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.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code