Lodha ends FY23 with pre-sales of Rs 12,064 crore, exceeding guidance

Macrotech Developers reported pre-sales of Rs 3,025 crore in January-March, up 6.4 per cent on year, while sales for the full year FY23 beat guidance to spurt 34 per cent at Rs 12,064 crore.

Collections for FY23 at Rs 10,606 crore were up 23 per cent on year, the company said in an exchange filing.

The company, which sells houses under the Lodha brand, also reduced its net debt by Rs 2,229 crore to end the year with Rs 7,071 crore outstanding. Of this, Rs 971 crore of debt was paid down in the fourth quarter.

Abhishek Lodha, Managing Director and Chief Executive Officer, said the strong performance was achieved despite the hike in interest rates and the surge in housing prices.

He said with indications of a pause in rates in the second half of the current fiscal year, demand for homes would likely accelerate.

“The on-ground demand fundamentals driven by improving affordability, consistent income growth, and consumers’ desire to upgrade their lifestyle have continued to strengthen,” he said.

The company added 12 new projects in FY23 on 14 million square feet for a revenue potential of Rs 19,800 crores, exceeding its guidance of Rs 15,000 crore.