Macrotech Developers, a leading real estate company, has reported a substantial increase in its net profit for the first quarter of the fiscal year 2024-25. The company's profit surged by 2.7 times to Rs.4.75 billion, compared to Rs.175 crore in the corresponding quarter of the previous year. This impressive growth is attributed to robust sales and improved operational efficiency.
The company's revenue also saw a significant rise, increasing by 33% to ?3,150 crore from Rs.2,365 crore in the same period last year. Macrotech Developers, known for its Lodha brand, credited the strong performance to the growing demand for residential properties and the successful launch of new projects.
Abhishek Lodha, Managing Director and CEO of Macrotech Developers, expressed optimism about the company's growth trajectory. He highlighted the favorable market conditions and the company's strategic initiatives that have driven sales and profitability. Lodha emphasized the company's commitment to delivering high-quality homes and enhancing customer satisfaction.
The company's sales bookings increased to Rs.3,450 crore in Q1 FY25, up from Rs.2,900 crore in Q1 FY24, indicating strong market demand. Additionally, the company launched projects worth Rs.4,000 crore in the first quarter, further bolstering its market position.
Macrotech Developers also reported a reduction in its net debt, which stood at Rs.15,000 crore at the end of June 2024, down from Rs.16,000 crore in March 2024. The company aims to continue its deleveraging efforts to strengthen its balance sheet.
Looking ahead, Macrotech Developers plans to launch more projects and expand its footprint in key markets. The company is confident that its focus on operational excellence, customer-centric approach, and strategic project launches will continue to drive growth and profitability in the coming quarters.
The robust performance in Q1 FY25 reflects Macrotech Developers' strong market position and its ability to capitalise on the growing demand for residential properties in India.
