Real estate firm Macrotech Developers has reduced its net debt by 23% in the first quarter of this fiscal year to 12,435 crore rupees and aims to reduce its borrowing to less than 10,000 crore rupees.
In its presentation to investors, Macrotech Developers, which markets its properties under the “Lodha” brand, pointed out that net debt stood at Rs 12,435 crore at the end of the June quarter against Rs 16,076 crore as of March 31, 2021 .
Macrotech Developers Managing Director and CEO Abhishek Lodha told PTI: “We are on track to bring net debt below Rs 10,000 crore by the end of this fiscal year.”
In the presentation, the company said its average cost of debt fell by 70 basis points (basis points), from 12.3% in March 2021 to 11.6% in June ’21.
In April, Macrotech Developers went public after raising Rs 2,500 crore through its initial public offering (IPO).
The company’s (homebuyers’) collection quadrupled to Rs 1,714 crore in the first quarter of this fiscal year from Rs 384 crore in the previous year period.
Proceeds from the IPO and increased collections from clients have helped the company reduce its debt.
On Friday, the company announced a consolidated net profit of Rs 160.91 crore for the quarter ended in June. It had posted a net loss of Rs 134.44 crore over the period last year.
Total income reached Rs 1,712.36 crore in the first quarter of this fiscal year, compared to Rs 572.53 crore in the corresponding period of the previous year.
“We are on a disciplined growth path with expansion across MMR (Mumbai Metropolitan Area) and the Pune region. There is significant growth
opportunities in these markets for us … “Lodha said in a statement Friday.
In addition to the residential real estate segment, the company focuses on storage and industrial parks.
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