Friday, March 29, 2024
HomeNewsFinancial/Policy NewsMacrotech Developers' net profit up 41.41% in Q3 FY23

Macrotech Developers’ net profit up 41.41% in Q3 FY23

Macrotech Developers' total consolidated income stood at Rs 1,902.44 crore in Q3 FY23, a dip of 11.75 per cent from Rs 2,155.70 crore it recorded in the similar quarter last year.

Macrotech Developers (erstwhile Lodha Developers) has reported a growth of 41.41 per cent in its net consolidated profit during the quarter ended December 31, 2022. Its profit after tax (PAT) stood at Rs 404.98 crore in Q3 FY23 as against Rs 286.38 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s total consolidated income stood at Rs 1,902.44 crore in Q3 FY23, a dip of 11.75 per cent from Rs 2,155.70 crore it recorded in the similar quarter last year.

“There is an increasing likelihood of mortgage rates peaking in the first half of 2023 and thereafter likely reduction in the rates from the second half of the year. This will only strengthen the consumer sentiments going ahead. Combined with the consolidation on the supply side and our strategy of capital light expansion through JDAs, we believe that we can deliver 20% CAGR in pre-sales and ~20% ROEs over medium term,” said Abhishek Lodha, MD & CEO of the company.

It reduced its net debt by Rs 753 crore to Rs 8,042 crore as of December 31, 2022 while cost of borrowing dropped to 9.7% from 10.5% at end of FY22. During the 9M FY23, Lodha has reduced its average exit borrowing cost by ~80 bps to 9.7% from ~10.5% at end of FY22, the company said in a media release.

On December 12, 2022, the company achieved minimum public shareholding of 25% as stipulated under the Securities Contracts (Regulation) Rules, 1957, consequent to a offer for sale of 3,45,70,506 equity shares of face value Rs 10 each held by certain promoters and members of the promoter group of the company to qualified institutional buyers (QIP).

“Strength of our performance enabled us to successfully consummate another QIP and thus achieving the required minimum public shareholding of 25%. The QIP saw the participation of both existing and new marquee investors such as UBS, NinetyOne (Investec), William Blair, MSIM, Capital Group, Nomura, Amundi, USS, ADIA, Nippon MF, Quant MF etc. The enhanced free float will enable the company to be part of important free float weighted indices in future and thus creating significant shareholder value,” added Lodha.

During the quarter, the company has allotted 1,25,963 equity shares having a face value of Rs 10 each upon exercise of options granted under the Employee Stock Option Scheme 2021, it said in the regulatory filing.

RELATED ARTICLES

Most Popular

Hot News

Customer Satisfaction Survey Template
Please help us improve our products/services by completing this questionnaire.

Would you recommend this company to a friend or colleague?

Clear selection

Overall, how satisfied or dissatisfied are you with our company?

Clear selection
Part 2/4: Service/Product Assessment

Which of the following words would you use to describe our products/services? Select all that apply.

Clear selection

How would you rate the quality of the website? (from 1 to 10)*

Clear selection
Part 3/4:Customer Care

How responsive have we been to your questions or concerns about our products/services?

Clear selection

At what email address would you like to be contacted?

Clear selection
Part 4/4: Additional Feedback

Do you have any other comments, questions, or concerns?

Clear selection