Macrotech Developers: Net profit jumps 98% YoY to Rs 422 crore, revenue up 50%

Macrotech Developers on Friday reported a profit after tax (PAT) of Rs 422 crore for the quarter ended September 30, 2024 which jumped by 98% over the corresponding quarter of the previous financial year. The revenue from operations stood at Rs 2,626 crore in the reported quarter, recording a 50% year-on-year jump.

Erstwhile, Lodha achieved its best ever quarterly pre-sales of Rs 4,290 crore, which was up by 21% over the corresponding quarter of the previous financial year. The development value of Rs 5,500 was added across Pune and Bengaluru, the company filing said.

The company's collection numbers stood at Rs 3,070 crore which was higher by 11% on a YoY basis. Its adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) stood at Rs 960 crore, an over 74% YoY uptick.


The Company sold land for the Data Centre at Palava to a global data center major at Rs 12 crore per acre, making the emergence of Palava as a key data center hub. The company also added four more projects in Pune and Bengaluru during the quarter.

Commenting on the performance, Abhishek Lodha, MD & CEO, Macrotech Developers said, “We achieved our best ever quarterly Pre-sales performance of INR 42.9bn in Q2FY25 which is a seasonally weak quarter due to Monsoons. Additionally, the quarter was impacted by the inauspicious ‘Shraddh’ period in
September this year (vs. October in FY24) as well as excessive rains. Despite this disruption, we achieved our 3rd consecutive quarter of Rs 40bn+ (4,000 crore) Pre-sales showcasing the consistency and predictability in our business model".

"We have achieved INR 83bn of Pre-sales in H1FY25 and with the festive season well underway, we are on track to achieve our guidance of Rs 175bn (17,500 crore) Pre-sales for FY25. Early signs of the festive season suggest robust demand for quality branded housing on the back of strong affordability and consumer optimism. Intense competition among mortgage providers coupled with the expected downward trajectory for rate cycle in the 2HFY25 will provide further tailwind for the sector especially in the middle-income segment where we have a sizeable presence," he added.

Despite significant investments in Business Development in this quarter, the company's net debt stands at Rs 4,900 (0.27XNet Debt/ Equity) - well below its ceiling of 0.5x Net Debt/Equity. Lodha's exit cost of debt continues to go down and for 2QFY25 stands at 8.9% (down 20 bps for the quarter) - among the lowest in the industry, the MD & CEO informed.

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