Macrotech clocks Rs14,000 crore sales in India, UK in FY22
Premium- The Mumbai-based developer has also reduced its net debt to Rs9,310 crore during the March quarter, from Rs9,925 crore in the preceding quarter
BENGALURU : Macrotech Developers Ltd, which operates under the ‘Lodha’ brand, said it has clocked ₹14, 024 crore of sales in 2021-22, of which ₹9024 crore of sales was generated in India and the remaining from its two projects in UK.
Macrotech had earlier given a sales guidance of ₹9000 crore for 2021-22.
In the January-March quarter, Macrotech clocked ₹5156 crore of combined sales in India ( ₹3456 crore) and UK ( ₹1700 crore).
The Mumbai-based developer has also reduced its net debt to ₹9310 crore during the March quarter, from ₹9925 crore in the preceding quarter.
“Our best ever quarterly and annual performance showcase the growing demand for high quality homes in India. Q4FY22 was our best ever quarter with over ₹5000 crore of sales. Driven by the strength of our brand, we delivered India pre-sales at ₹9,024 crore for FY22, thus meeting our guidance, despite the disruption due to covid second wave in April-May 2021 as well as the impact of Omicron in January 2022," said managing director and CEO Abhishek Lodha.
“…We are also pleased with the performance of our UK investments which continue to outperform our business plan. This has enabled us to pre-pay $170 million of USD bonds a year ahead of its scheduled maturity. The remaining outstanding of $55 million will be paid out of receivables from the already sold units. Our debt reduction plans will get accelerated as our investment in the UK is repatriated back starting FY23," Lodha added.
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The real estate firm has continued to focus on capital light growth through the joint development agreement (JDA) model, signing new projects with gross development value of ₹15,000 crore in 2021-22. It expects to achieve similar additions in new projects in FY23 on the back of a robust deal pipeline.
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