The Mumbai-based developer said that while the second wave of covid-19 did leave an impact in April and May, June saw a quick turnaround. It reported sales of ₹650 crore in June alone even when restrictions were not completely lifted in Mumbai
Bengaluru: Macrotech Developers Ltd, which operates under the ‘Lodha’ brand, posted a net profit of ₹160.75 crore in the June-ended quarter, compared to a net loss of ₹133.43 crore in the corresponding year-ago quarter, when the nationwide lockdown due to the pandemic impacted construction and sales.
Its revenue grew more than three-fold to ₹1712.36 crore compared to ₹572.53 crore during the same period.
The Mumbai-based developer said that while the second wave of covid-19 did leave an impact in April and May, June saw a quick turnaround. It reported sales of ₹650 crore in June alone even when restrictions were not completely lifted in Mumbai Metropolitan Region (MMR).
“…We are on a disciplined growth path with expansion across MMR and Pune region. There are significant growth opportunities in these markets for us given our strong brand and track record of delivering quality product. We believe that housing is at the start of a multi-year bull run which will see growth in prices as well as volume. We remain committed to ensuring that every Indian can have a high-quality home to enable their families to fulfill their potential," said Abhishek Lodha, MD and CEO, Macrotech Developers.
The real estate firm reduced its net debt by ₹3600 crore during the April-June quarter.
Lodha said the company is focused on “housing and digital infrastructure (warehousing, data centres, and industrial parks) and both these asset classes are benefitting significantly from the macro trends in our economy."
During the quarter, Macrotech expanded its residential portfolio in MMR and Pune with four joint development agreements (JDA) with a combined area of 3.3 million sq ft and an estimated sales value of ₹3500 crore.
“We see digital infrastructure as a huge opportunity. Number of ongoing discussions around our digital infrastructure park at Palava strengthens our belief in this space," Lodha added.
Earlier this week, Macrotech said it has signed an agreement to sell 22.3 acres in Palava Industrial and Logistics Park near Mumbai, to third-party logistics (3PL) provider Flyjac Logistics, a subsidiary of Japanese firm Hitachi Transport System Group.
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint.
our App Now!!