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