 "Housing market, Homes, Real estate, Realty")
Realty firm Macrotech Developers on Monday reported a 68 per cent increase in its consolidated net profit to Rs 270.80 crore for the June quarter on better sales.
The company's net profit stood at Rs 160.91 crore in the year-ago period, according to a regulatory filing.
Total income rose to Rs 2,675.78 crore in the first quarter of this fiscal from Rs 1,749.97 crore in the corresponding period of the previous year.
On the performance, Macrotech Developers Ltd MD and CEO Abhishek Lodha highlighted that the April-June period was its best-ever first quarter with Rs 2,814 crore of pre-sales from India business.
"With this strong start to the FY23, we are pleased that 75 per cent 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," Lodha said.
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Lodha said the company is carefully monitoring the impact of inflation and rising interest rates.
He asserted that the company has not yet seen any impact on housing demand for 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," Lodha said.
Mumbai-based Macrotech Developers, erstwhile Lodha Developers, has delivered more than 86 million square feet of real estate and is currently developing around 100 million square feet under its on-going and planned portfolio.
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