Key Points of Macrotech Developers Share Sours:
- Macrotech Developers’ shares increased by 1% on April 24, 2023, after the release of their quarterly results for the period ending in March.
- The company reported a consolidated net profit of Rs 744.36 crore for the March quarter, a 39% increase from the previous year’s corresponding period.
- Macrotech Developers operates under the Lodha brand and is one of India’s leading real estate companies.
- Total income fell to Rs 3,271.71 crore in the January-March 2022-23 period, down from Rs 3,481.92 crore in the same period of the previous year.
- The company announced that it would be issuing bonus shares to shareholders in a ratio of 1:1.
- CEO Abhishek Lodha stated that the company is in the second year of a long-term upcycle in residential real estate and expects price growth to be at 6-7% below wage growth in FY24 with volume growth of 13-14% in the same year.
- The company’s ability to generate surplus operating cash flow alongside substantial growth has enabled it to reduce its net debt by Rs 2,229 crore to Rs 7,071 crore in FY23, of which Rs 971 crore was achieved in Q4FY23.
Details of Macrotech Developers Share Sours:
Macrotech Developers shares traded higher by one percent on April 24, following the release of their impressive quarterly results for the period ending in March. As of 11:50 AM, the stock was trading at Rs 916.35, up 0.93 percent on the Bombay Stock Exchange (BSE).
According to a regulatory filing, the company reported a consolidated net profit of Rs 744.36 crore for the March quarter, a significant increase of 39 percent from the previous year’s corresponding period when it was at Rs 535.46 crore. Moreover, the company announced that it would be issuing bonus shares to shareholders in a ratio of 1:1.
Macrotech Developers, which operates under the Lodha brand, is one of India’s leading real estate companies. Its total income fell to Rs 3,271.71 crore in the January-March 2022-23 period, down from Rs 3,481.92 crore in the same period of the previous year.
In a conversation with CNBC-TV18, Abhishek Lodha, MD and CEO of Macrotech Developers, stated that the company is currently in the second year of a long-term upcycle in residential real estate. He also noted that there is more consolidation in the industry.
Lodha expressed his expectation that the price growth will be at 6-7 percent below wage growth in FY24, and he expects volume growth of 13-14 percent in the same year. He further added that the company is continuously reducing its debt from the current levels, which enabled the firm to reduce its net debt by Rs 2,229 crore to Rs 7,071 crore in FY23, of which Rs 971 crore was achieved in Q4FY23.
Overall, Macrotech Developers’ impressive performance in Q4FY23 has put the company in a favorable position and demonstrates its ability to generate surplus operating cash flow alongside substantial growth.
About Macrotech Developers:
Macrotech Developers, formerly known as Lodha Developers, is a Mumbai-based multinational real estate company. Established by Mangal Prabhat Lodha in 1980, the company has developed both residential and commercial properties in Mumbai, Thane, Hyderabad, Pune, and London.
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