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Macrotech developers Third quarter results: Macrotech Developers on Saturday announced its October-December quarter results for fiscal year 2023-24 (Q3FY24), reporting a 25 per cent rise in consolidated net profit in $505 crore, compared to $405 crore in the same period of the previous year.
The real estate developer’s operating income in the third quarter of the current fiscal year increased by 65.2 percent in $2,930.6 crore, compared to $1,774 crore in the corresponding period last year. The Mumbai-based company’s total revenue in the December quarter rose to $2,958.7 million rupees $1,902.4 crore in the same period of the previous year.
Macrotech Q3 Developers Print
On the operating front, Macrotech Developers’ earnings before interest, taxes, depreciation and amortization (EBITDA) in the December quarter stood at $883 crore, compared to $404 crore in the same period of the previous year. The EBITDA margin was 30 percent, compared to $23 percent in the same period last year.
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The company has sold properties worth $10,300 crore during the April-December period in the current fiscal year, a year-on-year increase of 14 per cent, driven by a rise in housing demand. The company’s pre-sales in the nine months ended December 2023 remain on track to deliver full-year guidance for $14,500 crores.
Macrotech Developers has set the goal of obtaining sales reservations for $14,500 crore during fiscal year 2023-24 compared to $12,060 crore in the previous year. The company reported its sales reserves in $3,410 crore during the October-December period of this fiscal year, a year-on-year increase of 12 per cent. He highlighted that it has achieved the best pre-sales performance in the third quarter in its history.
”New tailwinds for housing will further strengthen demand in 2024. The latest communications from global central banks suggest that interest rates will peak and the steady reduction of benchmark rates will begin in 2024. This will likely will result in lower home loan rates in India, strengthening demand. ” said Abhishek Lodha, Managing Director (MD) and Chief Executive Officer (CEO) of Macrotech Developers.
The company has a significant presence in the Mumbai Metropolitan Region (MMR) and Pune. It recently entered the Bengaluru market. “We had an excellent response to our first launch in Bengaluru – the entire inventory of phase 1 of the project was sold out within the first three days of the launch,” Lodha said.
In its regulatory filing to the stock exchanges, Macrotech Developers said it added three new projects in the December quarter with a GDV of $6,000 crores. ”During the quarter we have added three more projects for an area of 2 million square feet with a GDV of $60 billion taking our business development from 9mFY24 to $203 billion, already surpassing our full-year guidance of $175 billion,” Lodha added.
Macrotech Developers markets its properties under the brand name Lodha. The real estate firm has delivered over 95 million square feet of real estate and is currently developing over 110 million square feet within its ongoing and planned portfolio.
The group has over 4,300 acres of land beyond its current and planned portfolio. The land bank will be used for the development of residential, commercial, industrial and logistics projects. On Thursday, shares of Macrotech Developers closed down 0.40 percent in $1,057.75 each in the BSE.
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