Shares of this real estate developer have gained 2.8 percent after the company announced they have achieved its best ever quarterly pre-sales performance of INR 35.3 bn.
At 10 am, 5th October shares of Macrotech Developers Ltd were trading at Rs. 771 per share, up by 2.8 percent from the previous closing price of Rs. 750 per share.
Such bullish stock price movements are observed after the company through regulatory filing on Bombay stock exchange (BSE) announced they have made pre-sales of Rs. 35.3 billion in Q2. Generally Q2 is considered to be the seasonally weakest quarter of the year for the company.
Company had a pre- sale target of 145 billion rupees out of which they have achieved 69 billion rupees which is 48 percent of their target. This happened even though the company did not launch any new project in the quarter. Moreover company has reduced net debt by 5.4 billion rupees, now total net debt on company is 67.3 billion rupees.
Looking at the financial statements, company’s revenue have decreased by 39.55 percent to Rs. 1617.4 crore in Q1FY24 from Rs. 2675.75 crore in Q1FY23, in the same time period net profit decreased by 34.12 percent to Rs. 178.4 crore from 270.8 crore.
Talking about the financial ratios, the company reported return on equity (ROE) of 4.12 percent and return on capital employed (ROCE) of 4.2 percent in the last financial year.
Macrotech Developers Ltd (formerly known as Lodha developers) is an Indian multinational real estate company. The company is engaged in the business of mainly developing residential real estate properties. The company develops properties under the LODHA BUILDING A BETTER LIFE, LODHA LUXURY, and PALAVA brand names.
Written by: Vinit Israni
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