Macrotech Developers reports 88% on-year growth in bookings in Q1

Macrotech Developers has reported an 88% on-year increase in bookings at Rs 975 crore for the first quarter of FY22. Consecutively, the bookings in the January-March quarter decreased to 62% from Rs 2,531 crore. Due to the second Covid wave in India, April and May had very limited pre-sales, while June witnessed pre-sales of Rs 654 crore. In the first quarter of 2021-22, the developer recorded collections of Rs 1,714 crore, a higher 346% from a year ago. The realty developer also decreased its consolidated net debt by Rs 3,600 crore during this period. Establishing its presence in the Mumbai and Pune region, the group has entered into joint development agreements (JDAs) for two latest projects in this quarter, a total of 1.5 million sq ft of saleable area. These two projects are in addition to two projects that it had started in May. The location of the new joint development projects is in the Western and Eastern suburbs of Mumbai. The western suburb project would have a complete saleable area of 1.2 million sq ft, while the eastern suburb project will have an area of 0.3 million sq ft. Recently, the company received repayment of Rs Rs 1,596 crore, which the promoter's owed them. With this repayment, the Initial public offering (IPO) fundraise and constant organic free cash flow production would help the group in its deleveraging plans and accomplish the target of net debt decrease to Rs 10,000 crore by this fiscal end. The company said it is looking forward to maintaining its focus on its capital-light growth plan around affordable and capital-light growth plan mid-income residences and digital infrastructure, mid-income residences and affordable housing, including warehousing, data centres, and industrial parks, etc. Image Source Also read: Macrotech to double investment in construction in FY22 Also read: Lodha aims to turn company debt-free by FY2024