Macrotech Developers has reported net consolidated profit after tax of Rs 202.8 crore during the quarter ended September 30, 2023. It had registered net consolidated loss after tax of Rs 932.9 crore in the corresponding quater of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 1,755.1 crore in Q2 FY24, a dip of 0.35 per cent from Rs 1,761.2 crore it recorded in the similar quarter last year.
During the quarter ended on September 30, 2023, the company has allotted 4,14,771 equity shares having a face value of Rs 10 each upon exercise of options granted under the Employee Stock Option Schemes.
“Our ‘for-sale’ business has shown a stellar 20% year-on-year growth for the quarter. With this strong performance, we have achieved pre-sales of Rs 68.9 billion in H1 FY24,” said Abhishek Lodha, MD & CEO of the company.
As on September 30, 2023, the company’s net worth stood at Rs 130.5 billion, debt-equity ratio was 0.69, current liability ratio was 0.89, total debts to total assets was 0.23, operating margin was 32.17% and net profit margin was 11.55%.
Pre-sales was up 12% year-on-year and stood at Rs 35.3 billion while collections was up 16% year-on-year at Rs 27.5 billion in the said quarter.
“Lodha continues to focus on reducing leverage along with strong business development and is on track to achieve its goal of net debt:equity <0.5x and net debt <1x operating cash flow during the course of the year. During the quarter, the company reduced its net debt by Rs 5.4 billion to Rs 67.3 billion. Our exit cost of debt for the quarter stands at 9.6%,” said Lodha.
