Macrotech Developers rise on strong Q4 earnings, debt reduction

Macrotech Developers sells properties under the Lodha brand and is one of the leading real estate companies in India.

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Shares of Macrotech Developers traded a percent higher on April 24 after the company reported robust numbers for the quarter ended March.

As of 11.50am, the stock traded at Rs 916.35, up 0.93 percent, on the BSE.

The company reported a 39 percent increase in consolidated net profit at Rs 744.36 crore for the March quarter and announced the issue of bonus shares to shareholders in a ratio of 1:1.

Its net profit stood at Rs 535.46 crore in the year-ago period, Macrotech Developers said in a regulatory filing. Total income fell to Rs 3,271.71 crore in January-March 2022-23 from Rs 3,481.92 crore in the corresponding period of the previous year.

Macrotech Developers sells properties under the Lodha brand and is one of the leading real estate companies in India.

Abhishek Lodha, MD and CEO of Macrotech Developers, in a conversation with CNBC-TV18, said the company is in the second year of a long-term upcycle in residential real estate. He added that there is more consolidation in the industry.

“I expect price growth to be below wage growth at 6-7 percent in FY24. Expecting volume growth of 13-14 percent in FY24. Will keep reducing debt  from the current levels,” he said.

Lodha said it continues to demonstrate its unique ability to generate surplus operating cash flow alongside substantial growth. This has enabled the company to reduce net debt by Rs 2,229 crore to Rs 7,071 crore in FY23 of which reduction of Rs 971 crore was achieved in Q4FY23.