Macrotech Developers Q3 Results: Macrotech Developers announced its October-December quarter results for fiscal 2023-24 (Q3FY24) on Saturday, reporting a rise of 25 per cent in consolidated net profit at ₹505 crore, compared to ₹405 crore in the year-ago period.
The real estate developer’s revenue from operations in the third quarter of current fiscal rose 65.2 per cent at ₹2,930.6 crore, compared to ₹1,774 crore in the corresponding period last year. The Mumbai-based company’s total income in the December quarter rose to ₹2,958.7 crore from ₹1,902.4 crore in the year-ago period.
Macrotech Developers Q3 Print
On the operating front, Macrotech Developers’s earnings before interest, taxes, depreciation, and amortization (EBITDA) in the December quarter stood at ₹883 crore, compared to ₹404 crore in the year-ago period. EBITDA margin came in at 30 per cent, compared to ₹23 per cent in the same period last year.
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The company has sold properties worth ₹10,300 crore during April-December period in the current fiscal, up 14 per cent annually, driven by a surge in housing demand. The company’s pre-sales in nine-months ended December 2023 remains on track to deliver the full year guidance of ₹14,500 crore.
Macrotech Developers has set a target of achieving sale bookings of ₹14,500 crore during the 2023-24 fiscal as against ₹12,060 crore in the previous year. The company reported its sale bookings at ₹3,410 crore during the October-December period of this fiscal, up 12 per cent year-on-year. It highlighted that it has achieved its best ever third quarter pre-sales performance.
‘’New tailwinds for housing will further strengthen demand in 2024. Latest communication from global central banks suggest peaking of interest rates and steady reduction in benchmark rates will commence in 2024. This will likely result in lower home loan rates in India, strengthening demand,” said Abhishek Lodha, Managing Director (MD) and Chief Executive Officer (CEO), Macrotech Developers.
The company has a major presence in Mumbai Metropolitan Region (MMR) and Pune. It has recently entered Bengaluru market. ‘’We had an excellent response to our first launch in the Bengaluru –the entire phase-1 inventory of the project was sold out within the first three days of the launch,” said Lodha.
In its regulatory filing to the stock exchanges, Macrotech Developers said that it added three new projects in the December quarter with a GDV of ₹6,000 crore. ‘’During the quarter we have added three more projects for 2 million square feet area with a GDV of ₹60bn taking our 9mFY24 business development to ₹203bn – already surpassing our full year guidance of ₹175bn,” added Lodha.
Macrotech Developers markets its properties under Lodha brand. The realty firm has delivered more than 95 million square feet of real estate and is currently developing over 110 million square feet under its ongoing and planned portfolio.
The group has over 4,300 acres of land beyond its ongoing and planned portfolio. The land bank will be utilised in developing residential, commercial and industrial and logistics projects. On Thursday, shares of Macrotech Developers settled 0.40 per cent lower at ₹1,057.75 apiece on the BSE.
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Published: 27 Jan 2024, 07:13 PM IST