Realty firm Macrotech Developers Ltd. on Friday reported a 16% growth in its sales bookings at Rs 3,035 crore in the third quarter of this fiscal on better housing demand.
Macrotech Developers, which sells properties under the 'Lodha' brand, is one of the leading real estate developers of the country.
In a regulatory filing, Macrotech Developers informed that the company has achieved its "best ever Q3 (October-December) pre-sales performance of Rs 3,035 crores showing a growth of 16% on a YoY basis."
During April-December period of 2022-23 fiscal, Macrotech Developers has clocked 62% growth in its sales bookings to Rs 9,039 crore, from Rs 5,568 crore in the year-ago period.
The total sales bookings in the first nine months of the current fiscal has already crossed pre-sales of Rs 9,024 crore achieved in the entire last financial year.
"This puts us on track to surpass our full-year guidance of Rs 11,500 crore," the company said.
The collections of money from customers against sales grew 26% in the December quarter to Rs 2,682 crore.
On business development, Macrotech Developers said: "We added 4 new projects having around 5 million square feet of saleable area with GDV (gross development value of Rs 8,500 crore across various micro-markets of MMR (Mumbai Metropolitan Region) and Pune."
The company has already added about Rs 17,800 crore of GDV so far exceeding our full-year guidance of Rs 15,000 crore.
"This reflects availability of land for Lodha in the targeted micro-markets and landowners desire to partner with us to get the best NPV of cash flows on their land," Macrotech noted.
This in turn provides growth visibility for the company, it added.
"Net debt reduced by around Rs 753 crore to Rs 8,042 crore," according to the filing.
Macrotech Developers focuses on the MMR and Pune -- the two biggest property markets in Maharashtra. It has recently forayed into the Bengaluru residential market.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
