Macrotech Developers | Credit: Unsplash

Macrotech’s Q3 Financial Synopsis: The real estate heavyweight Macrotech Developers has disclosed a consolidated net profit surge of 25% to ₹ 505 crore for the December quarter. The company, headquartered in Mumbai and known for its Lodha brand, has a robust regional influence in the Mumbai Metropolitan Region and Pune. This profit figure marks a significant climb from the previous year’s ₹ 405 crore in the same quarter.

For the financial quarter ending December, the real estate giant Macrotech Developers reported an impressive rise in total income, reaching ₹ 2,958.7 crore. This represents a substantial increase from ₹ 1,902.4 crore in the parallel quarter of the last year, as per the statements filed with regulators.

Furthermore, Macrotech Developers has unveiled intentions to amass up to ₹ 5,000 crore by means of public offerings, private placements, or alternative routes in potentially one or two installments, pending board endorsement.

The company’s Managing Director and CEO, Abhishek Lodha, identified the drivers for this dynamic growth as an amalgamation of increasing incomes, employment growth, and heightened consumer trust. The organization has also recorded a remarkable Rs 34.1 billion in pre-sales during Q3, setting a new company record.

With a year-over-year increase of 14%, Macrotech Developers achieved ₹ 10,300 crore in pre-sales during the first nine months of FY24. This robust performance is in line with the projected annual target of ₹ 14,500 crore in sales. Projections for housing demand in 2024 are positive, adopting new market tailwinds, according to Lodha.

Lodha made special mention of the company’s inaugural project in Bengaluru, which saw all units of phase 1 becoming sold out within just three days. He also pinpointed the potential uplift from infrastructure advancements in the Mumbai district, particularly for the expansive Palava City township.

In Q3, Macrotech Developers introduced three new ventures covering two million square feet and a combined gross development value of ₹ 6,000 crore, thus surpassing the nine-month development guidance. Having completed 95 million square feet in real estate, Macrotech currently has over 110 million square feet under development or planned. The board’s nod for fundraising illustrates the firm’s dedication to grasping forthcoming opportunities while persisting on the path of debt reduction.

(Incorporating PTI contributions)