Macrotech Developers announced strong financial results on Friday, revealing a profit after tax (PAT) of ₹422 crore for the quarter ending September 30, 2024. This represents a remarkable 98% increase compared to the same quarter last year. The company’s revenue from operations also grew significantly, reaching ₹2,626 crore, a 50% rise year-on-year.
Previously known as Lodha, the company achieved record quarterly pre-sales of ₹4,290 crore, which is up 21% from the same period last year. They also added development projects worth ₹5,500 crore in Pune and Bengaluru.
Collections for the quarter were ₹3,070 crore, an 11% increase year-on-year, while adjusted EBITDA climbed over 74% to ₹960 crore.
Additionally, Macrotech sold land for a data center in Palava to a global firm at ₹12 crore per acre, positioning Palava as a key data center hub. The company also launched four new projects in Pune and Bengaluru during the quarter.
Abhishek Lodha, MD & CEO of Macrotech Developers, commented on the impressive performance despite challenges like seasonal rains and the inauspicious ‘Shraddh’ period. He noted that they achieved ₹83 billion in pre-sales during the first half of FY25 and are on track to meet their target of ₹175 billion for the fiscal year.
Lodha highlighted the strong demand for quality housing, driven by affordability and consumer optimism, as well as competitive mortgage rates that benefit the middle-income segment, where the company has a strong presence. Despite significant investments, the company’s net debt remains low at ₹4,900 crore, with a net debt-to-equity ratio of just 0.27. The cost of debt has also decreased to 8.9%, one of the lowest in the industry.
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