Macrotech Developers Limited achieves best ever Q1 pre-sales performance

Macrotech Developers Limited has announced the business performance for the period ended Q1 FY2023-24.

Pre-Sales: Lodha achieved its best ever Q1 pre-sales performance of INR 33.5 bn showing a growth of ~17% on a YoY basis, in line with our guidance of 20% full-year sales growth.

Collections: Collections were INR 24.0 bn for 1QFY24. Collections were impacted by seasonal factors (summer vacations and monsoon).

Business Development: We added 5 new projects having ~7.1 million sq. ft. of saleable area with GDV of INR ~120 bn across different micro-markets.

Net debt: Our net debt stands at INR 72.6 bn, increasing marginally primarily on account of front loaded business development investment. This marginal increase is on a significantly enlarged base of sales and business development. We remain on the path to achieve our full year guidance of reduction of net debt to lower of 0.5x equity and 1x Operating Cash flow, with significant debt reduction seen in H2.

Shares of Macrotech Developers Limited was last trading in BSE at Rs. 700.60 as compared to the previous close of Rs. 692.70. The total number of shares traded during the day was 118334 in over 5941 trades.

The stock hit an intraday high of Rs. 722.90 and intraday low of 692.50. The net turnover during the day was Rs. 83499844.00.

Source : Equity Bulls

Keywords

MacrotechDevelopers INE670K01029 LODHA Realty Q1FY2024 BusinessPerformance