Macrotech Developers has reported a growth of 108.63 per cent in its net consolidated profit during the quarter ended September 30, 2024. Its profit after tax stood at Rs 423.10 crore in Q2 FY25 as against Rs 202.80 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 2,684.60 crore in Q2 FY25, a growth of 52.96 per cent from Rs 1,755.10 crore it recorded in the similar quarter last year.
Abhishek Lodha, MD & CEO of the company said, “We have achieved Rs 83 billion of pre-sales in H1 FY25 and with the festive season well underway, we are on track to achieve our guidance of Rs 175 billion pre-sales for FY25. Intense competition among mortgage providers coupled with the expected downward trajectory for rate cycle in the 2HFY25 will provide further tailwind for the sector especially in the mid-income segment.AdvtAs on September 30, 2024, its net worth was Rs 17,815 crore, debt-equity ratio was 0.45, current liability ratio was 0.93, total debts to total assets was 0.17, operating margin was 36.53% and net profit margin was 15.76%.
“Overall business development for the first half of the fiscal stands at Rs 166 billion, which is >75% of full year guidance of Rs 210 billion. We also acquired ~45 acres of land for our Digital Infrastructure (warehousing and industrial) business in Chennai, as well as increased our stake in the Digital Infrastructure platform to ~67% (from earlier 33%). This is in line with our strategy to grow annuity income to Rs 15 billion by FY31,” said Lodha.
The company reported pre-sales of Rs 42.9 billion, collections of Rs 30.7 billion and added four more projects in Pune and Bengaluru with total gross development value (GDV) of Rs 55 billion during the quarter.
It sold land for data centre at Palava to a global data center company at Rs ~120 million per acre.
Macrotech Developers’ net debt stood at Rs 49 billion, exit cost of debt continued to go down and stood at 8.9% for Q2 FY25.
