Macrotech Developers Q3 Results: Net profit rises 25% to ₹505 crore, revenue up 65% YoY
Macrotech Developers Q3 Results: Macrotech Developers announced its October-December quarter results for fiscal 2023-24 (Q3FY24) on Saturday, reporting a rise of 25 per cent in consolidated net profit at ₹505 crore, compared to ₹405 crore in the year-ago period. The real estate developer's revenue from operations in the third quarter of current fiscal rose 65.2 per cent at ₹2,930.6 crore, compared to ₹1,774 crore in the corresponding period last year. The Mumbai-based company's total income in the December quarter rose to ₹2,958.7 crore from ₹1,902.4 crore in the year-ago period.
On the operating front, Macrotech Developers's earnings before interest, taxes, depreciation, and amortization (EBITDA) in the December quarter stood at ₹883 crore, compared to ₹404 crore in the year-ago period. EBITDA margin came in at 30 per cent, compared to ₹23 per cent in the same period last year. Also Read: Nifty Realty up for second day as Phoenix Mills, Macrotech Developers, others see sharp gains The company has sold properties worth ₹10,300 crore during April-December period in the current fiscal, up 14 per cent annually, driven by a surge in housing demand.
The company's pre-sales in nine-months ended December 2023 remains on track to deliver the full year guidance of ₹14,500 crore. Macrotech Developers has set a target of achieving sale bookings of ₹14,500 crore during the 2023-24 fiscal as against ₹12,060 crore in the previous year. The company reported its sale bookings at ₹3,410 crore during the October-December period of this fiscal, up 12 per cent year-on-year.
It highlighted that it has achieved its best ever third quarter pre-sales performance. ‘’New tailwinds for housing will further strengthen demand in 2024. Latest
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