Macrotech Developers Q2 profit at Rs 223cr; total revenue jumps over 2-fold

Realty firm Macrotech Developers Ltd on Thursday reported its consolidated net profit at Rs 223.36 crore for the quarter ended September.

The company had posted a net loss of Rs 362.58 crore in the year-ago period.

Total income more than doubled to Rs 2,201.66 crore in the second quarter of this fiscal year from Rs 988.18 crore in the corresponding period of the previous year, the company said in a regulatory filing.

Commenting on the results, Abhishek Lodha, Managing Director and Chief Executive Officer, Macrotech Developers Ltd said, Housing market in the last 9 months has gone from strength to strength."

The long-term potential of housing as a wealth creator as well as an employment generator is now being well recognized by all stakeholders.

"To capture this strong growth, in a short period of time since our IPO, we have been able to add 5 JDA (Joint Development Agreement) projects in the micromarkets of MMR and Pune where we have limited or no presence," Lodha said.

The combined area of these JDAs is nearly 4 million square feet with an estimated sales value of around Rs 4,600 crore.

"We have not only signed these JDAs but have also launched 3 of them so far and witnessed great traction from consumers," Lodha said.

The company sees a very strong pipeline of new JDAs with the potential to add new projects in the second half of this fiscal with a sales potential of Rs 7000-10,000 crore, he added.

On sales bookings outlook, Lodha said: "H2 as we know generally contributes 60% of the normalized sales. Thus, subject to no covid-like disruptions, we are set for 'never-seen-before kind of pre-sales momentum in the H2 delivering our strongest ever sales performance."

Macrotech has set a target of achieving sales bookings of about Rs 9,000 crore this fiscal year, around 50 per cent more than the last fiscal.

Lodha said the demand for digital infrastructure continues to remain strong.

"We are also advancing a pan-India platform with marquee international investors and this, once it crystallizes, will provide us with a second growth driver," he said.