Macrotech Developers: Macrotech Developers Net Debt Drops 23% in Q1 to Rs 12,435 cr

New Delhi: Property firm Macrotech Developers has reduced its net debt by 23% in the first quarter of this financial year to Rs 12,435 crore and aims to bring its borrowing below the Rs 10,000 crore level. In its presentation to investors, Macrotech Developers, which markets its properties under the “Lodha” brand, pointed out that net debt stood at Rs 12,435 crore at the end of the June quarter compared to Rs 16,076 crore as of March 31, 2021. .

Managing Director and CEO of Macrotech Developers, Abhishek Lodha said, “We are on track to reduce net debt below the Rs 10,000 crore level by the end of this fiscal year.”

In the presentation, the company said its average cost of debt decreased by 70 basis points (basis points), from 12.3% in March 2021 to 11.6% in June 2021.

In April, Macrotech Developers went public after raising Rs 2,500 crore through its initial public offering (IPO).

The company’s collection (from home buyers) quadrupled to Rs 1,714 crore in the first quarter of this financial year from Rs 384 crore a year ago.

Proceeds from the IPO and higher recoveries from customers helped the company reduce its debt.

On Friday, the company reported consolidated net profit of Rs 160.91 crore for the quarter ended June. It had recorded a net loss of Rs 134.44 crore in the prior year period.

Total revenue rose to Rs 1,712.36 crore in the first quarter of this fiscal year from Rs 572.53 crore in the corresponding period of the previous year.

“We are on a disciplined growth path with expansion in MMR (Mumbai Metropolitan Area) and Pune region. There are significant growth opportunities for us in these markets…” Lodha said in a statement. statement Friday.

Besides the residential real estate segment, the Company focuses on warehousing and industrial parks.