|
Consolidated profit before tax shed 1.6% to Rs 393.06 crore in Q3 FY23 as against Rs 399.46 recorded in the same period last year. Macrotech Developers reported Q3 pre-sales at Rs 3,035 crore, registering a growth of 16% YoY as against the corresponding quarter previous year. Collections increased 26% at Rs 2,680 crore in Q3 FY23 over Q3 FY22. Adjusted EBITDA stood at Rs 565 crore, rising 19% YoY in Q3 FY23. Adjusted EBITDA margin stood at 32% in Q3 FY23 as against 34% posted in Q3 FY22. The company reduced its net debt by Rs 753 crore to Rs 8,042 crore. In spite of rising policy rates, the company said that it has also been able to reduce its interest cost consistently. PAT adjusted for forex increased by 6% YoY to Rs 296 crore in Q3 FY23 during the period under review. Commenting on the performance, Abhishek Lodha, MD & CEO, Macrotech Developers, said: Combined with the consolidation on the supply side and our strategy of capital light expansion through JDAs, we believe that we can deliver 20% CAGR in pre-sales and around 20% ROEs over medium term.” Lodha achieved its best ever Q3 Presales performance at Rs 3,035 crore showing 16% YoY growth. This strong pre-sales performance has helped us achieve 9M FY23 pre-sales of 9,039 crore - surpassing the pre-sales recorded in the entire full year of FY22. This makes us confident of surpassing our guidance for FY23 of Rs 11,500 crore pre-sales. Secondly, the company also added four new projects during the quarter in MMR & Pune aggregating to 5 million square feet of saleable area and a combined GDV of Rs 8,500 crore. With this we have already added Rs 17,800 crore of GDV in the 9M FY23 exceeding our full year guidance of Rs 15,000 crore, he stated. Lodha further added, “Finally, in spite of the heightened business development, we reduced our net debt by another Rs 753 crore during the quarter to Rs 8,042 crore. We are confident of achieving our leverage goals of net debt being lower than 0.5x of equity and 1x of operating cash flow, over the course of next six months.” Macrotech Developers (Lodha Group) is primarily engaged in the business of real estate development. Shares of Macrotech Developers were down 0.67% to Rs 1,071.75 on the BSE. Powered by Capital Market - Live News |