Macrotech Developers gains 3% on record sales booking in Sept quarter

October 05, 2023 | By LODHA

Shares of real estate company Lodha or Macrotech Developers gained three percent on Thursday, October 5, after the company reported its best-ever quarterly sales booking in three months ended September 2023 (Q2FY24).

The company reported a 12 percent growth in its sales booking at Rs 3,530 crore in the September quarter, compared to Rs 3,150 crore in the year-ago period.

With this, the company has clocked 48 percent of its FY24 pre-sales guidance even as no new location was launched in the first half of the current financial year.

The company has a guidance of Rs 6,900 crore for the first half of the current fiscal and Rs 14,500 crore for the entire FY24.

"With the festive season commencing shortly and a strong launch pipeline for H2 with launches of 7 new locations, the company is on target to meet its full-year guidance," Macrotech Developers said in a filing to the exchanges.

The company said that collections from customers rose 16 percent year-on-year (YoY) to Rs 2,750 crore for the three months ended September 2023.

The real estate company said that it has added two new projects totalling 1.2 million square feet of saleable area and Rs 2,300 crore GDV (gross development value).

Macrotech Developers said that its net debt reduced by Rs 540 crore during the quarter under review to Rs 6,730 crore. Further, the company said that it is on the path to attain full-year guidance of getting its net debt to below 1 time of OCF or 0.5 times of equity, whichever is lower.

At 10.13 AM, shares of Macrotech Developers were trading 2.46 percent higher at Rs 768.35 apiece on the BSE.

Published in CNBC TV 18 on 5th October 2023.