Lodha records best-ever December quarter pre-sales at Rs 3,410 crore
Lodha, listed as Macrotech Developers, has recorded its best-ever third quarter pre-sales at Rs 3,410 crores and collections of Rs 2,594 crores for the quarter ended December.
The developer has added three more new projects during the quarter with gross development value potential of Rs 6,000 crores taking the project addition in the first three quarters of 2023-24 to Rs 20,300 crores.
With this, the company has surpassed its guidance of Rs 17,500 crores project addition for the year with a quarter to spare.
“It is heartening to witness the housing cycle taking shape with each passing quarter. Consumer’s desire to own a quality home early in their life journey and upgrade their lifestyle, continues to strengthen.
On the back of steady rise in income levels and ample job creation this desire is translating into robust demand for high quality homes,” said Abhishek Lodha, MD & CEO, Lodha.
According to him, this fundamental driver of demand has enabled the company to deliver its best-ever third quarter pre-sales performance at Rs 3,410 crores. This was despite the adverse seasonality of the inauspicious period of ‘Shraddhh’ in October this financial year as against September in 2022-23.
“Having delivered Rs 10,500 crores of sales in the first 3 quarters, we remain on track to deliver our full year pre-sales guidance of Rs 14,500s crores,” he said while adding that the Bengaluru project’s phase-1 was sold out within three days.
The company continued to reduce net debt to Rs 6,750 crores as against Rs 7,073 crores in March.
