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Macrotech Developers PAT zooms YoY to Rs 423 crore in Q2 FY25

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Macrotech Developers' consolidated net profit surged 109.46% to Rs 422.9 crore on 50.07% jump in revenue from operations to Rs 2,625.7 crore in Q2 FY25 over Q2 FY24.

The realtor reported pre-sales of Rs 4,290 crore in second quarter of FY25, recording a growth of 21% on a YoY basis. Collections grew by 11% YoY at Rs 3,070 crore during the quarter.

The company stated that it reported best ever quarterly pre-sales performance of Rs 4,290 crore despite the inauspicious Shradhh period falling in September this FY (vs October in FY24).

The firm sold land for Data Centre at Palava to a global data center major at Rs 120 million per acre, making the emergence of Palava as key data center hub. It also added four more projects in Pune and Bengaluru during the quarter with total GDV of Ra 5,500 crore.

 

Profit before tax stood at Rs 559.9 crore in September 2024 quarter, registering a growth of 111.12% on YoY basis.

Total expenses spiked 42.95% YoY to Rs 2,124.1 crore during the quarter. Cost of projects stood at Rs 1,572 crore (up 57.36% YoY) and employee benefits expense came in at Rs 140.3 (up 21.68% YoY).

Abhishek Lodha, MD & CEO, Macrotech Developers, said, We achieved our best ever quarterly Pre-sales performance of INR 42.9bn in Q2FY25 which is a seasonally weak quarter due to Monsoons. Additionally, the quarter was impacted by the inauspicious Shraddh period in September this year (vs. October in FY24) as well as excessive rains. Despite this disruption, we achieved our 3rd consecutive quarter of Rs 40bn+ pre-sales showcasing the consistency and predictability in our business model.

What was heartening to note is that these strong Pre-sales have come along side robust embedded EBITDA margins of 34% indicating a continued strong profitability in the underlying business. We have achieved INR 83bn of Pre-sales in H1FY25 and with the festive season well underway, we are on track to achieve our guidance of INR 175bn Pre-sales for FY25. Early signs of festive season suggest robust demand for quality branded housing on the back of strong affordability and consumer optimism. Intense competition among mortgage providers coupled with the expected downward trajectory for rate cycle in the 2HFY25 will provide further tailwind for the sector especially in the mid-income segment where we have a sizeable presence.

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 scrip rose 1.53% to close at Rs 1,081.50 on Friday, 25 October 2024.

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First Published: Oct 26 2024 | 12:10 PM IST

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