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

08 Apr 2024 CW Team

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.

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