Lodha records highest quarterly pre-sales of Rs 3,530 crore in Q2, up 12% on year
Realty developer Lodha, listed as Macrotech Developers, has reported its best ever pre-sales performance with 12% on-year growth at Rs 3,530 crore for the quarter ended September along with continued debt reduction and robust business development.
The company’s collections during the quarter rose 16% from a year ago to Rs 2,750 crore, while revenues from operations declined marginally to Rs 1,750 crore. Net profit for the period declined 42% to Rs 210 crore
“We achieved our best-ever quarterly pre-sales performance at Rs 3,530 crore showing 12% on-year growth in spite of the quarter being the seasonally weakest.
Our ‘for-sale’ business has shown a stellar 20% YoY growth for the quarter. With this strong performance, we have achieved pre-sales of Rs 6,890 crore in the first half of 2023-24, our best-ever first half in terms of pre-sales,” said Abhishek Lodha, MD & CEO, Macrotech Developers.
According to him, this performance has been delivered despite no new location launches in the first half of 2023-24 and showcases the company’s ability to consistently grow pre-sales in a predictable manner with low variability without being dependent on any particular single location or market segment or a project.
He is of the view that demand conditions continue to strengthen on the back of strong affordability and consumer confidence.
Persistent consumer desire to own a quality home with superior set of amenities from branded developers continues to drive consolidation benefiting branded players like the company.
Intense competition among mortgage providers coupled with RBI pause and the expected downward trajectory for rate cycle in 2024 means that the market has already seen the peak of mortgage rate. Likely reduction in
