Mumbai-based Macrotech Developers, known for its Lodha brand, acquired three land parcels in Mumbai and Pune in the April-June quarter, targeting projects with over INR 11,000 crore in revenue potential. These acquisitions are part of their aggressive expansion strategy, contributing significantly to their projected annual GDV of INR 21,000 crore. In Q1 of the current fiscal year, sales bookings rose 20% to INR 4,030 crore. The company aims for INR 17,500 crore in annual sales, a 21% increase. Macrotech plans to launch 17 new housing projects this fiscal year, targeting INR 12,000 crore in revenue potential.
Mumbai-based real estate giant Macrotech Developers, known for its Lodha brand, has acquired three land parcels in Mumbai and Pune during the April-June quarter. These acquisitions are aimed at developing projects with a revenue potential exceeding INR 11,000 crore.
The acquisitions were made through outright purchases and partnerships with landowners, underscoring the company's aggressive expansion strategy. Macrotech Developers stated that these projects contribute significantly to their annual gross development value (GDV), accounting for more than half of their projected INR 21,000 crore for the fiscal year.
During the previous fiscal year 2023-24, the company had already added numerous new land parcels, anticipating total sales values surpassing INR 20,000 crore from upcoming housing projects. In financial performance updates, Macrotech Developers reported a 20% increase in sales bookings, totaling INR 4,030 crore in the first quarter of the current fiscal year, up from INR 3,350 crore in the same period last year.
The company achieved a substantial growth in annual sales bookings for the previous fiscal, reaching INR 14,520 crore, and has set a target of INR 17,500 crore for the current fiscal, projecting a 21% increase. Collections from customers also saw a rise, increasing by 12% to INR 2,690 crore in the first quarter of the fiscal year compared to the previous year.
With a strong presence in Mumbai Metropolitan Region (MMR) and Pune, and recently entering Bengaluru, Macrotech Developers plans to launch 17 new housing projects this fiscal year, targeting a revenue potential of INR 12,000 crore to bolster sales bookings. This launch includes 10 entirely new projects and seven additional phases in existing residential developments across these cities.
The company has a substantial ongoing and planned portfolio, encompassing over 110 million square feet of development. In the financial year 2023-24, Macrotech Developers recorded a total income of INR 10,469.5 crore, marking a significant increase from INR 9,611.2 crore in the previous year. The company's net profit also rose, tripling to INR 1,549.1 crore in the last fiscal year from INR 486.7 crore in 2022-23.
Macrotech Developers' aggressive acquisition and expansion strategy amid buoyant housing demand reflect its commitment to leveraging growth opportunities in India's real estate sector. The company continues to focus on enhancing its market presence and delivering robust financial performance amidst evolving market dynamics.
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