Macrotech Developers Targets 21% Surge in Pre-Sales to Rs 17,500 Crore in FY25 Amidst Housing Market Boom

Macrotech Developers aims to sell properties worth Rs 17,500 crore in FY24, a 21% increase over FY23. The company saw a 20% growth in sale bookings to Rs 14,520 crore in FY23. Macrotech expects strong housing demand to continue. It plans to launch new projects in MMR, Pune, and Bengaluru. The company reported a 11% decline in consolidated net profit to Rs 665.5 crore in Q4 FY24, while total income rose to Rs 4,083.9 crore. Macrotech's net debt has reduced to Rs 3,000 crore, less than 0.2x of equity. The company has added new projects worth over Rs 20,000 crore and delivered 100 million square feet of real estate.

Realty firm Macrotech Developers has set a target to sell properties worth Rs 17,500 crore during the current fiscal, a 21 per cent growth from the previous year, as the company expects housing demand to remain strong, its MD and CEO Abhishek Lodha said.

Macrotech Developers, which sells its properties under the Lodha brand, registered a 20 per cent growth in its sale bookings (also called pre-sales) to a record Rs 14,520 crore last fiscal from Rs 12,060 crore in the 2022-23 financial year.

''We met our guidance of delivering consistent and predictable 20 per cent growth in the sale bookings during the last fiscal year. The guidance for the current fiscal has been kept at Rs 17,500 crore, again 20 per cent growth from the 2023-24 fiscal,'' Lodha told PTI in an interview.

He expects the housing demand to remain strong amid positive consumer sentiments and high economic growth.

''Our best ever quarterly and annual performance showcases the buoyancy in demand for high quality homes in India from branded developers,'' Lodha said.

To encash this consumer demand, Macrotech Developers would launch multiple housing projects across its three focus markets -- Mumbai Metropolitan Region (MMR), Pune and Bengaluru.

Lodha said the company would continue to add land parcels, through outright acquisitions and also partnerships with landowners, for future development.

Earlier this week, Macrotech Developers reported an 11 per cent decline in its consolidated net profit to Rs 665.5 crore in the March quarter from Rs 744.4 crore in the year-ago period.

The company's total income grew to Rs 4,083.9 crore in the quarter under review from Rs 3,271.7 crore in the year-ago period.

During the 2023-24 fiscal, Macrotech Developers registered a three-fold jump in profit to Rs 1,549.1 crore from Rs 486.7 crore in the 2022-23 fiscal.

The company's total income rose to Rs 10,469.5 crore last fiscal from Rs 9,611.2 crore in the 2022-23 fiscal.

On debt, Lodha said, ''...we have achieved our guidance of reducing our net debt well below 0.5x of equity. Robust operating cash flows and our capital raise led to net debt coming down by over Rs 4,000 crore during the 2023-24 fiscal year to Rs 3,000 crore which is less than 0.2x of equity.'' The company has also added new projects of over Rs 20,000 crore during the last fiscal year.

''This makes us a unique housing company to achieve the troika of significant pre-sales growth, robust business development, along with significant debt reduction showcasing our brand strength and operational prowess,'' Lodha said.

Macrotech Developers has delivered around 100 million square feet of real estate and is currently developing more than 110 million square feet under its ongoing and planned portfolio.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)