Macrotech Developers Q4 Results: Profit, Revenue Up On Higher Sales
Macrotech Developers Ltd.’s quarterly profit and revenue rose, aided by rising sales.
The developer’s net profit rose 37% quarter-on-quarter at Rs 310.55 crore in the quarter ended March, according to its exchange filing. Revenue from operations increased 67% sequentially to Rs 2,533.56 crore.
The Mumbai-headquartered company also pared its debt by Rs 544 crore during the three-month period. The company monetised nearly 165 acres of land in an industrial park under the joint venture or outright sale with companies such as Morgan Stanley, FM Logistics and a U.S.-based drugmaker, it said in the filing.
Abhishek Lodha, the company’s managing director and chief executive officer, said the three months through March is the second consecutive quarter of strong performance after the first wave of Covid-19. “This gives us confidence that we are at the start of a long-term upcycle in housing which will be supported by strong affordability, moderate home loan rates, disciplined supply and gradually rising prices,” he was quoted as saying.
Lodha also said the company is expanding its residential reach in parts of Mumbai (Mumbai Metropolitan Region) and Pune (PMR) where they aren’t present. “Our growth in housing will be driven by the joint development agreement model over the next few quarters, with a focus on affordable and mid-income housing.”
“While mid-income & affordable housing segment continued to do well accounting for 58% of the overall business in the year, the premium and luxury housing segment also rebounded registering a strong growth,” the filing said.