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Macrotech Developers soars after pre-sales bookings jump 88% YoY in Q1 FY22

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Macrotech Developers jumped 4.01% to Rs 690.35 after the company said that it has clocked pre-sales of Rs 957 crore in Q1 FY22, up by 88% from Rs 509 crore in Q1 FY21.

The company's pre-sales are, however, lower by 62% compared with Rs 2,531 crore in Q4 FY21.

Customer collections stood at Rs 1,714 crore in the first quarter of the current financial year, higher by 346% compared with the corresponding period a year before. Sequentially, the collections have declined by 18% from Rs 2,089 crore in Q4 FY21.

The real estate firm has reduced consolidated net debt by Rs 3,600 crore during the quarter. Lodha has entered into joint development agreements with two new projects totaling 1.5 million sq ft of saleable area.

The company has entered into joint development agreements (JDAs) for two new projects in this quarter totaling 1.5 million sq. ft. of saleable area. These 2 projects are in addition to 2 projects which were informed with Q4FY21 results in May 21.

Macrotech Developers, formerly known as Lodha 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 reported 135.7% surge in consolidated net profit to Rs 310.55 crore in Q4 FY21 from Rs 131.74 crore recorded in Q4 FY20. Revenue from operations declined 20% year-on-year to Rs 2533.56 crore in Q4 FY21.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, July 08 2021. 11:11 IST