Lodha achieves pre-sales of Rs 3,035 crore in Q3 FY23

Macrotech Developers said that the company had achieved pre-sales of Rs 3,035 crore in Q3 FY23, thereby recording a growth of 16.3% on a YoY basis.

The real estate developer's pre-sales in the same period last year were Rs 2,608 crore. The company's 9M FY23 pre-sales stood at Rs 9,039 crore, up by 62.3% from Rs 5,568 crore recorded in 9M FY22.

"This puts us on track to surpass our full year guidance of INR 11,500 crore, Macrotech Developers said.

Collections in Q3 FY23 were at Rs 2,682 crore, up by 26% on a YoY basis.

The company said that it had added 4 new projects having approximately 5 million sq. ft. of saleable area with GDV of approximately Rs 8,500 crore across various micro-markets of MMR and Pune.

The real estate developer said that it has already added approximately Rs 17,800 crore of GDV so far exceeding its full year guidance of Rs 15,000 crore.

"This reflects availability of land for Lodha in the targeted micro-markets and landowners desire to partner with us to get the best NPV of cash flows on their land. This in turn provides growth visibility for us, the company stated.

Net debt during the period under review reduced by approximately Rs 753 crores to Rs 8,042 crore.

Macrotech Developers (Lodha Group) is among the largest real estate developer in India that delivers with scale since 1980s. Core business of Lodha Group is residential real estate development with a focus on affordable and mid-income housing.

The real estate developer reported a net loss of 933.07 crore in Q2 FY23 from Rs 220.41 crore posted in Q2 FY22. Net sales slipped 16.9% to Rs 1,765.43 crore in quarter ended 30 September 2022.

The scrip advanced 0.44% to currently trade at Rs 1081.85 on the BSE.

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