Macrotech Developers Aims To Cut Net Debt By 40%
Realty firm Macrotech Developers Ltd aims to cut its net debt by nearly 40 per cent to around Rs 5,000 crore by the end of this calendar year with the help of surplus cash flow from strong housing sales. Macrotech Developers MD and CEO Abhishek Lodha sounded bullish on the long term growth potential of India's residential real estate market. Sales bookings and cash flows have been very strong so far this fiscal year, resulting in reduction in debt by Rs 753 crore in the December quarter to Rs 8,042 crore, he said. Macrotech Developers' sales bookings rose 16 per cent to Rs 3,035 crore in the December quarter. The company sold properties worth Rs 9,039 crore in the first three quarters of this fiscal year as against Rs 5,570 crore in the corresponding period of the previous year. The bulk of sales bookings or pre-sales came for housing projects. The embedded EBIDTA margin was 31 per cent in Q3 and 33 per cent during April-December. On new business development, the company has already added many land parcels so far this fiscal that can generate sales revenue of an estimated Rs 17,800 crore as against the full-year new business development guidance of Rs 15,000 crore. Macrotech Developers acquires land outright and also forms joint ventures with landowners to create land banks for future development. The company will continue to focus on the Mumbai Metropolitan Region (MMR) and Pune markets. It has recently forayed into the Bengaluru residential market with one housing project and is in talks to add another one. Macrotech Developers reported a 41 per cent increase in its consolidated net profit at Rs 404.98 crore for the quarter ended December 2022. Its net profit stood at Rs 286.38 crore in the year-ago period. However, the total income fell to Rs 1,902.44 crore in the third quarter of this fiscal from Rs 2,155.70 crore in the corresponding period of the previous year. Macrotech Developers has delivered around 90 mn sq ft of real estate and is currently developing around 107 million square feet under its ongoing and planned portfolio.
Tags : Realty firm Macrotech Developers Ltd housing sales Abhishek Lodha MD and CEO