In FY24, Macrotech Developers surpassed expectations by revealing new projects across Mumbai Metropolitan Region (MMR), Pune, and Bengaluru, with a combined Gross Development Value (GDV) reaching INR 203 billion. This figure notably surpassed their initial guidance of INR 175 billion. The company attributed its success to operating cash flow generation and a recent raise in equity.The company's strategic expansion underscores its commitment to real estate development in key metropolitan areas, indicating strong growth prospects and market confidence in its offerings.
Macrotech Developers has announced its financial results for the fourth quarter of fiscal year 2024, showcasing a significant rise in the amount of pre-sales and collections, strengthening their position in the Indian real estate market.
According to reports released by the company, Macrotech Developers recorded pre-sales figures of INR 42.3 billion in Q4 FY24, marking a remarkable 40% increase compared to the same period last year. Collections for the quarter stood at INR 35.1 billion, indicating a growth rate of 20% year-on-year.
The fiscal year 2024 as a whole proved to be highly fruitful for the company, with pre-sales amounting to INR 145.2 billion and collections reaching INR 112.6 billion. These figures highlight Macrotech Developers' sustained growth and market dominance currently.
Moreover, the company expanded its portfolio during FY24 by introducing new projects in key locations such as the Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. These projects collectively boast a cumulative gross development value (GDV) of INR 203 billion, surpassing the initial guidance of INR 175 billion.
Commenting on the financial performance, a spokesperson for Macrotech Developers highlighted the company's effective management of debt and equity. On the back of operating cash flow generation and recently concluded equity raise, the company's net debt further reduced to INR 30.1 billion, which is less than 0.2 times its equity. This achievement aligns with our goal of maintaining a net debt-to-equity ratio of less than or equal to 0.5 times, stated the spokesperson.
Macrotech Developers' strong financial performance demonstrates its ability to thrive and adapt in tough market conditions, reaffirming its status as a key player in India's real estate industry. Investors and stakeholders are closely monitoring the company's progress as it plans for future growth and expansion.
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