Macrotech Developers posts Rs 202.8 crore profit in Q2

In Q2, the company achieved presales of Rs 3,530 crore, up by 12 percent YoY.

Listed real estate developer Macrotech Developers Ltd, also known as Lodha, reported a consolidated net profit of Rs 202.8 crore in Q2, according to a regulatory filing on October 28.

The company had posted a net loss of Rs 932.9 crore in the year-ago period.

Total income declined marginally to Rs 1,755.1 crore in the July-September period of the 2023-24 fiscal from Rs 1,761.2 crore in the corresponding period of the previous year.

In Q2, the company achieved presales of Rs 3,530 crore, up by 12 percent YoY. The collection from customers touched Rs 2750 crore, up by 16 percent.

The net debt came down by Rs 540 crore from Rs 6,730 crore.

During the quarter, the company added two more projects for a 1.2 million square feet area with a gross development value (GDV) of Rs 2300 crore. 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 of GDV addition, it said.

"We have achieved a quarterly pre-sales performance of Rs 3,530 crore showing 12 percent YoY growth in spite of the quarter being the seasonally weakest. 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.

Macrotech Developers has delivered around 95 million square feet of real estate and is currently developing more than 110 million square feet under its ongoing and planned portfolio.