Mumbai-based Macrotech Developers Ltd., which go by the brand name Lodha, said that they are on track to meet their full-year pre-sales guidance of ₹14,500 crore, despite reporting a drop in pre-sales on a sequential basis.
Macrotech reported its best ever December quarter pre-sales of ₹3,410 crore. As per its business update, pre-sales were up 12% when compared to the same period last year. However, on a sequential basis, the pre-sales were down by 4%.
The company mentioned that the performance was despite the inauspicious period of "Shradhh" falling in October, instead of September in financial year 2023.
For the first nine-months of the financial year, pre-sales were up 14% at ₹10,300 crore.
The company also mentioned that the first phase of its first project in Bengaluru was sold out in three days.
Collections during the quarter stood at ₹2,590 crore during the quarter.
Macrotech added three new projects with 2 million square feet of saleable area for a Gross Development Value of ₹6,000 crore.
Business development for the first nine months of the financial year stood at ₹20,300 crore and has already surpassed the company's guidance of ₹17,500 crore.
Net debt for the quarter remained at ₹6,750 crore.
Prashant Bindal of Macrotech Developers told CNBC-TV18 on November 28 that the company has ready-to-move-in inventory worth ₹1,000 crore with another ₹1,000 crore to ₹1,200 crore worth of inventory under construction.
He also said that the Palava business is doing well and sales are likely to be worth ₹1,500 crore this year.
Shares of Marcotech ended 10% higher at ₹1,100 on Thursday. The stock has doubled over the last 12 months.
(Edited by : Hormaz Fatakia)
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