Macrotech Developers Q1 Profit Soars 2.7 Times to Rs 475 Cr

New Delhi, Jul 30 (PTI) Realty firm Macrotech Developers on Tuesday 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.

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

Abhishek Lodha, MD & CEO of Macrotech Developers Ltd, said, "Q1, FY'25 was our best ever 1st quarter with Rs 4,030 crore of pre-sales – our 2nd consecutive quarter of over Rs 4,000 crore pre-sales. The icing on the cake is that these strong pre-sales have come alongside robust embedded EBITDA margins of 33 per cent."

"Delivery of strong pre-sales from a diverse portfolio of projects with strong margins showcases the predictability and consistency of our business model," he added.

Lodha highlighted that the company's pre-sales in Pune stood at more than Rs 1,000 crore in Q1 (more than 50 per cent of its pre-sales in Pune in the previous year), setting the stage for becoming the largest player in the city in the next few years.

"What is also heartening to note is that this strong 20 per cent YoY (year-on-year) growth in pre-sales has come despite inclement hot weather conditions and election season impacting footfalls," he said.

Lodha said the company has achieved more than 50 per cent of its business development guidance in the first quarter itself.

"During the quarter, we added three more projects at marquee locations in the MMR and Pune with Rs 11,100 crore of GDV (gross development value). On the back of the attractiveness of our brand to land owners and strong balance sheet, we have been able to add new projects worth over Rs 65,000 crore since our IPO following 'super market' strategy in each micro-market," he added.

The large number of projects tied up across several micro-markets of the cities where the company operates provides an opportunity to grow on a granular basis in a predictable manner over a longer term, Lodha said.

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

The company's net profit stood at Rs 1,549.1 crore over a total income of Rs 10,469.5 crore during the entire 2023-24 fiscal.