Macrotech Developers expects to meet 50% growth target sales in FY22

Macrotech Developers, the Realty firm, aims to achieve its target of 50% growth in sales bookings to Rs 9,000 crore this fiscal despite the slow housing demand in April-May given the second wave of the Covid-19 pandemic. Macrotech Developers based in Mumbai market their properties under the 'Lodha' brand; they got listed on the stock exchanges after raising Rs 2500 crore through its initial public offering (IPO) in April this year. It is one of the leading real estate firms in the country. Abhishek Lodha, Macrotech Developers MD and CEO, told the media that their housing sales were severely impacted during April-May because of the second wave, but, in June, they achieved sales bookings of about Rs 650 crore and also the demand in July is good. The company's sales bookings are standing at Rs 5,970 crore the previous fiscal year. He further said that the sales bookings in April-May were very low, but they have already factored that in our sales guidance. He said that they are on track to achieve a Rs 9,000 crore figure, given there is no further disruption. Macrotech Developers got a total sales booking of Rs 957 crore in the April-June quarter, of which Rs 654 crore came in June. Recently, Macrotech has sold 22.3 acres land parcel to a Japanese firm in its Pallava Industrial and Logistics Park for an estimated deal value of around Rs 80 crore in the warehousing development business. Lodha told the media that the company's net debt decreased by 23% to Rs 12,435 crore during the first quarter of this fiscal year. Macrotech Developers recorded a combined net profit of Rs 160.91 crore for the quarter ended June on Friday. In the year-ago period, they posted a net loss of Rs 134.44 crore. The overall income went from Rs 572.53 crore in the corresponding period of the previous year to Rs 1,712.36 crore in the first quarter of this fiscal year. Image Source Also read: Macrotech Developers reports 88% on-year growth in bookings in Q1