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Macrotech Developers’ net profit dips 10.61% in Q4 FY24

Macrotech Developers has reported a dip of 10.61 per cent in its net consolidated profit during the quarter ended March 31, 2024. Its profit after tax stood at Rs 667 crore in Q4 FY24 as against Rs 746.20 crore it registered in the corrresponding quarter of the previous fiscal, the company said in a BSE filing.The company’s net consolidated total income stood at Rs 4,083.90 crore, a growth of 24.83 per cent from Rs 3,271.70 crore it recorded in the similar quarter last year.

Abhishek Lodha, MD & CEO of the company said, “We delivered pre-sales of Rs 145 billion for FY24, thus meeting our guidance of delivering consistent and predictable 20% growth. Our Q4FY24 pre-sales stood at Rs 42.3 billion showing a strong 40% year-on-year growth. Our enhanced financial strength will provide us an opportunity to accelerate margin as well as top line growth as the capital is invested over the next 6-12 months. Our average cost of funds has further come down to ~9.4% (down 10bps for the quarter).”

The board of directors recommended a final dividend of Rs 2.25, i.e., 22.50 % per equity share of Rs 10 each of the company.

As on March 31, 2024, its net worth stood at Rs 17,099.80 crore, current liability ratio was 0.96, total debts to total assets was 0.16, debt-equity ratio was 0.45, operating margin was 33.37% and net profit margin was 16.33%.

During the quarter ended on 31-March-2024, the company has alloted 2,98,89,353 equity shares having a face value of Rs 10 each at premium of Rs 1,088 per share through Qualified Institutions Placement aggregating to Rs 32,819 million.

For the quarter ended March 2024, the company had recorded 40% year-on-year growth in pre-sales and 20% growth in collections compared to Q4 FY23. Net debt reduced to Rs 30.1 billion (0.17x of equity).

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