Macrotech Developers shares up as it surpasses FY23 pre-sales guidance

Pre-sales for the period stood at ₹3,025 crore from ₹3,456 crore in the year-ago period. However, for the fiscal year 2023, Macrotech Developers recorded pre-sales growth of 34 per cent to ₹12,064 crore, thereby surpassing its guidance of ₹11,500 crore.

“Lodha achieved its best ever annual pre-sales performance of INR 12,064 crores showing a strong growth of 34% on a YoY basis. Surpassed guidance of INR 11,500 crores despite over 200 bps increase in mortgage rates during the year,” the company said in its regulatory.

Collections for the quarter ended March 2023, rose by 3 percent to ₹2,933 crore. For FY 23, the collection was up by 23 per cent to ₹10,606 crore.

The company’s net debt net debt reduced by ₹2,229 crores to stand at ₹7,071 crore at the end of the year, in-line with their prior guidance of ₹7,000 crore. The figure during the same period last year stood at ₹9,300 crore.

The March quarter saw net debt reducing by ₹971 crores showcasing business strength to continue delivering surplus operating cash even while growing.

The full year also saw addition of 12 new projects having nearly 14 million square feet of saleable area with gross development value (GDV) of close to ₹19,800 crore across various macro-markets of Mumbai Metropolitan Region, Pune and Bengaluru.

The March quarter saw addition of one project with a GDV of ₹2,000 crores for 1.5 million square feet of area.

“Business growth robustness continues to strengthen with significant number of land proposals under evaluation,” the filing added.

On Friday, the company’s shares ended 1.32% up at ₹911.20 on BSE.