Macrotech Developers to Launch Rs 11,980cr Properties Amid Strong Demand

New Delhi, Aug 22 (PTI) Realty firm Macrotech Developers Ltd has launched projects worth Rs 3,000 crore for sales in the June quarter and plans to launch properties worth nearly Rs 12,000 crore by March next year to encash strong housing demand.

Mumbai-based Macrotech Developers, which sells its projects under the Lodha brand, is one of the leading developers in the country. It has a significant presence in Mumbai Metropolitan Region (MMR) and Pune. It has entered Bengaluru recently.

According to its latest investors presentation, the company launched 6 projects, including new phases in existing projects, comprising 1.8 million square feet area and an estimated Rs 3,010 crore revenue potential during the April-June quarter of the current 2024-25 fiscal year.

During the remaining three quarters of 2024-25, the company plans to launch 18 projects, including new phases at existing projects, covering 9.6 million square feet of area and Rs 11,980 crore revenue potential.

"We have a strong pipeline of new launches in the second half of the year," the company's Managing Director and Chief Executive Officer Abhishek Lodha told investors, as per the transcript of discussions with analysts.

The launch of these projects in Mumbai Metropolitan Region (MMR) and Pune would help the company achieve a 20 per cent growth in its sale bookings for this fiscal year.

On the operational performance front, Macrotech Developers posted a 20 per cent growth in sale bookings to Rs 4,030 crore for the first quarter of this fiscal due to strong housing demand. Sale bookings stood at Rs 3,350 crore in the year-ago period.

Macrotech Developers had registered a 20 per cent growth in its sale bookings (pre-sales) to a record Rs 14,520 crore during 2023-24 against Rs 12,060 crore in the previous year.

It has given the guidance of achieving 21 per cent annual growth in sale bookings this fiscal to Rs 17,500 crore.

During the first quarter of this fiscal, the collection from customers rose 12 per cent to Rs 2,690 crore from Rs 2,400 crore in the corresponding period of the previous year.

Macrotech Developers net debt rose 43.5 per cent to Rs 4,320 crore during the first quarter of this fiscal year due to higher investment in land acquisition and construction.

The company's net debt stood at Rs 3,010 crore at the end of the March quarter of 2023-24.

Recently, Macrotech Developers reported a 2.7-fold jump in its consolidated net profit to Rs 475.3 crore for the June 2024 quarter on higher income.

Its net profit stood at Rs 178.4 crore in the year-ago period.

Its total income grew to Rs 2,918.3 crore during the April-June period of this fiscal from Rs 1,671.8 crore in the corresponding period of the preceding year.

Macrotech Developers has a significant presence in Mumbai Metropolitan Region (MMR) and Pune and has just entered the Bengaluru property market.

It has delivered around 100 million square feet of real estate and is developing more than 110 million square feet under its ongoing and planned portfolio.