Highlights of Q3 Result:
- The Macrotech Developers – Lodha Group reported a 6% increase in web revenue for the quarter ending December.
- The company had its highest ever third quarter pre-sales performance with a 16% year-on-year growth.
- Abhishek Lodha, MD & CEO of Macrotech Builders, stated that there is strong demand for high-quality housing from reputable brands indicating a long-term uptrend in the housing market.
- He also noted that there is a likelihood of mortgage rates peaking in the first half of 2023 and potentially decreasing in the second half, which will boost consumer sentiment.
- The company aims to achieve 20% compounded annual growth rate (CAGR) in pre-sales and nearly 20% return on equity (ROE) over the medium term by using a strategy of capital-light expansion through joint development agreements (JDAs) and consolidation on the supply side.
- The company is confident in exceeding its guidance for 2022-23 of Rs 11,500 crores in pre-sales and has already exceeded its full-year guidance of Rs 15,000 crores in GDV for the 9-month period.
Details Of Q3 Result:
The Macrotech Developers – Lodha Group, a real estate developer, reported web revenue of Rs 296 crores for the quarter ending December, a 6% increase from the previous year. However, income for the quarter decreased 14% to Rs 1,775 crores.
The Macrotech Developers recorded its highest ever third quarter pre-sales performance, achieving 16% year-on-year growth at Rs 3,035 crores.
According to Abhishek Lodha, MD & CEO of Macrotech Builders, there is strong demand for high-quality housing from reputable brands despite an increase in mortgage rates, indicating that the housing market is in a long-term uptrend due to strong affordability, job creation, and income growth.
He also noted that there is a likelihood of mortgage rates peaking in the first half of 2023 and potentially decreasing in the second half of the year, which will boost consumer sentiment.
By utilizing a strategy of capital-light expansion through joint development agreements (JDAs) and consolidation on the supply side, the company aims to achieve 20% compounded annual growth rate (CAGR) in pre-sales and nearly 20% return on equity (ROE) over the medium term.
The Macrotech Developers is confident in exceeding its guidance for 2022-23 of Rs 11,500 crores in pre-sales. The developer added four new projects in the Mumbai and Pune areas during the quarter, with a total of 5 million sq ft of saleable space and a combined gross development value (GDV) of Rs 8,500 crores.
With this, the company has already exceeded its full-year guidance of Rs 15,000 crores in GDV for the 9-month period. Additionally, the developer reduced its net debt by an additional Rs 753 crores during the quarter, bringing it to Rs 8,042 crores.
Abhishek Lodha stated that the company is confident in achieving its leverage objectives of having net debt lower than 0.5 times equity and 1 times operating cash flow within the next six months.
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