Macrotech Developers, which develops properties under the ‘Lodha’ brand, posted a 21% jump in its profit after tax (PAT) at Rs 670 crore in Q4FY24, a tad higher than analyst estimates. Analysts had estimated a profit of Rs 630 crore.
Its revenues from operations went up 23% y-o-y at Rs 4,020 crore, higher than analyst estimates of Rs 3,824 crore.
The company said it posted its best ever annual pre-sales at Rs 14,520 crore and best ever quarterly pre-sales at Rs 4,230 crore. Its collection went up 20% to Rs 3510 crore.
Abhishek Lodha, MD & CEO, Macrotech Developers, said, “Driven by the strength of our brand, we delivered pre-sales of Rs 14,500 crore for FY24, meeting our guidance of delivering consistent and predictable 20% growth. Our Q4FY24 pre-sales stood at Rs 4,230 crore, showing a strong 40% y-o-y growth.”
Lodha said the company has achieved its guidance of reducing its net debt well below 0.5x of equity.
“Robust operating cash flows and our capital raise led to net debt coming down by over Rs 4,000 crore during the year to Rs 3000 crore, which is less than 0.2x of equity. The sharp reduction in net debt has happened alongside the addition of new projects of over Rs 20,000 crore during the year,” he said.
