Buoyed by strong housing demand, realty firm Macrotech Developers has set a target to sell properties worth Rs 14,500 crore this fiscal, up 20 per cent from the previous year, and will acquire more land for the future growth. Mumbai-headquartered Macrotech Developers, which sells its properties under the Lodha brand, is one of the leading real estate firms in the country.
In an interview with PTI, Macrotech Developers MD and CEO Abhishek Lodha said the company’s sales bookings grew 34 per cent last fiscal to Rs 12,014 crore, exceeding the annual guidance of Rs 11,500 crore. Asked about the guidance for 2023-24, he said the company is expecting pre-sales of Rs 14,500 crore this fiscal. On new business development, which means acquiring land outrightly and through joint venture with landowners, Lodha said the company during the last fiscal added many land parcels with a total revenue potential of Rs 19,800 crore. “Pipeline remains strong for the addition of new projects. We have given guidance of Rs 17,500 crore plus of new business development for this fiscal,” he said.
Lodha highlighted that the company’s debt stood at Rs 7,071 crore as on March 31, 2023, after an overall reduction of Rs 2,229 crore during the year. “Last fiscal year, we generated net surplus of Rs 4,600 crore, of which Rs 2,400 crore was used for investment in land and Rs 2,200 crore for reduction of debt,” he said. On Saturday, Macrotech Developers reported a 39 per cent increase in its consolidated net profit at Rs 744.36 crore for the quarter ended March.
It also announced issue of bonus shares to shareholders in a ratio of 1:1. Total income fell to Rs 3,271.71 crore in the January-March period from Rs 3,481.92 crore in the corresponding period of the previous year. Net profit fell to Rs 486.63 crore in the 2022-23 fiscal from Rs 1,202.37 crore in the previous year, due to the provision of Rs 1,177.39 crore for doubtful receivables/advances.
Total income rose to Rs 9,611.16 crore in the last fiscal from Rs 9,525.59 crore in the 2021-22 financial year.Lodha said the recent RBI monetary policy announcement of a pause on the interest rate front should stimulate the economy, create more jobs and thereby boost housing. “The growth journey of Indian housing market on the back of rising incomes and favourable demography is just in the 2nd year of a multi-year cycle. Our strategy of capitalizing on industry consolidation by expanding into under-represented micro-markets of MMR and Pune is playing out well,” Lodha said.
Macrotech Developers has delivered around 94 million square feet of real estate.It is currently developing about 105 million square feet under its ongoing and planned portfolio.The company has over 4,300 acres of land beyond its ongoing and planned portfolio.