Macrotech Developers Ltd. (formerly known as Lodha Developers Ltd.) saw its sales bookings fall in the quarter ended June as the deadlier second Covid-19 wave led to fresh curbs in several states, disrupting business.
“Further strengthening its presence in Mumbai region and Pune, the group entered into joint development agreements with two new projects in this quarter totaling 1.5 million sq. ft. of saleable area,” the company said. “These two projects are in addition to the two that were informed with our Q4FY21 results in May 21.”
The developer also said that it has reduced its consolidated net debt by Rs 3,600 crore during the reported quarter. Last month, its promoters repaid Rs 1,596-crore debt owed by them to the company.
Macrotech’s looking to continue to focus on its capital-light growth strategy around affordable and mid-income housing and digital infrastructure (warehousing, data centers, and industrial parks, among others).
“…home is considered the safest haven, both emotionally as well as financially; and housing industry will continue playing a pivotal role in nation-building and revival of economy.”
Shares of Macrotech Developers gained as much as 5.6% to Rs 702 apiece on Thursday, before paring some of its gains. As of 12:50 p.m. the stock is up around 3.3%, compared with the NSE Nifty 50 Index's 0.7% drop.
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