Macrotech Developers Limited (Lodha), India’s leading real estate developer, announced its financial results for the quarter ended March 31, 2021. It has reported one of its strongest ever quarterly performance demonstrating strong recovery from the first wave of Covid, ending FY21 on a high.
Operational & Financial Overview for the 4QFY21:
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Pre-sales at Rs2,531cr (up 116% yoy)
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Collections at Rs2,089cr (up 10% yoy)
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Revenues from operations at Rs2,534cr (up 20% yoy)
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Adjusted EBITDA at Rs943cr (up 87% yoy)
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Adjusted EBITDA margin improved to 37%
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PAT stood at Rs312cr
Commenting on the Q4FY21 and FY21 performance, Abhishek Lodha, MD & CEO, Macrotech Developers Ltd. said, “Q4 FY21 is the 2nd consecutive quarter of strong performance after the first wave of Covid. 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. We have also been surprised by the strong demand for industrial and warehousing space and believe that this segment will provide us with significant growth from hereon.
We are now expanding our residential reach in parts of Mumbai (MMR) and Pune (PMR) where we are currently not present so that we can provide our high quality developments to a wider cross-section of home buyers – our growth in housing will be driven by the JDA model over the next few quarters, with a focus on affordable & mid-income housing. With our large, high quality existing land bank (owned lands) and additional projects though the joint development route, we are focused on disciplined growth which will lead to a significant increase in our pre-sales and keep us on track to be a net cash positive company by FY 24.”
Commenting further on the present situation, Lodha said “We are concerned about the deep impact that the 2nd wave of Covid has had in our country and the loss of lives and suffering. We are doing all that we can to support the our associates, workforce and the citizens of the cities that we operate in and hope that the joint efforts of the government, citizens and corporates will enable us to overcome this terrible disease.”
At around 1:10 PM, Macrotech Developers was trading at Rs633.10 per piece down by 2.10% on the BSE.
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