Lodha Group records highest ever Q1 pre-sales of Rs 3,353 crores

economictimes.indiatimes.com:

Lodha Group, listed as Macrotech Developers, has recorded its highest ever first quarter pre-sales at Rs 3,353 crores, marking a robust start to the financial year 2023-24. The company has also added five new projects with potential gross development value of Rs 12,000 crores across different micro-markets during the quarter. “With a strong start for the year, the performance achieved is in line with our guidance of 20% pre-sales growth for FY24.

Demand conditions remain robust with a very strong consumer desire to buy a home,” said Abhishek Lodha, MD & CEO, Lodha Group. According to him, India’s job creation continues to remain robust and combined with good affordability and mortgage availability, housing will be a key driver of the country’s growth for the foreseeable future. “With the RBI already pausing its interest rate hiking cycle and likelihood of downward journey of interest rates in next few quarters, we see momentum for housing continuing to strengthen,” Lodha added.

Given the pace of new project additions to its portfolio and strengthening pipeline of business development opportunities, the company expects to exceed its full-year guidance for the same. The company’s collections during the quarter rose to Rs 2,403 crore and it expects the same to pick up in the remaining quarters of the financial year. Its net debt increased 3% to Rs 7,264 crores primarily on account of front-loaded business development investment.