Lodha Celebrates Stellar Growth in Q4, with a 21% Increase in Net Profit

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Macrotech Developers, widely known as Lodha, has reported a significant 21% increase in net profit, reaching Rs 670 crore for the quarter ending in March. The company's revenue from operations also saw a robust 23% year-on-year increase, amounting to Rs 4,020 crore. This quarter marks the highest ever pre-sales and annual performance for the developer.

Lodha recorded a notable 40% year-on-year growth in pre-sales, which totaled Rs 4,230 crore for the quarter. Collections during the same period grew by 20% to Rs 3,510 crore. Adjusted operating profit for the quarter witnessed a 37% increase from the previous year, standing at Rs 1,340 crore.

Abhishek Lodha, the Managing Director and CEO of Macrotech Developers, attributed the company's exceptional quarterly and annual results to the increasing demand for high-quality homes from branded developers in India. He highlighted that driven by the strength of their brand, the company achieved pre-sales of Rs 14,500 crore for the fiscal year 2024, aligning with their goal of delivering consistent and predictable growth of 20%.

Lodha also noted that robust operating cash flows and a recent capital raise contributed to a significant reduction in net debt by over Rs 4,000 crore during the year, bringing it down to Rs 3,000 crore, which is less than 0.2 times of equity. The company successfully raised $400 million or over Rs 3,300 crore from notable investors such as Invesco Oppenheimer, Blackrock, Carmignac, APG, and HDFC Life through a qualified institutional placement (QIP) issue.

This capital infusion marked the fourth equity raise by Lodha in the last 36 months, totaling Rs 13,000 crore, including its initial public offering (IPO) in April 2021. Over the year, the company added new projects with a total development value of over Rs 20,000 crore. Lodha expressed that the enhanced financial strength will enable the company to accelerate both margin and top-line growth as the capital is invested over the next 6-12 months.