Macrotech Developers rises after strong Q3 biz update

The realty major Lodha Group, listed as Macrotech Developers gained 1.48% to Rs 1,219 after the company reported strong operational update for Q3 FY22.

The company's pre-sales stood at Rs 2,608 crore jumping 40% on year on year in Q3 FY22. The company said this was its best quarterly performance in last 12 quarters. Additionally, the realtor's UK investment projects had pre-sales of GBP 191 million (approx. Rs 1910 crore) in the quarter.

Collections for Q3 FY22 stood at Rs 2,127 crore, rising 44% year on year. On a sequential basis, collection grew by 11% from Rs 1,912 crore posted in Q2 FY22.

The realtor said it entered into Joint Development Agreement for six additional new project during the quarter for 4.8 million sq. ft. of saleable area in the Eastern Suburbs of Mumbai.

The realty major also reduced its net debt to Rs 9,925 crore in Q3 FY22 for India business from Rs 12,477 crore in Q2 FY22 and Rs 16,625 crore in Q3 FY21.

Lodha Group is among the largest real estate developer in India that delivers with scale since 1980s. Core business of Lodha Group is residential real estate development with a focus on affordable and mid-income housing.

The real estate developer posted a consolidated net profit of Rs 223.36 crore in Q2 FY22 as compared to a net loss of Rs 362.58 crore posted in Q2 FY21. The company posted a 135% jump in net sales to Rs 2,123 crore in Q2 FY22 as compared to Rs 900.76 crore posted in Q2 FY21.

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