Updated January 28th, 2024 at 17:34 IST
Macrotech developers to launch 11 projects, aiming at Rs 6,260 crore revenue in Q1
In the first nine months of the current fiscal year, the company has already launched 6.6 million square feet, achieving a topline of Rs 8,850 crore.
Rising housing demand: Mumbai-based real estate firm Macrotech Developers is set to capitalise on the growing demand for housing by unveiling 11 projects in Mumbai, Pune, and Bengaluru in the current quarter. These projects are anticipated to generate an estimated revenue of Rs 6,260 crore.
Macrotech Developers operates under the Lodha brand. The company, as outlined in an investor presentation, highlighted its launch pipeline for the fourth quarter of the fiscal year 2023–24, expressing confidence in meeting full-year pre-sales guidance with the planned launches.
During the January-March quarter, Macrotech Developers plans to introduce a total area of 4.4 million square feet, with 1 million square feet in Bengaluru, 0.8 million square feet in Pune, and the remaining in the Mumbai Metropolitan Region.
In the first nine months of the current fiscal year, the company has already launched 6.6 million square feet, achieving a topline of Rs 8,850 crore. Macrotech Developers has witnessed a 14 per cent growth in sales bookings, reaching Rs 10,300 crore during the April-December period of 2023–24, compared to Rs 9,040 crore in the corresponding period the previous year. The company has provided a sales booking guidance of Rs 14,500 crore for the entire fiscal year, surpassing the Rs 12,060 crore recorded in 2022–23.
The latest financial report revealed a 25 per cent increase in Macrotech Developers' consolidated net profit, reaching Rs 505 crore in the December quarter, compared to Rs 405 crore in the same period the previous year.
To further support its growth plans, the company's board has approved a proposal to raise up to Rs 5,000 crore through the issuance of securities via public issues, private placement, or any other mode in one or two tranches.
(with PTI inputs)
Published January 28th, 2024 at 17:34 IST