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Lodha Group, also known as Macrotech Developers, reported a 16 percent year-on-year increase in pre-sales to Rs 3,035 crore in the three months that ended December 2022, marking its best quarterly performance.
In the December 2021 quarter, the company reported pre-sales of Rs 2,608 crore. Pre-sales for the first nine months of the current financial year totaled Rs 9,039 crore, a 62 percent increase over the same period in the financial year 2022.
The company stated it is now on track to exceed its full-year pre-sales guidance of Rs 11,500 crore. The quarter’s collection increased by 26% year on year to Rs 2,127 crore.
Macrotech Developers reported a decrease in net debt of Rs 753 crore to Rs 8,042 crore in the December 2022 quarter.
Across the Mumbai Metropolitan Region (MMR) and Pune, the real estate major added four new projects with a total saleable area of 5 million square feet and a gross development value of Rs 8,500 crore during the quarter.
Macrotech has already exceeded its full-year gross development value guidance of Rs 15,000 crore, with Gross Development Value (GDV) in nine months reaching Rs 17,800 crore.
This reflects the availability of land for Lodha in the targeted micro-markets, as well as landowners’ desire to collaborate with us in order to maximise the (Net Present Value) NPV of cash flows on their land. This increases our visibility in terms of growth “According to the company.
Macrotech Developers’ shares are up 0.4 percent to Rs 1,081.15.
Source- ET
