Macrotech Developers’ shares traded higher on Monday after the company conveyed robust numbers for the March-ending quarter.
As of 11.50 am, the stock traded at Rs 916.35, up 0.93%, on the BSE.
The company stated a 39% upsurge in combined net profit at Rs 744.36 crore for the March quarter and proclaimed the issue of bonus shares to shareholders in 1:1.
Its net profit mounted at Rs 535.46 crore in the year-ago period, Macrotech Developers stated in a regulatory filing. Aggregate income tumbled to Rs 3,271.71 crore in January-March 2022-23 from Rs 3,481.92 crore in the previous year’s equivalent period.
Under the Lodha brand, Macrotech Developers sells properties known as one of the leading Indian real estate companies.
Abhishek Lodha, MD and CEO of Macrotech Developers, said in discussion with CNBC-TV18 that the company is in the second year of a long-term upcycle in residential real estate. He added that there is more consolidation in the industry, and price growth is expected to be lower than wage growth of 6% to 7%. It expects volume growth of 13% to 14% in FY24, reducing debt from the current levels.
Lodha said it endures demonstrating its exclusive ability to generate surplus operating cash flow besides substantial growth. This has permitted to lessen of net debt by Rs 2,229 crore to Rs 7,071 crore in FY23, of which a reduction of Rs 971 crore was accomplished in Q4FY23.