Realty firm Macrotech Developers on Thursday reported an 88 per cent rise in its sales bookings at ₹957 crore for the quarter-ended June on strong demand despite the second wave of Covid-19 pandemic.
Macrotech Developers, which got listed on the stock exchanges after a successful launch of ₹2,500 crore IPO, informed in a regulatory filing that it achieved a sales bookings of ₹957 crore and collections of ₹1,714 crore in the quarter ending June 2021. The company markets its properties under the ‘Lodha’ brand.
The company’s sales bookings and collections from customers stood at ₹509 crore and ₹384 crore, respectively, in the year-ago period.
“We had pre-sales in Q1FY22 totaling to ₹957 crore. While April and May had very limited pre-sales on account of the 2nd Covid wave in India; June saw pre-sales of ₹654 crore,” the company said.
“Subject to no further Covid-related disruptions, we are on track to meet our pre-sales guidance previously communicated,” Macrotech said.
Macrotech Developers’ sales bookings fell to ₹5,968 crore during 2020-21 fiscal as against ₹6,570 crore in the previous year.
In an interview with PTI in May, Macrotech Developers Managing Director (MD) and Chief Executive Officer (CEO) Abhishek Lodha had given guidance of achieving sales bookings of ₹9,000 crore in the current fiscal year.
To strengthen its presence in Mumbai region and Pune, Macrotech Developers said it has entered into joint development agreements (JDAs) with two new projects in this quarter totaling 1.5 million square feet of saleable area. This is in addition to two projects announced during May.
Macrotech Developers informed that it has reduced debt by ₹3,600 crore during the first quarter.
The promoters recently repaid a debt of ₹1,596 crore owed by them to the company.
“Coupled with this repayment, the IPO fund raise and continued organic free cash flow generation will aid the company in its deleveraging plans and fulfil the target of net debt reduction to ₹10,000 crore by end of FY22,” the company said in a statement separately.
The company said it will continue to focus on its capital light growth strategy around affordable and mid-income housing and digital infrastructure (warehousing, data centers, industrial parks).
Macrotech Developers, erstwhile Lodha Developers, has delivered more than 80 million square feet of real estate and is currently developing around 75 million square feet under its ongoing and planned portfolio.
The group has more than 4,600 acres of land for development.