Macrotech Developers share price rose 3 percent in early trade on January 5 after its UK projects reported best ever quarterly sales in the third quarter of the current fiscal.
UK projects clocked record sales of £191 million (Rs 1,900 crore) in the quarter (Q3FY22). “We believe that MDL’s investment in the UK will be significantly repatriated back to India in FY 23,” Macrotech Developers said in a release.
In the previous quarter (Q2FY22), Grosvenor Square, London (GSQ) development had £110 million (Rs 1,100 crore) of pre-sales following the relaxation of restriction on international travel.
The momentum continued in the quarter and we had our strongest ever quarterly sales performance at GSQ with pre-sales of £177 million (Rs 1,770 crore). Thus, in just two quarters, GSQ has achieved almost £300 million of pre-sales.
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With these two quarters of strong performance, the $225-million bond is likely to be repaid fully in the next four months from the sales proceeds, well in advance to its scheduled maturity in March 2023, the company said. “Basis current trajectory, we expect the project to be fully sold out well ahead of the business plan target of Q4FY24.”
Lincoln Square, London (LSQ) continued its steady performance and achieved pre-sales of £14 million (Rs 140 crore) during the quarter. The project remains on track for sell out over the next one or two quarters, it said.
At 9:20am, Macrotech Developers was quoting at Rs 1,262.20, up Rs 28.60, or 2.32 percent on the BSE.
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