Lodha clocks Rs2,608 crore pre-sales in Mumbai projects, reduces debt
Premium- The Mumbai-based firm said it has added six new projects with gross development value potential of Rs10,000 crore, and reduced its debt to below Rs10,000 crore
BENGALURU : Real estate firm Lodha Group on Thursday said it has clocked pre-sales of ₹4500 crore, which includes Rs 2,608crore from projects in India and £191 million or ₹1900 crore in
UK, in the October-December quarter.
The Mumbai-based firm said it has added six new projects with gross development value (GDV) potential of ₹10,000 crore, and reduced its debt to below ₹10,000 crore. Its current net debt stands at ₹9,925 crore.
Lodha said this was the best quarterly sales performance in last 12 quarters in India with 40% year-on-year growth in pre-sales and 44% year-on-year growth in collections.
“Our business performance is a testimony to demand for high quality homes and the trust reposed by consumers in our brand. The fact that this strong performance comes on the back of an equally strong Q2FY22 showcases that the recovery in housing market has taken root and the multi-year up-cycle in housing market is well underway. On the back of the underlying strength seen in demand as well as the accelerated consolidation on supply side, we remain confident of achieving our pre-sales guidance of ₹9000 crore for the FY assuming no major impact on account of covid," said Abhishek Lodha, MD and CEO, Lodha Group.
The realty firm on Wednesday said that its projects in London had their best ever quarter of sales with sales totaling £191 million or ₹1900 crore, in the December quarter. Basis this, Macrotech Developers Ltd, which operates under the Lodha brand, believes its investment in the UK will be significantly repatriated back to India in 2022-23.
The ongoing consolidation in the market has provided us several opportunities to expand in under-
represented micro-markets of Mumbai Metropolitan Region (MMR) and Pune through thecapital light joint development agreement (JDA) route.
To leverage these opportunities, Lodha recently completed its maiden QIP offering and raised ₹4000 crore from global and Indian institutional investors.
During the quarter, the company signed on six more JDAs for 4.8 million sq ft. Since its public listing in April 2021), Lodha has added 11 JDA projects totaling for9.3 million sq ft.
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