Macrotech Developers' sales bookings up 12% annually to Rs 3,530 cr in Q2

October 05, 2023 | By LODHA

Realty firm Macrotech Developers on Thursday reported a 12 per cent year-on-year growth in sales bookings to Rs 3,530 crore during the July-September period on strong housing demand.

The company had clocked sales bookings of Rs 3,150 crore in the corresponding period of the last financial year.

In a regulatory filing, Macrotech Developers, which sells its projects under the Lodha brand, informed that the company achieved its best-ever quarterly pre-sales performance of Rs 3,530 crore in Q2 of FY'24.

Macrotech Developers said it has achieved 48 per cent of its FY24 pre-sales guidance fixed at Rs 14,500 crore.

In the entire 2022-23 financial year, Macrotech Developers had clocked a sales bookings of Rs 12,060 crore.

Fund collections from customers stood at Rs 2,752 crore, up 16 per cent year-on-year (YoY).

"Strong underlying end-user demand for branded homes enabled us to deliver our best-ever quarterly pre-sales. This was despite the fact that this is generally the weakest quarter of the year and we had no new locations launched in this quarter," Abhishek Lodha, MD & CEO, Macrotech Developers said.

With about seven new locations planned to be launched in the second half of this fiscal, starting with the upcoming festive season, Lodha expressed confidence about delivering on its full-year pre-sales target of Rs 14,500 crore.

"This confidence is supported by the increased conversion rates that we are now witnessing as customers start acting on their need for a high quality home," he said.

Macrotech Developers, erstwhile Lodha Developers, currently has a major presence in Mumbai Metropolitan Region (MMR) and Pune market. It has forayed into the Bengaluru market recently.

The company has delivered more than 95 million square feet of real estate and is currently developing over 110 million square feet under its ongoing and planned portfolio.

The Group has approximately 4,300 acres of land beyond its ongoing and planned portfolio which will be utilized in developing further residential, commercial and industrial and logistics spaces.

Published in Business Standard on 5th October 2023