New Delhi: Macrotech Developers Ltd's net debt increased by 14 per cent to Rs 4,920 crore in the second quarter of the current fiscal year due to additional investments in land acquisition and construction. Macrotech Developers, headquartered in Mumbai and known for selling projects under the Lodha brand, is a top developer in the nation. As per the most recent operational update, the company's net debt was recorded at Rs 4,920 crore as of September 30, 2024. The company stated that our net debt of Rs 49.2 billion is significantly lower than our maximum of 0.5 times net debt/equity.
Macrotech Developers had a net debt of Rs 4,320 crore on June 30, 2024, which decreased to Rs 3,010 crore by the end of the 2023-24 fiscal year. Earlier in the current month, Macrotech Developers announced a 21 percent rise in sales bookings to an all-time high of Rs 4,290 crore in the July-September quarter due to improved housing demand. In the previous year, the company had disposed of properties amounting to Rs 3,530 crore. Macrotech Developers stated that despite the unfortunate 'Shradhh' period occurring in September this fiscal year instead of October in FY24, we recorded our highest-ever quarterly pre-sales of Rs 42.9 billion, demonstrating a 21 per cent year-on-year growth.
In the previous financial year, the company experienced a 20 per cent increase in its pre-sales bookings, reaching a new high of Rs 14,520 crore compared to Rs 12,060 crore in the year before. It has set a target of achieving 21 percent year-on-year growth in sales bookings for the fiscal year 2024-25, reaching Rs 17,500 crore. Macrotech Developers has a major presence in both the Mumbai Metropolitan Region (MMR) and Pune. It has made its way into the real estate market of Bengaluru. It has completed approximately 100 million square feet of real estate and is currently working on over 110 million square feet.
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