Home / Companies / News /  Macrotech Developers shares Q2 biz update, pre sales up 57%, net debt reduces

Sharing its key operational updates for Q2 FY23, Macrotech Developers Ltd (Lodha) said on Thursday that the company achieved its best ever Q2 pre-sales performance of 3,148 crore, showing a growth of 57% on a YoY basis. 

“Generally, Q2 is the weakest quarter of the year due to monsoons and inauspicious period (Pitrupaksh / Shraadh) and consequently, H1 tends to be around 40-45% of full year sales. Our strong performance in H1FY23, inspite of rising home loan rates and rising prices, evidences the strength of housing demand from Tier-1 developers in India and indicates the start of a long-term upcycle for quality housing in India," the company informed in an exchange filing today.

Meanwhile, Lodha's collections were 2,375 crore in 2QFY23 up 24% on a YoY basis. Collections were predictably impacted by seasonal factors - lower construction activity during monsoon and deferral of registerations during 15 day inauspicious period, the company added. Further, Macrotech's net debt reduced by around 60 crore to 8,796 crore.

The real estate company added 4 new projects having 2.2 million sq. ft. of saleable area with GDV of 3,100 crore across various micro-markets of MMR and Pune. In H1, it added 9,300 crore of GDV which is 62% of its full year guidance of 15,000 of GDV addition. “We continue to have a robust pipeline of business development opportunities as landowners witness the value creation for them due to Lodha’s involvement."

The $225 million bonds were fully repaid in September 2022, 6 months ahead of schedule. With this, there is no further obligation on MDL’s balance sheet wrt the London investments. “Further, this quarter saw repatriation of 100 crore from UK to India. Inspite of the challenging economic environment in the UK, we expect additional repatriation of 1000 crore from the UK to India in CY2023," Macrotech said.

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