Minor impact of new Covid wave on sales, no change in FY’22: Abhishek Lodha

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In the first two weeks of January this year, reality firm Macrotech Developers was hit hard by a surge in Covid cases, and its MD and CEO, Abhishek, is confident that it will achieve the sales booking target of Rs 9,000 crore this financial year. Lodha said. 

Macrotech Developers markets their property under the Lodha brand. Projects are being developed in the Mumbai region and Pune.

In an interview with PTI, Abhishek Lodha said the company has increased prices by an average of 4-5 percent so far, this financial year.

Lodha said the company has so far entered into 11 joint venture agreements (JDAs) with a sales value of Rs 14,500 crore this financial year and could complete more deals by the end of March.

When asked about the impact of the new wave of COVID infections, Lodha said: “In the first two weeks of this month there was the little impact as there were restrictions on movement.” However, he said the sentiment among home buyers is positive and strong.

“People want to buy, buy. The importance of homeownership is growing,” said Lodha. When asked about the sales guidance, he said: “We are maintaining the sales guidance for this financial year.” Macrotech has set a sales target of Rs 9,000 crore for the current financial year, up 50 percent from Rs 5,970 crore in the previous fiscal.

“We had bookings worth Rs 2,608 crore in the October-December period, the highest in the last 12 quarters,” Lodha said.

Macrotech’s sales bookings rose to Rs 5,568 crore in April-December this fiscal from Rs 3,351 crore in the year-ago period. Lodha said the past year has witnessed a significant turning point in the Indian housing market.

Lodha said moderate inflation was good for consumers and the industry alike. People who own residential properties want to see value in creating wealth, he observed. Macrotech Developers’ consolidated net profit rose 24 percent to Rs 286.38 crore for the quarter ended December. 231.71 crore during the same period last year.

Total income rose to Rs 2,148.74 crore in the October-December quarter of this fiscal. 1,599.77 crore during the same period of the previous year. In the third quarter, net debt to Indian business fell sharply to Rs 9,896 crore, thus setting FY22’s full-year guidance. He said there would be a significant reduction in debt in the coming quarters.

Macrotech developers have been listed on stock exchanges since the launch of an initial public offering (IPO) of Rs 2,500 crore in April 2021.

The company has recently raised an additional Rs 4,000 crore from investors through Qualified Institutional Placement (QIP).

Macrotech developers have distributed 82 million square feet of real estate and are currently expanding approximately 98 million square feet under its existing and planned portfolio.

It has about 4,400 acres of land beyond the existing and planned portfolio.

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