New Delhi: Realty firm Macrotech Developers Saturday reported 39 per cent increase in consolidated net profit at Rs 744.36 crore for March quarter and announced issue of bonus shares to shareholders in 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.
Macrotech Developers sells properties under the Lodha brand and is one of the leading real estate companies in India.
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.
Net profit fell to Rs 486.63 crore in 2022-23 from Rs 1,202.37 crore in the previous year, due to provision of Rs 1,177.39 crore for doubtful receivables/advances.
Total income rose to Rs 9,611.16 crore in the last fiscal from Rs 9,525.59 crore in 2021-22.
Macrotech Developers informed that its board has approved issue of bonus shares in the proportion of one new fully paid up equity share of Rs 10 each for every existing share of Rs 10 each held by members of the company on record date.
The company will seek shareholders’ approvals on bonus issue through postal ballot.
Abhishek Lodha, MD & CEO, Macrotech Developers, said, the company reported its best ever annual pre-sales performance.
“What is even more heartening is that we have surpassed our full year guidance in the face of the steep increase in interest rates,” he said.
Lodha said the recent monetary policy announcement by the RBI of pause on interest rate front should stimulate the economy, create more jobs and thereby boost housing.
The company achieved pre-sales at Rs 12,064 crore for FY23, thus outperforming its annual guidance by registering a 34 per cent year-on-year growth, he highlighted.
“The growth journey of the Indian housing market on the back of rising incomes and favourable demography is just in the 2nd year of a multi-year cycle. Our strategy of capitalizing on industry consolidation by expanding into under-represented micro-markets of MMR and Pune is playing out well,” Lodha said.
Driven by strong demand fundamentals and supply consolidation, Lodha said the company is confident of achieving 20 per cent compound annual growth rate (CAGR) in pre-sales over medium term.
Macrotech Developers has delivered around 94 million square feet of real estate.
It is currently developing about 105 million square feet under its ongoing and planned portfolio.
The company has over 4,300 acre of land beyond its ongoing and planned portfolio.
PTI