Macrotech Developers announced its October-December quarter results for fiscal 2023-24 (Q3FY24) on Saturday, reporting a rise of 25 per cent in consolidated net profit at ₹505 crore, compared to ₹405 crore in the year-ago period.
The real estate developer’s revenue from operations in the third quarter of the current fiscal rose 65.2 per cent to ₹2,930.6 crore, compared to ₹1,774 crore in the corresponding period last year. The Mumbai-based company’s total income in the December quarter rose to ₹2,958.7 crore from ₹1,902.4 crore in the year-ago period.
Operating Performance
On the operating front, Macrotech Developers’s EBITDA in the December quarter stood at ₹883 crore, compared to ₹404 crore in the year-ago period. EBITDA margin came in at 30 per cent, compared to ₹23 per cent in the same period last year.
Sales and Outlook
The company has sold properties worth ₹10,300 crore during April-December period in the current fiscal, up 14 per cent annually, driven by a surge in housing demand. Macrotech Developers remains on track to deliver the full-year guidance of ₹14,500 crore in pre-sales for the nine months ended December 2023.
Abhishek Lodha, MD, and CEO, stated, “New tailwinds for housing will further strengthen demand in 2024. Latest communication from global central banks suggest peaking of interest rates and steady reduction in benchmark rates will commence in 2024. This will likely result in lower home loan rates in India, strengthening demand.”
Expansion and Projects
The company, with a major presence in Mumbai Metropolitan Region (MMR) and Pune, recently entered the Bengaluru market. Lodha mentioned, “We had an excellent response to our first launch in Bengaluru – the entire phase-1 inventory of the project was sold out within the first three days of the launch.”
In its regulatory filing, Macrotech Developers added three new projects in the December quarter with a GDV of ₹6,000 crore, surpassing the full-year guidance. The company markets its properties under the Lodha brand and has delivered over 95 million square feet of real estate, currently developing over 110 million square feet.
Strategic Land Bank
The group has over 4,300 acres of land beyond its ongoing and planned portfolio, to be utilized for developing residential, commercial, and industrial projects. On Thursday, shares of Macrotech Developers settled 0.40 per cent lower at ₹1,057.75 apiece on the BSE.
