Macrotech Developers was up 2.4 percent at Rs 754 in the early trade on October 30 after the company turned profitable in the quarter ended September 2023.
In Q2FY24 the real estate company reported a consolidated net profit of Rs 202.8 crore against a net loss of Rs 932.9 crore in the year-ago period.
Total income, however, declined to Rs 1,755.1 crore from Rs 1,761.2 crore in the corresponding period of the previous year.
The company achieved presales of Rs 3,530 crore, up 12 percent YoY. The collection from customers, too, climbed to Rs 2,750 crore, up by 16 percent.
The developer managed to bring down the net debt by Rs 540 crore to Rs 6,730 crore.
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The company added two projects of 1.2 million square feet area with a gross development value (GDV) of Rs 2,300 crore during the quarter. With this, the company added Rs 14,300 crore of GDV, which is over 80 percent of the full-year guidance of Rs 17,500 crore, it said.
"Our ‘for-sale’ business has shown a 20 percent YoY growth for the quarter. We have also achieved pre-sales of Rs 6,890 crore in H1 FY24," Abhishek Lodha, MD & CEO, Macrotech Developers Ltd, said.
The share touched a 52-week high of Rs 829 on October 11, 2023 and a 52-week low of Rs 355.50 on February 24, 2023. It is trading 9.05 percent below its 52-week high and 112.1 percent above its 52-week low.
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