On a consolidated basis, the real estate developer's net profit soared 68.3% to Rs 270.80 crore on 66.7% surge in net sales to Rs 2,675.75 crore in Q1 FY23 over Q1 FY22.
Consolidated profit before tax climbed 49% to Rs 327.12 crore in Q1 FY23 as against Rs 219.56 recorded in the same period last year. Total expense spiked by 53.39% to Rs 2,348.02 crore in Q1 FY23 over Q1 FY22.
Macrotech Developers reported best ever Q1 pre-sales at Rs 2,814 crore, registering a growth of 194% YoY as against the corresponding quarter previous year. Collections jumped 53% at Rs 2,616 crore in Q1 FY23 over Q1 FY22.
Adjusted EBITDA stood at Rs 903 crore, rising 68% YoY in Q1 FY23. Adjusted EBITDA margin stood at 33.7% in Q1 FY23 as against 33.5% posted in Q1 FY22. The company's India net debt stood at Rs 8,856 crore in Q1 FY23.
PAT adjusted for forex was at Rs 355 crore in Q1 FY23 as compared to Rs 122 crore in Q1 FY22, recording a growth of 190%.
Commenting on the performance, Abhishek Lodha, MD & CEO, Macrotech Developers, said: "Q1FY23 was our best ever 1st quarter with Rs 2,814 crores of pre-sales from our India business. With this strong start to the FY, we are pleased that 75% of the sales growth that we had forecasted for this year (Rs 1,857 crore. out of Rs ~2,500 crore. required to grow from Rs 9,024 crore. to Rs 11,500 crore.) has already been delivered. We are carefully monitoring the impact of inflation and rising interest rates but have not yet seen any impact on housing demand from quality developers. Over the medium & long-term, driven by good wage growth, increase in the relevance of housing to the family after Covid, and consolidation of supply with high-credibility developers, we believe that the housing industry in India is in a structural upcycle.
"During the quarter, we continued to see robust reduction in debt with net debt reduced by INR ~450 crores to INR 8,856 crores. With this continued positive momentum in debt reduction, our average cost of funds declined substantially to 10.1% at end of Q1FY23 from 10.5% at end of the previous quarter, in spite of the broader increase in interest rates. On the back of improved balance sheet and strong growth ahead, India Ratings upgraded the credit rating by two notches to 'A/ Positive'. We continue to see good momentum across all segments, with the affordable & mid-income segments being particularly strong. We believe that significant growth will come from these segments in the next few years as per capita income grows in India and households, which hitherto have been unable to afford housing so far, start becoming 'housing-capable'," he stated.
Lodha further added, "During the quarter we have signed up three JDA projects for 5.1 million square feet area with a GDV of INR ~6,200 crores. On the back of strong attractiveness of our brand to land owners and therefore a robust pipeline of JDAs, we expect to add new projects with a combined GDV of INR ~15,000 crores in FY23. During this quarter, we have also taken two new initiatives - first the entry into the Bengaluru market which now enables Lodha to cover 2/3rd (by value) of the housing demand in the top 7 Indian cities, and secondly our platform with Bain Capital and Ivanhoe Cambridge to create high quality green digital infrastructure (logistics and industrial parks) across India. We expect both of these to contribute to growth from FY24."
Macrotech Developers (Lodha Group) is primarily engaged in the business of real estate development.
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Shares of Macrotech Developers were down 2.33% to Rs 1,132 on the BSE.
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