Macrotech Developers Q2 results: Consolidated net profit at Rs 223 cr; income doubles

12:11 PM Oct 22, 2021 | Agencies

Realty firm Macrotech Developers Ltd on Thursday reported its consolidated net profit at Rs 223.36 crore for the quarter ended September and announced plans to raise up to Rs 4,000 crore through issue of securities.

The company had posted a net loss of Rs 362.58 crore in the year-ago period.


Total income more than doubled to Rs 2,201.66 crore in the second quarter of this fiscal year from Rs 988.18 crore in the corresponding period of the previous year, the company said in a regulatory filing.


The board also approved the proposal of raising of funds up to Rs 4,000 crore by way of further issuance of securities.

Commenting on the results, Abhishek Lodha, MD & CEO, Macrotech Developers Ltd. said, “Housing market in the last 9 months has gone from strength to strength.'' The long term potential of housing as wealth creator as well as employment generator is now being well recognised by all stake holders.

''To capture this strong growth, in a short period of time since our IPO, we have been able to add 5 JDA (Joint Development Agreement) projects in the micromarkets of MMR and Pune where we have limited or no presence,'' Lodha said.

The combined area of these JDAs is nearly 4 million square feet with an estimated sales value of around Rs 4,600 crore.

''We have not only signed these JDAs but have also launched 3 of them so far and witnessed great traction from consumers,'' Lodha said.

The company sees a very strong pipeline of new JDAs with potential to add new projects in the second half of this fiscal with sales potential of Rs 7000-10,000 crore, he added.

On sales bookings outlook, Lodha said, ''H2 as we know generally contributes 60% of the normalized sales. Thus, subject to no covid-like disruptions, we are set for 'never-seen-before' kind of pre-sales momentum in the H2 delivering our strongest ever sales performance.'' He said the demand for digital infrastructure continues to remain strong.

''We are also advancing a pan-India platform with marquee international investors and this, once it crystallises, will provide us with a second growth driver,'' Lodha said.

(With inputs from PTI)

(To view our epaper please Read Now. For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)