Lodha Group plans alliances for Rs 150-bn development projects

27 Jul 2022 CW Team

The Lodha Group’s listed entity Macrotech Developers expects to enter into alliances to undertake development projects with a combined gross development value of Rs 150 billion in the current financial year.

The company has already entered into three such partnerships in the June quarter to develop projects spread over 5.1 million square feet, with a gross development value of nearly Rs 62 billion.

“On the back of the strong attractiveness of our brand to land owners and therefore a robust pipeline of JDAs (joint development alliances), we expect to add new projects with a combined GDV of around Rs 150 billion in FY23,” said Abhishek Lodha, managing director and chief executive of Macrotech Developers.

Macrotech Developers has reported 190% on-year growth in net profit adjusted for foreign exchange for the quarter ended June at Rs 3.55 billion on the back of a 194% rise in pre-sales at Rs 28.14 billion.

The developer has recorded a 53% rise in collections at Rs 26.16 billion with 67% increase in revenue from operations at Rs 26.76 billion.

The company’s London investments continue to be on track towards repatriation of investment starting this financial year, helping strengthen cash flows.

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