Macrotech Developers Ltd (formerly Lodha Developers) shared its main operational updates for Q2 FY23 on Thursday, noting that the firm achieved its best-ever Q2 pre-sales performance of Rs 3,148 crore, demonstrating a growth of 57 percent on a YoY basis.
H1 sales totalled Rs 6,004 crore which is 52 percent of the full year guidance of Rs 11,500 crore.
Meanwhile, Lodha's collections were Rs 2,375 crore in 2QFY23 up by 24 percent on a YoY basis. Collections were predictably impacted by seasonal factors - lower construction activity during monsoon and deferral of registrations during 15 day inauspicious period. Further, Macrotech's net debt reduced by around Rs 60 crore to Rs 8,796 crore.
"Generally, Q2 is the weakest quarter of the year due to monsoons and inauspicious period (Pitrupaksh / Shraadh) and, consequently, H1 tends to be around 40-45% of full year sales. Our strong performance in H1FY23, in spite of rising home loan rates and rising prices, evidences the strength of housing demand from Tier-1 developers in India and indicates the start of a long-term upcycle for quality housing in India," the company informed in an exchange filing today.
The real estate company announced the addition of four additional projects totaling 2.2 million square feet of saleable space with a GDV of Rs 3,100 crore in various MMR and Pune micromarkets. In H1, it increased GDV by Rs 9,300 crore, or 62 percent of its forecast addition of Rs 15,000 for the entire year. It added, "We continue to have a robust pipeline of business development opportunities as landowners witness the value creation for them due to Lodha’s involvement."
In September 2022, six months earlier than expected, the company repaid its $225 million debts. With this, the firm is no longer obligated in relation to the London investments on its balance sheet. "Further, this quarter saw repatriation of Rs 100 crore from the UK to India. In spite of the challenging economic environment in the UK, we expect additional repatriation of Rs 1,000 crore from the UK to India in 2023," Macrotech said.