Bengaluru: Macrotech Developers Ltd, which operates under the ‘Lodha’ brand, has raised its 2024-25 pre-sales guidance by 20% to ₹17,500 crore, supported by strong demand and a robust launch pipeline, said a top company executive.
In FY24, the Mumbai-based developer recorded ₹14,520 crore in pre-sales, its highest-ever in a year.
Macrotech is the one of the top four bestselling developers in the country, along with DLF Ltd, Prestige Group and Godrej Properties Ltd. All the four developers crossed ₹14,000 crore in pre-sales in FY24, a new milestone in the real estate sector.
“The market remains solid. It was a strong year of sales for us, and there is an increasing preference among homebuyers for high-quality developers. We added projects worth ₹20,000 crore in gross development value in FY24, across Mumbai, Pune and Bengaluru,” managing director and chief executive Abhishek Lodha said in an interview.
In March, Macrotech said it has raised ₹3,300 crore by selling shares to institutional investors.
Lodha said half of the funds raised have been used to reduce debt, and the remainder would be deployed for growth. The company’s net debt at the end of March declined to ₹3,000 crore, from ₹7,200 crore at the end of FY23.
Macrotech plans to launch seven new projects in the current financial year, across 3.4 million sq ft, in Mumbai and Pune. It will launch another 6.7 million sq ft in the form of new phases in its existing projects.
“Our strategy is simple. We are looking at consistent, profitable growth. Our enhanced financial strength will provide us an opportunity to accelerate margins as well as top line growth, as the capital is invested over the next 6-12 months,” Lodha added.
Macrotech entered the Bengaluru property market in FY24, and has two residential projects in the southern city now. It achieved pre-sales of ₹1,200 crore in two quarters from both the operating projects, the company said in a release.
“We were cautious about the Bengaluru market, but given the sales volume and pricing premium we received, we want to do more in the city,” said Lodha.
Net profit declines 10% in Q4
On Wednesday, the company said its net profit declined 10% year-on-year to ₹667 crore in the January-March quarter. However, for the full fiscal year ended March 31, the developer reported a three-fold jump in net profit to ₹1,554 crore, from ₹490 crore in FY23.
Revenue for the March quarter rose 23% to ₹4,020 crore.
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Published: 24 Apr 2024, 10:08 PM IST