Lodha share price jumps over 4% on Q2 results boost
Macrotech Developers (Lodha) share price rose over 4 per cent in intraday trade on BSE on Tuesday, October 31, looking set to extend gains into the third consecutive session. The stock opened at ₹769.70 against the previous close of ₹759.60 and rose 4.5 per cent to the intraday high of ₹794. The company on Saturday (October 28), said in the seasonally weakest quarter, it saw its best-ever pre-sales performance showing 12 per cent year-on-year (YoY) growth along with continued debt reduction and robust business development.
According to the company's exchange filing, the company's pre-sales in Q2FY24 stood at ₹3,530 crore, up 12 per cent YoY. Revenues from operations during the quarter ₹1750 crore, down 0.9 per cent YoY. PAT during the quarter stood at ₹210 crore, down 42.4 per cent YoY.
Lodha share price has gained 39 per cent in the current calendar year so far against a 5 per cent gain in the equity benchmark Sensex. (Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and to stay updated with the latest financial insights! Click here!) Following the company's Q2 results, brokerageMotilal Oswal Financial Servicesmaintained a buy call on the stock and raised the target price to ₹900.
"Lodha delivered in-line operating performance and remains on track to exceed its FY24 pre-sales guidance of ₹14,500 crore. Hence, we maintain our pre-sales and cash flow estimates. We continue to prefer companies with an ability to outperform peers on the growth front.
Lodha is one of our top picks in the sector," said Motilal Oswal. "The company reduced its debt significantly in Q2FY24 and remains on track to further reduce it by ₹1,500-2,000 crore to less than ₹5,000 crore. With comfortable leverage, the
. Read more on livemint.com
