Macrotech Developers set to launch Rs 12,000 crore worth of Lodha housing projects by March

Macrotech Developers Ltd, a real estate company known for its 'Lodha' brand, is gearing up to launch housing projects worth Rs 12,000 crore by March next year. Their goal is to capitalise on the strong demand for high-quality homes offered by reputable developers. The MD and CEO, Abhishek Lodha, expressed confidence in achieving their sales booking target of Rs 14,500 crore for the current fiscal year, as opposed to Rs 12,070 crore in the previous year.

Fiscal Year Overview

During the first six months of the 2023-24 fiscal year, Macrotech Developers has already achieved sales bookings of Rs 6,890 crore. Abhishek Lodha stated that the company's operational performance has been robust in terms of sales bookings, customer collections, and expanding their business by acquiring new land parcels through outright purchases and joint ventures.

In the first half of this fiscal year, the company launched housing projects covering 3.7 million square feet. Abhishek Lodha emphasised their plan to deliver consistent and predictable growth, with 48 per cent of their sales guidance and 80 per cent of their business development goals for FY'24 already achieved. The company maintains a strong embedded EBIDTA margin of 30 per cent.

Looking ahead, Macrotech Developers is set to introduce their first project in Bengaluru this month.

Abhishek Lodha believes that the demand for real estate will continue to thrive, as the sector is in the third year of a long-term upswing that is expected to last at least 15 years. He anticipates that home loan interest rates, which have peaked, will ease in the future.

Lodha also emphasised the company's focus on sustainable development across all its projects. In terms of environmental, sustainable, and governance (ESG) performance, Macrotech Developers is recognised as the top residential developer in Asia by GRESB and ranked second by S&P Global in their 2023 Corporate Sustainability Assessment, out of approximately 200 global real estate development companies.

Profitability Rebound

In their financial results for the July-September quarter of this fiscal year, Macrotech Developers reported a consolidated net profit of Rs 202.8 crore, a turnaround from the net loss of Rs 932.9 crore in the same period last year. Despite a slight decline in total income, the company achieved its best-ever quarterly pre-sales performance, totalling Rs 3,530 crore, reflecting a 12 per cent YoY growth.

Macrotech Developers has a track record of delivering approximately 95 million square feet of real estate and is currently involved in the development of more than 110 million square feet in their ongoing and planned portfolio.

(With PTI Inputs)