Macrotech Developers, listed real estate arm of Lodha group, swung into profit in the second quarter of the current financial year.
The company posted a consolidated net profit of Rs 202.8 crore in Q2FY24 as against a loss of Rs 932.9 crore in Q2FY23. The Q2FY24 number was unaudited. In Q2FY23 it had an exceptional loss of RS 1177.4 crore.
Its revenues were flat at Rs 1749 crore in Q2FY24 as against Rs 1765 crore in Q2FY23. It’s finance costs also remained flat Rs 123 crore in Q2FY24.
The company said its debt went down by Rs 540 crore to Rs 6730 crore.
Abhishek Lodha, MD & CEO, Macrotech Developers said, “We achieved our best ever quarterly pre-sales performance at INR 3530 crore showing 12% YoY growth in spite of the quarter being the seasonally weakest. Our ‘for-sale’ business has shown a stellar 20% YoY growth for the quarter. With this strong performance, we have achieved pre-sales of INR 6890 crore in H1FY24, our best ever first half in terms of Pre-sales.”