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Macrotech Developers net debt fell 23% in Q1 to Rupee 12,435

Real estate company Macrotech Developers aims to reduce net debt by 23% to Rs 12,435 and borrow less than Rs 10,000 in the first quarter of this year.

In an investor presentation, Macrotech Developers, which sells real estate under the “Lodha” brand, emphasized that net debt at the end of June was Rs 12,435, compared to Rs 16,076 as of March 31, 2021.

“We plan to reduce our net debt to less than Rs 10,000 by the end of this year,” Abhishek Lodha, MD and CEO of Macrotech Developers, told PTI.

In the presentation, the company stated that the average cost of debt decreased by 70 bps (basis points) from 12.3 percent in March 2021 to 11.6 percent in June 2009.

In April, Macrotech Developers went public on the stock exchange after raising Rs 2500 through an initial public offering (IPO).

The company’s collection (from homebuyers) jumped from Rs 38.4 billion in the year-ago quarter to Rs 171.4 billion, more than quadrupled in the first quarter of the year.

Revenue from IPOs and more collections from customers helped companies reduce their debt.

On Friday, the company reported a consolidated net profit of Rs 160.91 for the quarter ending in June. In the same period of the previous year, it posted a net loss of Rupee 134.44.

Total revenue increased from 572.53 rupees in the same period last year to 1,712.36 rupees in the first quarter of this year.

“We are on a disciplined growth trajectory across the MMR (Mumbai Metropolitan Region) and the Pune region. These markets have great growth opportunities for us …” Lodha said in a statement on Friday. Said. In the residential real estate segment, we are focusing on the warehousing industry and industrial parks.

Macrotech Developers net debt fell 23% in Q1 to Rupee 12,435

Source link Macrotech Developers net debt fell 23% in Q1 to Rupee 12,435

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