Macrotech Developers has a significant presence in the Mumbai Metropolitan Region (MMR) and Pune. It has entered the Bengaluru property market. Photo: Bloomberg
Realty firm Macrotech Developers Ltd’s net debt rose 14 per cent to Rs 4,920 crore during the second quarter of this fiscal year as it looks to invest more on land acquisition and construction.
Mumbai-based Macrotech Developers, which sells its projects under the Lodha brand, is one of the leading developers in the country.
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According to its latest operational update, the company’s net debt stood stood at Rs 4,920 crore as on September 30, 2024.
“Our net debt is Rs 49.2 billion, well below our ceiling of 0.5 times net debt/equity,” the company said.
Macrotech Developers’ net debt was Rs 4,320 crore as of June 30, 2024, and Rs 3,010 crore at the end of the 2023-24 fiscal year.
Earlier this month, Macrotech Developers reported a 21 per cent increase in sales bookings to a record Rs 4,290 crore during the July-September period on better housing demand.
The company had sold properties worth Rs 3,530 crore in the year-ago period.
“We achieved our best-ever quarterly pre-sales of Rs 42.9 billion (Rs 4,290 crore) showing growth of 21 per cent year-on-year despite the inauspicious ‘Shradhh’ period falling in September this fiscal year (vs October in FY24),” Macrotech Developers had said.
During the last fiscal year, the company had registered a 20 per cent growth in its sale bookings (pre-sales) to a record Rs 14,520 crore as against Rs 12,060 crore in the preceding financial year.
It has given the guidance of achieving 21 per cent annual growth in sale bookings during the current 2024-25 fiscal year to Rs 17,500 crore.
Macrotech Developers has a significant presence in the Mumbai Metropolitan Region (MMR) and Pune. It has entered the Bengaluru property market.
It has delivered around 100 million sq ft of real estate and is developing more than 110 million sq ft under its ongoing and planned portfolio.
(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.)
First Published: Oct 13 2024 | 3:04 PM IST
