Lodha Smashes Records! Q3 Pre-Sales Soar to Rs 3,410 Cr

5 Jan 2024 , 02:27 PM

Real estate developer Lodha, also known as Macrotech Developers, reported third-quarter pre-sales of Rs 3,410 crores, its highest level to date, and Rs 2,594 crores in revenue for the quarter that concluded in December.

With three more new projects added during the quarter, the developer’s total project addition for the first three quarters of 2023–24 now stands at Rs 20,300 crores. These projects have a gross development value potential of Rs 6,000 crores.

With a quarter remaining, the business has exceeded its projected project addition of Rs 17,500 crores for the year.

Seeing how the housing cycle is developing with every quarter that goes by is encouraging. Early in life, consumers’ desire to change their lifestyle and possess a high-quality property is still growing. According to Abhishek Lodha, MD & CEO of Lodha, ‘this desire is translating into robust demand for high quality homes on the back of steady rise in income levels and ample job creation.’

He said the company had its best-ever third quarter pre-sales performance at Rs 3,410 crores, thanks to this underlying driver of demand. This occurred in spite of the unfavourable seasonality of the unlucky month of ‘Shraddhh’ falling in October of this fiscal year as opposed to September of 2022–2023.

Phase 1 of the Bengaluru project was sold out in three days, he added. ‘Having delivered Rs 10,500 crores of sales in the first three quarters, we remain on track to deliver our full year pre-sales guidance of Rs 14,500s crores,’ he said.

From Rs 7,073 crores in March, the company’s net debt has decreased to Rs 6,750 crores. According to the developer, it is still on track to meet its full-year targets for net debt reduction, which include a 1-time operational cash flow and a decrease of 0.5 times equity. Additional debt reduction is anticipated in the March quarter.

After realising the full balance from its UK investments, Lodha recently left the UK market and said that it will now only concentrate on the substantial potential in India.

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