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Lodha (Macrotech Developers) reported December quarter pre-sales of ₹3,410 crore, up 12.2 per cent on year, while collections for the quarter at ₹2,594 crores was down 3.2 per cent on year.
Sequentially both pre-sales and collections were lower, which can be attributed to the inauspicious ‘Shraadh’ period falling in October, during which people usually avoid making high value purchases.
In the December quarter, Lodha added three more new projects with gross development potential of ₹6,000 crore, taking the FY24 year-to-date project addition to ₹20,300 crore, surpassing its guidance of ₹17,500 crore.
The company also brought down its net debt to ₹6,750 crore at the end of the quarter, from ₹8,040 crore year ago.
The company said that having achieved pre-sales of ₹10,500 crore in the first nine months of the year, it was on track to meet its stated target of ₹14,500 crore for the whole year.
Its foray into Bengaluru, where it has launched phase 1 of a residential project, has met with a good reception, being sold out in three days. This was despite the launch being priced higher than projects in the micro market.
The developer has also exited the UK real estate market and now intends to focus exclusively on India.
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