Macrotech Developers,has registered 57% year-on-year growth in pre-sales at Rs 3,148 crore for Q2 FY23. It recorded pre-sales of Rs 6,004 crore in H1 FY23, the company said in a media release.
Lodha’s net debt reduced to Rs 8,796 crore in the second quarter of the current financial year.
Abhishek Lodha, MD & CEO of the company said, “Q2FY23 was our best ever 2nd quarter with Rs 3,148 crores of pre-sales. Inspite of the accelerating growth in pre-sales and business development, we continue to focus on reducing our leverage and are on track to achieve our goal of net debt:equity <0.5x and net debt <1x operating cash flow.”
Company’s collections in India were Rs 2,375 crore, up 24% year-on-year in Q2 FY23. During the said quarter, it added four new projects across Mumbai Metropolitan Region (MMR) and Pune with a combined area of about 2.2 million sq ft and an estimated gross development value (GDV) potential of Rs 3,100 crore
“The consolidation in the market continues at an accelerated pace providing us with lucrative JDA opportunities across all our markets of interest. Consumer sentiment towards owning homes remains robust in our country – we believe that we are witnessing the beginning of a long-term upcycle for quality housing driven by strong job creation, good affordability, and low levels of existing home ownership in urban areas. As prices rise in a reasonable manner, demand will continue to accelerate and will lead to a significant increase in volumes, particularly in mid-income and affordable housing segments,” said Lodha.
The company also strengthened its board by inducting Harita Gupta as an independent director. Gupta has over three decades of global experience in digital and IT Services
