Macrotech Developers gains after strong sales in UK

Macrotech Developers rose 1.90% to Rs 1257 after the company said its two projects in London-Grosvenor Square and Lincoln Square-have clocked strong sales in the December quarter.

Mumbai-based Macrotech Developers, earlier named as Lodha Developers, said that its UK-based projects had their best ever quarter with sales totalling 191 million pound (about Rs 1900 crore) in the quarter (Q3FY22).

In Q3FY22, the Grosvenor Square (GSQ) project achieved pre-sales of 177 million pound (about Rs 1770 crore). Thus, in just 2 quarters, GSQ has achieved almost 300 million pound of pre-sales.

"With these two quarters of strong performance, the $225 million bond is likely to be repaid fully in next 4 months from the sales proceeds, well in advance to its scheduled maturity of March 2023. Basis current trajectory, we expect the project to be fully sold out well ahead of the business plan target of Q4FY24," the company said in a statement.

Its other project in London, Lincoln Square (LSQ), achieved pre-sales of 14 million pound (about Rs 140 crore) during the quarter. The project remains on track for sell out over the next 1-2 quarters.

Macrotech Developers believes that its investment in the UK will be significantly repatriated back to India in FY23.

Macrotech Developers is one of the largest real estate developers in India. The core business of the company is residential real estate developments with a focus on affordable and mid-income housing. It also develops commercial real estate, including as part of mixed-use developments in and around core residential projects.

The real estate developer posted a consolidated net profit of Rs 223.36 crore in Q2 FY22 as against a net loss of Rs 362.58 crore in Q2 FY21. It posted a 136% jump in net sales to Rs 2,124 crore in Q2 FY22 over Q2 FY21.

Powered by Capital Market - Live News