Macrotech Developers rises on strong Q4 business update

Macrotech Developers added 1.28% to Rs 1,152.05 after the company said that it has recorded pre-sales of Rs 4,230 crore in Q4 FY24, recording a growth of 40% on a YoY basis.

The real estate developer's pre-sales in the same period last year were Rs 3,030 crore.

The company's FY24 pre-sales stood at Rs 14,520 crore, up from Rs 12,060 crore recorded in FY23, best ever annual presales performance, thus meeting the firms guidance of delivering consistent and predictable 20% growth.

The companys collections stood at Rs 3,510 crore, up 20% on a YoY basis in Q4 FY23 and Rs 11,260 crore for FY23 up 6% on a YoY basis.

During FY24, Lodha added new projects having cumulative GDV of Ra 20,300 crore across various micro-markets of MMR, Pune and Bengaluru, exceeding its guidance of Rs 17,500 crore.

On the back of strong operating cash flow generation and recently concluded equity raise, net debt further reduced to Rs 3,010 crore at the end of Q4 FY24 as against Rs 7,070 crore at the end of Q4 FY23.

Macrotech Developers (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 developers consolidated net profit surged 185% to Rs 570 crore in Q3 FY24 as compared with Rs 200 crore in Q3 FY23. Revenue jumped 65.22% YoY to Rs 2930.6 crore in Q3 FY24.

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