Profitability of Macrotech Developers (Lodha Group) increased by 24% to Rs 286 crore in Q3 FY22.

In the three months ending December 2021, Macrotech Developers recorded a 24% rise in consolidated net profit to Rs 286.38 crore. According to a regulatory filing, the real estate development company's net profit in the prior year was Rs 231.71 crore.

The Lodha brand is used by Macrotech Developers, a company located in Mumbai. Pune and the Mumbai Metropolitan Region (MMR) are among the areas where it has initiatives.

In the October-December quarter of current fiscal year, total revenue rose to Rs 2,148.74 crore, up from Rs 1,599.77 crore in the same time last year.

The real estate development business reported a 40% increase in sales bookings to Rs 2,608 crore on the operational front. Sales bookings in London were around Rs 1,910 crore.

We achieved our full-year forecast for FY22 by reducing our net debt to Rs 9,896 crore during the quarter.

"The housing industry has experienced a spectacular comeback in the past 12 months," MD and CEO Abhishek Lodha of Macrotech Developers stated.

He cited the company's high property sales and home bookings as evidence that the housing industry has recovered and is well into its multi-year upswing.

In all price ranges, Lodha says, the business is seeing high demand throughout its whole product line right from medium cost housing to luxury homes.

According to Lodha, the supply side consolidation is moving at a very rapid rate.

Adding additional projects throughout MMR and Pune under the capital light JDA (Joint Development Agreement) route has offered us with multiple profitable chances to accelerate market consolidation, Lodha added.

He said that the business has already secured Rs. 4,000 crore from institutional investors to take advantage of these possibilities. According to Lodha, the business inked six additional JDAs totaling 4.8 million square feet with a gross development value of Rs 10,000 crore during the quarter.

A total of 11 JDA projects totaling 8.8 million square feet have been added since our IPO (on April 21), according to Lodha, giving the company "substantial visibility of future growth."