Macrotech Developers slashes debt by 55% to Rs 30.10 bn in Q4 FY24
Real Estate

Macrotech Developers slashes debt by 55% to Rs 30.10 bn in Q4 FY24

Macrotech Developers announced a significant reduction in its net debt by 55 percent during the fourth quarter of the previous fiscal year, bringing it down to Rs 30.10 billion, aided by internal accruals and equity fundraising. It had reported a net debt of Rs 67.50 billion as of December 31, 2023.

Identified by the brand Lodha, Macrotech Developers is recognized as a prominent real estate developer in India.

As per a regulatory filing, the company's net debt decreased to Rs 30.10 billion as of March 31, 2024, marking a 55 percent decline from the preceding quarter. This figure signifies a 57 percent reduction compared to the net debt of Rs 70.70 billion at the conclusion of the 2022-23 fiscal year.

The company attributed the reduction in net debt to surplus cash flow generated from operations and the successful equity capital raise. The company noted, "With robust operating cash flow and the recent equity raise, our net debt has further diminished to Rs 30.10 billion."

Initially targeting to bring down net borrowings to Rs 60 billion by March, the company surpassed expectations, significantly decreasing its debt due to last month's equity capital raise and increased sales bookings.

In a recent development, Macrotech Developers successfully garnered Rs 3,300 crore through the sale of shares to institutional investors last month. The company's qualified institutional placement (QIP) was oversubscribed nearly three times and attracted interest from a diverse array of investors, including sovereign funds, pension funds, and insurers.

This marks the fourth equity raise by Macrotech Developers in the last 36 months, bringing the cumulative equity raised to over Rs 130 billion. Existing shareholders such as Capital Group, GQG, Nomura, ADIA, and HDFC Life augmented their investments through this QIP.

Macrotech Developers announced a significant reduction in its net debt by 55 percent during the fourth quarter of the previous fiscal year, bringing it down to Rs 30.10 billion, aided by internal accruals and equity fundraising. It had reported a net debt of Rs 67.50 billion as of December 31, 2023. Identified by the brand Lodha, Macrotech Developers is recognized as a prominent real estate developer in India. As per a regulatory filing, the company's net debt decreased to Rs 30.10 billion as of March 31, 2024, marking a 55 percent decline from the preceding quarter. This figure signifies a 57 percent reduction compared to the net debt of Rs 70.70 billion at the conclusion of the 2022-23 fiscal year. The company attributed the reduction in net debt to surplus cash flow generated from operations and the successful equity capital raise. The company noted, With robust operating cash flow and the recent equity raise, our net debt has further diminished to Rs 30.10 billion. Initially targeting to bring down net borrowings to Rs 60 billion by March, the company surpassed expectations, significantly decreasing its debt due to last month's equity capital raise and increased sales bookings. In a recent development, Macrotech Developers successfully garnered Rs 3,300 crore through the sale of shares to institutional investors last month. The company's qualified institutional placement (QIP) was oversubscribed nearly three times and attracted interest from a diverse array of investors, including sovereign funds, pension funds, and insurers. This marks the fourth equity raise by Macrotech Developers in the last 36 months, bringing the cumulative equity raised to over Rs 130 billion. Existing shareholders such as Capital Group, GQG, Nomura, ADIA, and HDFC Life augmented their investments through this QIP.

Next Story
Infrastructure Urban

DCPC Prepares for Special Campaign 5.0 with Focus on E-Waste

The Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals and Fertilisers, is gearing up for Special Campaign 5.0, to be held from 2nd to 31st October 2025. The initiative will focus on e-waste disposal as per MoEFCC’s E-Waste Management Rules 2022, space optimisation, and enhancing workplace efficiency across field offices.Special Campaign 4.0, conducted between October 2023 and October 2024, delivered notable results in record management, grievance redressal, scrap disposal, and cleanliness drives.Key outcomes of Special Campaign 4.0Records management: 2,443 physical fil..

Next Story
Real Estate

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

Next Story
Infrastructure Transport

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?