Macrotech Developers posts good Q2 performance

6 Oct 2022 , 12:07 PM

This real estate major said that it has achieved best ever Q2 pre-sales performance. The H1 sales totaled to Rs 6,004 crore which is approximately 52% of the full year guidance of Rs 11,500 crore. Generally, Q2 is the weakest quarter of the year due to monsoons and inauspicious period (Pitrupaksh / Shraadh) and consequently, H1 tends to be 40-45% of full year sales, the company added. The company said, ?Our strong performance in H1 FY23, inspite of rising home loan rates and rising prices, evidences the strength of housing demand from Tier-1 developers in India and indicates the start of a long-term upcycle for quality housing in India.? The real estate developers collections grew by 24% year on year to Rs 2,375 crore in Q2 FY23. Meanwhile, net debt for India business has been reduced to Rs 8,796 crore in Q2 FY23 from 8,856 crore registered in Q1 FY23 and Rs 12,477 crore posted in Q2 FY22. The realtor has added four new projects having 2.2 million square feet of saleable area with gross development value (GDV) of Rs 3,100 crore across various micro-markets of MMR and Pune. In H1, we have added Rs 9,300 crore of GDV which is 62% of our full year guidance of Rs 15,000 of GDV addition. We continue to have a robust pipeline of business development opportunities as landowners witness the value creation for them due to Lodhas involvement, said the realtor. Meanwhile, the company said that its London investments in this quarter saw repatriation of Rs 100 crore from UK to India. Inspite of the challenging economic environment in the UK, it expects additional repatriation of Rs 1000 crore from the UK to India in CY23. The realtor added that the $225 million bonds were fully repaid in September 2022, 6 months ahead of schedule. With this, there is no further obligation on MDLs balance sheet with respect to the London investments. Macrotech Developers (Lodha Group) is among the largest real estate developer in India that delivers with scale since 1980s. Core business of Lodha Group is residential real estate development with a focus on affordable and mid-income housing. The real estate developers net profit soared 68.3% to Rs 270.80 crore on 66.7% surge in net sales to Rs 2,675.75 crore in Q1 FY23 over Q1 FY22. The scrip rose 0.18% to currently trade at Rs 973 on the BSE. Powered by Capital Market – Live News