Macrotech Developers has registered 68.75 per cent growth in its net consolidated profit during the quarter ended June 30, 2022. Its profit after tax (PAT) stood at Rs 271.26 crore in Q1 FY23 as against Rs 160.75 crore it reported in the corresponding quarter of previous fiscal, the company said in a BSE filing.
The company’s total consolidated income stood at Rs 2,675.78 crore in Q1 FY23, a growth of 52.90 per cent from Rs 1,749.97 crore it recorded in the similar quarter last year.
During the quarter ended on June 30, 2022, the company allotted 95,100 equity shares having a face value of Rs 10 each upon exercise of options granted under the Macrotech Developers-Employee Stock Option Scheme 2021 (ESOP).
Abhishek Lodha, MD & CEO of the company said, “Q1 FY23 was our best ever 1st quarter with Rs 2,814 crore of pre-sales from our India business. With this strong start to the FY, we are pleased that 75% of the sales growth that we had forecasted for this year (Rs 1,857 crore out of Rs 2,500 crore required to grow from Rs 9,024 crore to Rs 11,500 crore) has already been delivered. We are carefully monitoring the impact of inflation and rising interest rates but have not yet seen any impact on housing demand from quality developers.”
The company saw reduction in debt with net debt reduced by Rs 450 crore and stood at Rs 8,856 crore in Q1 FY23. With this continued positive momentum in debt reduction, company’s average cost of funds declined to 10.1% at end of Q1 FY23 from 10.5% at end of the previous quarter.
During the quarter we have signed up three JDA projects for 5.1 million sq ft area with a GDV of Rs 6,200 crore. On the back of strong attractiveness of our brand to land owners and therefore a robust pipeline of JDAs, we expect to add new projects with a combined GDV of Rs 15,000 crore in FY23, said Lodha.
Our London investments continue to track towards repatriation of investment starting in FY23 which will further strengthen the cash flows of the Indian business, he added.
