Construction Industry News
Macrotech Developers reported a 24% growth in consolidated net profit of Rs 286.38 crore during the end of the December quarter due to higher sales. The company's net profit was Rs 231.71 crore a year ago.
The company sells its properties under Lodha Brand. It has projects in the Mumbai Metropolitan Region (MMR) and Pune.
Total income rose to Rs 2,148.74 crore during the October-December quarter, compared to Rs 1,599.77 crore in the same period last year.
The company said its sales bookings are up 40% to Rs 2,608 crore. In London, sales postings amounted to approximately Rs 1,910 crore. During the last quarter, net debt for India fell sharply to Rs 9,896 crore.
CEO and CEO of Macrotech Developers, Abhishek Lodha, said the company's strong sales postings show recovery in the housing market and have taken root. The multi-year up-cycle in housing construction is in full swing.
He said the company is witnessing strong demand across its portfolio and at all price points. On the supply side, the business is accelerating at a rapid pace.
He added that the company has already raised Rs 4,000 crore from institutional investors. The company signed six more joint development agreements (JDAs) for 4.8 million square feet with Rs 10,000 crore gross development value (GDV).
The company has already added 11 JDA projects of 8.8 million square feet with a GDV of about Rs 14,600 crore.
Lodha expects housing demand to pick up in the next 12 months thanks to the strength of the Indian economy and government policy on the housing sector.
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