Macrotech Developers Q3 Results: Net Profit Rises 25%, Beats Estimates
The developer witnessed its profit grow 25% to Rs 505 crore for the quarter ended December from Rs 405 crore year-on-year.
Mumbai-based Macrotech Developer Ltd.'s third quarter profit rose to Rs 505 crore, beating analysts' estimates.
The developer, which sells properties under the Lodha brand, witnessed its profit grow 25% to Rs 505 crore for the quarter ended December from Rs 405 crore year-on-year. That compares with the Rs 370 crore consensus estimate of analysts tracked by Bloomberg.
Its revenue from operations jumped 65% to Rs 2,930 crore from Rs 1,774 crore during the same quarter last year. Analysts polled at Bloomberg expected it to be Rs 2,459 crore for the quarter.
Macrotech Developers Q3 FY24 Highlights (YoY)
Revenue up 65% to Rs 2,930 crore. (Bloomberg estimate: Rs 2,459 crore)
Ebitda rose to Rs 882 crore. (Bloomberg estimate: Rs 625 crore)
Margin at 30% vs 22.7%. (Bloomberg estimate: 25%)
Net profit up 25% at Rs 505 crore. (Bloomberg estimate: Rs 370 crore)
The company said its pre-sales rose 12% on-year to Rs 3,410 crore, while collection was down 3% to Rs 2,590 crore compared to corresponding period last year. It added three new projects during the quarter.
"During the quarter we have added three more projects for 2 million square feet area with a GDV of Rs 60 billion taking our 9mFY24 business development to Rs 20,300 crore — already surpassing our full year guidance of Rs 17,500 crore," said Abhishek Lodha, MD & CEO, Macrotech Developers.
"In 9mFY24 our pre-sales stood at Rs 10,300 crore showing a robust 14% YoY growth and remains on track to deliver our full year guidance of Rs 14,500 crore," he said.
Shares of Macrotech Developers closed 0.4% lower at Rs 1,057 apiece on the BSE on Thursday, as compared with a 0.5% fall in the benchmark Sensex. The realty stock has rallied about 109% in a year.
