New Delhi, Apr 27:
Realty firm Macrotech Developers is targeting 27 per cent growth in its sales bookings during the current fiscal at Rs 11,500 crore on better demand prospects and strong pipeline of new launches, a top company official said.
The company, which got listed last year by raising Rs 2,500 crore through its Initial Public Offer (IPO), markets its product under the Lodha brand.
In an interview with PTI, Macrotech Developers MD and CEO Abhishek Lodha said the company has set the pre-sales target of Rs 11,500 crore for the financial year 2022-23.
“We had given the pre-sales guidance of Rs 9,000 crore for the last fiscal and we achieved sales bookings of Rs 9,024 crore despite disruption due to COVID second wave in Apr-May last year, as well as the impact of Omicron in January 2022,” Lodha said.
Out of the total target of Rs 11,500 crore, the company expects sales bookings of Rs 10,500 crore from residential segment and the rest from sales of commercial assets.
Lodha said the demand is expected to remain strong, driven by low interest rates on home loans and rising concept of having home ownership.
The JDA (joint development agreement) strategy will enable the company to achieve the targeted growth in a very capital-light manner.
The company signed 11 JDAs for nearly Rs 15,000 crore GDV (gross development value) during FY’22, he said, adding that the company would actively pursue this route to deepen its presence in Mumbai Metropolitan Region (MMR) and Pune.
“We are exploring to enter the Bengaluru market,” he said.
As per the investors’ presentation, the company will launch projects at multiple new locations on owned land parcels to drive growth. “Annualized impact of JDA projects launched in FY22 (1.9 million square feet, Rs 2,250 crore GDV). Already signed JDA projects to be launched in FY23 (3.3 million square feet, Rs 5,400 crore GDV)”.
On Tuesday, Macrotech Developers reported a multi-fold jump in consolidated net profit at Rs 1,202.37 crore for the last fiscal on higher revenue and pre-sales. Its net profit stood at Rs 40.16 crore in 2020-21.
Total income rose to Rs 9,579.17 crore in the 2021-22 financial year from Rs 5,771.65 crore in the previous fiscal.
“We are extremely pleased to report our best ever quarterly and annual pre-sales performance. It’s a true testimony of the strong brand and the consumer trust that it inspires,” Lodha had said.
On the ground, the demand for quality housing remains very strong, he added.
“With each passing quarter, demand only strengthens on the back of rising consumer confidence on the strong real estate brands on the back of growing economy and per capita income,” Lodha had said.
The growth journey of the Indian housing market on the back of rising incomes and favourable demography has just begun, he noted.
Lodha mentioned that the industry after several years has entered into a positive price-demand cycle, enabling conversion of latent demand into actual sales in a shorter time frame.
Mumbai-based Macrotech Developers is one of the leading real estate developers in the country. (PTI)
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