Macrotech Developers net profit jumps 24% to Rs 286.38 cr in Q3
Real Estate

Macrotech Developers net profit jumps 24% to Rs 286.38 cr in Q3

Macrotech Developers had reported a 24% growth in its consolidated net profit at Rs 286.38 crore during the December-end quarter on higher sales. The company's net profit stood at Rs 231.71 crore a year ago.

The company markets its properties under Lodha Brand. It has projects in Mumbai Metropolitan Region (MMR) and Pune.

Its total income increased to Rs 2,148.74 crore during the October-December quarter, compared to Rs 1,599.77 crore during the same period the previous year.

The company said that its sales bookings increased 40% to Rs 2,608 crore. In London, its sales bookings stood around Rs 1,910 crore. During the last quarter, net debt for India declined sharply to Rs 9,896 crore.

CEO and Managing Director of Macrotech Developers, Abhishek Lodha, said that the company's strong sales bookings show recovery in the housing market and have taken root. The multi-year up-cycle in the housing sector is well underway.

He said that the company is witnessing a strong demand across its portfolio and at all price points. On the supply side, the company is accelerating at a great pace.

He added that the company has already raised Rs 4,000 crore from institutional investors. The company signed six more joint development agreements (JDAs) for 4.8 million sq ft with Rs 10,000 crore gross development value (GDV).

The company has already added 11 JDA projects of 8.8 million sq ft with a GDV of around Rs 14,600 crore.

Lodha expects housing demand to strengthen in the next 12 months on the back of strength in the Indian economy and government policies for the housing sector.

Image Source

Also read: Macrotech Developers to enter Bengaluru market to tap property

Macrotech Developers had reported a 24% growth in its consolidated net profit at Rs 286.38 crore during the December-end quarter on higher sales. The company's net profit stood at Rs 231.71 crore a year ago. The company markets its properties under Lodha Brand. It has projects in Mumbai Metropolitan Region (MMR) and Pune. Its total income increased to Rs 2,148.74 crore during the October-December quarter, compared to Rs 1,599.77 crore during the same period the previous year. The company said that its sales bookings increased 40% to Rs 2,608 crore. In London, its sales bookings stood around Rs 1,910 crore. During the last quarter, net debt for India declined sharply to Rs 9,896 crore. CEO and Managing Director of Macrotech Developers, Abhishek Lodha, said that the company's strong sales bookings show recovery in the housing market and have taken root. The multi-year up-cycle in the housing sector is well underway. He said that the company is witnessing a strong demand across its portfolio and at all price points. On the supply side, the company is accelerating at a great pace. He added that the company has already raised Rs 4,000 crore from institutional investors. The company signed six more joint development agreements (JDAs) for 4.8 million sq ft with Rs 10,000 crore gross development value (GDV). The company has already added 11 JDA projects of 8.8 million sq ft with a GDV of around Rs 14,600 crore. Lodha expects housing demand to strengthen in the next 12 months on the back of strength in the Indian economy and government policies for the housing sector. Image Source Also read: Macrotech Developers to enter Bengaluru market to tap property

Next Story
Real Estate

Mahindra Lifespaces Bags Rs 12.5 billion Redevelopment in Mulund

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has been appointed as the preferred developer for the redevelopment of a premium housing society in Mulund (West), Mumbai. The project will be developed across a 3.08-acre land parcel, with an estimated development value of approximately Rs 12.5 billion. Strategically located, the site enjoys proximity to major connectivity points—just 1.4 km from the upcoming Mumbai Metro Line 5 and 0.8 km from the Goregaon-Mulund Link Road. It also offers seamless access to the Eastern Expre..

Next Story
Infrastructure Urban

Snowman Adds Warehouses in Kolkata and Krishnapatnam

Snowman Logistics, India’s leading integrated temperature-controlled logistics company, has announced the commencement of operations at its two new state-of-the-art, owned cold storage facilities in Kolkata and Krishnapatnam. With these additions, the company’s total pallet capacity has reached 1,50,754, spanning 43 warehouses in 20 cities across the country. The newly operational Kolkata facility offers a storage capacity of 5,630 pallets, while the Krishnapatnam facility holds 3,927 pallets. These warehouses are equipped with advanced automation and infrastructure designed to enhanc..

Next Story
Resources

Noesis Enables IHCL Hotel Deal in Udupi–Manipal Corridor

NOESIS Capital Advisors, India’s leading hotel investment advisory firm, has successfully facilitated a landmark hospitality transaction in the Udupi–Manipal region of Karnataka. The deal involves the acquisition of a nearly completed, 130-key upscale hotel that will operate under one of the premium brands of IHCL, reinforcing NOESIS’ position as a preferred partner for strategic hospitality transactions across India. Strategically located on the Udupi–Manipal Highway, the 1.03-acre property will cater to business travellers, pilgrims and families visiting Manipal University. With..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?