 "Macrotech sells properties worth Rs 12,064 cr in FY23, sales rise 34%")
Realty firm Macrotech Developers' sales bookings rose 34 per cent to a record Rs 12,064 crore in the last fiscal, on better demand despite rise in interest rates on home loans.
Mumbai-based Macrotech Developers, which sells homes under the Lodha brand, is one of the leading real estate firms in the country.
In a regulatory filing, Macrotech Developers said it has delivered a strong pre-sales momentum with sales bookings of Rs 3,025 crore in the fourth quarter of last fiscal and Rs 12,064 crore for 2022-23 fiscal.
The company said it has surpassed the full-year guidance of Rs 11,500 crore.
The collections of money from customers stood at Rs 10,606 crore for FY23, up 23 per cent YoY (year-on-year).
Net debt has further reduced to Rs 7,071 crore, showing a decline of Rs 2,229 crore for the year.
Also Read
Abhishek Lodha, MD & CEO, Macrotech Developers, said the company has achieved yet another quarter of strong performance enabling us to surpass its annual guidance.
"The icing on the cake is that this has happened in the face of one of the fastest-ever increase in interest rates," he said.
With a high visibility of interest rate hike cycle pausing now and a probable cycling down in the second half of 2023-24, Lodha said the industry is poised to continue seeing demand acceleration for quality tier-1 branded homes.
"The on-ground demand fundamentals driven by improving affordability, consistent income growth, and above all consumer's desire to upgrade their lifestyle have continued to strengthen," he said.
Lodha said the company continues to remain the preferred partner for various landowners across micro-markets for JDA (joint development agreements) partnerships.
The company added 12 projects in FY23. This has a sales potential of around 14 million square feet of about Rs 19,800 crore.
Macrotech has delivered more than 89 million square feet of real estate and is currently developing around 100 million square feet under its ongoing and planned portfolio.
The Group has approximately 4,400 acres of land beyond its ongoing and planned portfolio which will be utilized in developing further residential, commercial and industrial & logistics spaces.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)