Macrotech Developers' Net Debt Surges 14% to Rs 4920 Cr in Q2
Macrotech Developers, a prominent real estate developer, has reported a 14% increase in net debt to Rs 4,920 crore in the second quarter of the fiscal year 2024-25. This rise is attributed to increased investments in land acquisition and construction in s
Macrotech DevelopersNet DebtReal EstateProperty MarketMumbaiReal Estate MumbaiOct 13, 2024
Macrotech Developers has a significant presence in the Mumbai Metropolitan Region (MMR) and Pune. Recently, the company has also entered the Bengaluru property market, further solidifying its position in the real estate sector.
As of September 30, 2024, the company's net debt stood at Rs 4,920 crore, up from Rs 4,320 crore in June 2024 and Rs 3,010 crore at the end of the 2023-24 fiscal year. Despite this increase, the company maintains that its net debt is well within its comfort zone, stating, “Our net debt is Rs 49.2 billion, well below our ceiling of 0.5 times net debt/equity.”
Earlier this month, Macrotech Developers reported a 21% increase in sales bookings to a record Rs 4,290 crore during the July-September period, driven by improved housing demand. In the year-ago period, the company had sold properties worth Rs 3,530 crore.
“We achieved our best-ever quarterly pre-sales of Rs 42.9 billion (Rs 4,290 crore), showing growth of 21% year-on-year, despite the inauspicious 'Shradhh' period falling in September this fiscal year (vs October in FY24),” the company stated.
Over the last fiscal year, Macrotech Developers registered a 20% growth in its sale bookings to a record Rs 14,520 crore, up from Rs 12,060 crore in the preceding financial year. The company has set an ambitious target of achieving 21% annual growth in sale bookings during the current 2024-25 fiscal year, aiming for Rs 17,500 crore in sales.
Macrotech Developers has a strong track record, having delivered around 100 million sq ft of real estate and currently developing more than 110 million sq ft under its ongoing and planned portfolio. This expansion strategy underscores the company's commitment to meeting the growing demand for quality housing and commercial spaces.
About Macrotech Developers
Macrotech Developers Ltd, headquartered in Mumbai, is one of the largest real estate developers in India. The company operates under the Lodha brand and is known for its high-quality residential and commercial projects. With a significant presence in the Mumbai Metropolitan Region (MMR) and Pune, Macrotech has recently ventured into the Bengaluru market, demonstrating its strategic focus on key growth areas.
Frequently Asked Questions
What is the current net debt of Macrotech Developers?
As of September 30, 2024, Macrotech Developers' net debt is Rs 4,920 crore.
How much has Macrotech Developers' net debt increased by in the second quarter?
Macrotech Developers' net debt has increased by 14% in the second quarter of the fiscal year 2024-25.
What is Macrotech Developers' target for annual growth in sales bookings?
Macrotech Developers aims to achieve 21% annual growth in sales bookings during the current 2024-25 fiscal year, targeting Rs 17,500 crore in sales.
In which cities does Macrotech Developers have a significant presence?
Macrotech Developers has a significant presence in the Mumbai Metropolitan Region (MMR) and Pune. They have also entered the Bengaluru property market.
How much real estate has Macrotech Developers delivered so far?
Macrotech Developers has delivered around 100 million sq ft of real estate and is currently developing more than 110 million sq ft under its ongoing and planned portfolio.
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