Lodha records 179% on-year rise in Q3 net profit at Rs 570 crore

Realty developer Lodha, listed as Macrotech Developers, has reported a 179% year-on-year rise in net profit at Rs 570 crore for the quarter ended December. The company’s revenue from operations also increased 65% to Rs 2,930 crore.

The developer has added three more new projects during the quarter with gross development value potential of Rs 6,000 crores taking the project addition in the first three quarters of 2023-24 to Rs 20,300 crores.

With this, the company has surpassed its guidance of Rs 17,500 crores project addition for the year with a quarter to spare.


“In order to capitalize on some of these opportunities in future while keeping our deleveraging journey intact, our board has approved to have enablers in place for raising capital to be pursued if needed,” said Abhishek Lodha, MD & CEO, Macrotech Developers.

The developer has recorded its best-ever third quarter pre-sales at Rs 3,410 crores and collections of Rs 2,594 crores during the quarter.

“Strong underlying demand on the back of rising incomes, ample job creation as well as enhanced consumer confidence enabled us to achieve our best Q3 pre-sales performance... In the first three quarters of 2023-24, our pre-sales stood at Rs 10,300 crore showing a robust 14% on-year growth and remains on track to deliver our full year guidance of Rs 14,500 crore,” Lodha said.

According to him, new tailwinds for the housing market will further strengthen demand in 2024. Latest communication from global central banks suggest peaking of interest rates and steady reduction in benchmark rates will commence in 2024. This will likely result in lower home loan rates in India, strengthening demand.

The company’s net debt stood at Rs 6750 crore with 10 basis points reduction in exit cost of debt for the quarter at 9.5%.