Macrotech Developers Q1 profit falls 34% to Rs 179 crore; sales booking jumps to record Rs 3,350 crore

Realty firm Macrotech Developers on Thursday reported a 34 per cent decline in its consolidated net profit to Rs 179.2 crore for the June 2023 quarter on lower income.

Its net profit stood at Rs 271.3 crore in the year-ago period.

The total income fell to Rs 1,671.8 crore in the April-June quarter of 2023-24 from Rs 2,675.8 crore in the corresponding period of the previous year, said Macrotech Developers in a regulatory filing.

Macrotech Developers, which sells its properties under the Lodha brand, has a major presence in Mumbai Metropolitan Region (MMR) and Pune markets. It has also forayed into the Bengaluru market.

Commenting on the performance, Abhishek Lodha, MD & CEO, Macrotech Developers Ltd, said, "Q1 FY24 has turned out to be our best ever 1st quarter pre-sales performance. Our pre-sales for the quarter at Rs 3,350 crore grew by 17 per cent". 

"This reinforces our belief in the sustainable nature of the strong housing demand. With the likelihood of a downward journey of interest rates in the next few quarters after witnessing a pause by the RBI, we see momentum for housing continuing to strengthen," Lodha said.

He said the company has a "burgeoning pipeline" of new business development opportunities on the back of our strong brand and proven ability to quickly monetise any land asset, making landowners prefer Lodha.

"We added five new projects with GDV (gross development value) potential of Rs 12000 crore in Q1FY24. The new projects include projects in the Western Suburbs of MMR (Mumbai Metropolitan Region), Bengaluru and in Alibaug," Lodha said.

Macrotech Developers 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 about 4,300 acres of land beyond its ongoing and planned portfolio, which will be utilised in developing further residential, commercial and industrial & logistics spaces.