Lodha Grp clocks net profit of Rs 161 cr for Q1FY22
New Delhi: Lodha Group, now named Macrotech Developers, has clocked a net profit of Rs 161 crore for the first quarter of the current fiscal as compared to a net loss of Rs 133 crore in the same quarter of the previous fiscal.
The revenues from operations of the company jumped 221 percent at Rs 1,605 crore in the first quarter of the current fiscal as compared to Rs 500 crore in the same quarter of the previous fiscal.
The collections of the company jumped 346 percent at Rs 1,714 crore in the latest quarter. Lodha saw pre-sales of Rs 650 crore in June 2021 which is about 69 percent of the total pre-sales in the quarter, the company said in as statement.
“We have been able to reduce our debt significantly with consolidated net debt reduced by Rs 3,600 crore for the quarter. We are focused on housing and digital infrastructure (warehousing, data centres, and industrial parks) and both these asset classes are benefitting significantly from the macro trends in our economy. During the quarter we have expanded our residential reach in micro-markets such as ‘Western Suburbs MMR’, ‘Eastern Suburbs MMR’, and ‘Eastern Pune’ by executing four JDAs with a combined area of 3.3 million square feet and estimated GDV (sales value) of Rs 3,500 crore. We believe that housing is at the start of a multi-year bull run which will see growth in prices as well as volume,” said Abhishek Lodha, MD & CEO, Macrotech Developers Ltd.