New Delhi: Realty firm Macrotech Developers aims to sell properties worth Rs 17,500 crore during the current financial year, up 21 per cent from the previous year, as the company expects housing demand to remain strong, its M And CEO Abhishek Lodha said.
Macrotech Developers, which sells its properties under the Lodha brand, reported a 20 per cent growth in its sales bookings (also called pre-sales) last financial year to Rs 12,060 crore in the 2022-2 financial year. The record was Rs 14,520 crore.
“We met our guidance of delivering consistent and predictable 20 per cent growth in sales bookings during the last financial year. The guidance for the current financial year is kept at Rs 17,500 crore, which will again be 20 per cent from the 2023-24 financial year. Lodha told in an interview.
He expects housing demand to remain strong amid positive consumer sentiment and high economic growth.
Lodha said, “Our best-ever quarterly and annual performance reflects the surge in demand for high-quality homes in India from branded developers.,
To capitalize on this consumer demand, Macrotech Developers will launch multiple housing projects across its three focus markets – Mumbai Metropolitan Region (MMR), Pune and Bengaluru.
Lodha said the company will continue to add land parcels for future development through large-scale acquisitions and partnerships with land owners.
Earlier this week, Macrotech Developers reported an 11 per cent decline in its consolidated net profit in the March quarter to Rs 665.5 crore from Rs 744. crore in the year-ago period.
The company's total income in the quarter under review increased to Rs 4,083.9 crore from Rs 3,271.7 crore in the same period a year ago.
Macrotech Developers' profits are set to triple to Rs 1,549.1 crore during FY 2023-24 from Rs 486.7 crore in FY 2022-23.The company's total income increased from Rs 9,611 crore to Rs 10,469.5 crore in the last financial year. Crore in the financial year 2022-23.
On debt, Lodha said, "...we have achieved our guidance of reducing our net debt well below 0.5 times equity. Net debt will reach Rs 4,000 crore by 2023 driven by strong operating cash flows and our capital appreciation. will be reduced by more than." Rs 3,000 crore in FY24, which is less than 0.2x of equity.,
The company has also added new projects worth more than Rs 20,000 crore during the last financial year.
“This makes us a unique housing company to have achieved the trio of significant pre-sales growth, strong business growth as well as significant loan reductions showcasing our brand strength and operational prowess,” Lodha said.
Macrotech Developers has delivered approximately 100 million sq ft of real estate and is currently developing over 110 million sq ft under its ongoing and planned portfolio.
Macrotech Developers, which sells its properties under the Lodha brand, reported a 20 per cent growth in its sales bookings (also called pre-sales) last financial year to Rs 12,060 crore in the 2022-2 financial year. The record was Rs 14,520 crore.
“We met our guidance of delivering consistent and predictable 20 per cent growth in sales bookings during the last financial year. The guidance for the current financial year is kept at Rs 17,500 crore, which will again be 20 per cent from the 2023-24 financial year. Lodha told in an interview.
He expects housing demand to remain strong amid positive consumer sentiment and high economic growth.
Lodha said, “Our best-ever quarterly and annual performance reflects the surge in demand for high-quality homes in India from branded developers.,
To capitalize on this consumer demand, Macrotech Developers will launch multiple housing projects across its three focus markets – Mumbai Metropolitan Region (MMR), Pune and Bengaluru.
Lodha said the company will continue to add land parcels for future development through large-scale acquisitions and partnerships with land owners.
Earlier this week, Macrotech Developers reported an 11 per cent decline in its consolidated net profit in the March quarter to Rs 665.5 crore from Rs 744. crore in the year-ago period.
The company's total income in the quarter under review increased to Rs 4,083.9 crore from Rs 3,271.7 crore in the same period a year ago.
Macrotech Developers' profits are set to triple to Rs 1,549.1 crore during FY 2023-24 from Rs 486.7 crore in FY 2022-23.The company's total income increased from Rs 9,611 crore to Rs 10,469.5 crore in the last financial year. Crore in the financial year 2022-23.
On debt, Lodha said, "...we have achieved our guidance of reducing our net debt well below 0.5 times equity. Net debt will reach Rs 4,000 crore by 2023 driven by strong operating cash flows and our capital appreciation. will be reduced by more than." Rs 3,000 crore in FY24, which is less than 0.2x of equity.,
The company has also added new projects worth more than Rs 20,000 crore during the last financial year.
“This makes us a unique housing company to have achieved the trio of significant pre-sales growth, strong business growth as well as significant loan reductions showcasing our brand strength and operational prowess,” Lodha said.
Macrotech Developers has delivered approximately 100 million sq ft of real estate and is currently developing over 110 million sq ft under its ongoing and planned portfolio.
