 as investors rushed to book profits after the company reported stellar growth on all major parameters in the third quarter of the current financial year.
The stock has surged over 40 percent over the past three months, giving investors more leeway to take home partial profits.
At 9.37 am, Macrotech Developers was trading at Rs 1,039.60 on the National Stock Exchange.
The real estate developer's net profit for the December quarter rose 24.4 percent on year to Rs 503.3 crore. Revenue soared 65.2 percent to Rs 2,930.6 crore in Q3.
The real estate company reported its best ever third quarter pre-sales performance at Rs 3,410 crore, reflecting a 12 percent on year growth.
“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," said Abhishek Lodha, MD & CEO, Macrotech Developers.
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The solid topline and bottomline growth also gave a boost to the company's operating margin, which expanded to 30.1 percent in the December quarter, up from 22.8 percent in the year-ago period.
In the quarter gone by, the company added three new projects worth a gross development value of Rs 6,000 crore. With this, the company has added new projects worth a GDV of Rs 20,300 crore, surpassing its full year guidance.
The realtor expects demand to remain resilient. "New tailwinds for housing will further strengthen demand in 2024. The latest communication from global central banks suggests peaking of interest rates and a steady reduction in benchmark rates will commence in 2024. This will likely result in lower home loan rates in India, strengthening demand," Lodha added.
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