Feb 05, 2023
Macrotech Developers to reduce debt by Rs. 5000 Cr: Aditya Lodha, MD
Macrotech Developers, formerly known as Lodha Developers, an Indian multinational real estate company, intends to reduce its debt by 40% which amounts to Rs. 5000 crores in this calendar year. It plans to achieve this using surplus cash flow generated from strong sales bookings. MD and CEO of Macrotech Developers - Abhishek Lodha has tremendous faith in the long-term growth potential of India's residential real estate space.
Macrotech aims to cut down its debt by 500-800 crores per quarter. The company had an outstanding December quarter, with sales skyrocketing 16% to INR 3,035 crore. This year has been a breakthrough for the company, with properties worth INR 9,039 crore sold in the first three quarters, which indicated a whopping 64% increase compared to the same period last year. A majority of these sales came from their housing projects, showing a strong demand for these properties.
Macrotech Developers' profitability reached new heights, according to CEO Abhishek Lodha, with an embedded EBIDTA margin of 31% in Q3 and 33% from April to December.
Abhishek Lodha announced that the company has exceeded expectations by securing land parcels that are estimated to bring in INR 17,800 crore in sales revenue, surpassing the ambitious full-year new business development guidance of INR 15,000 crore.
Macrotech Developers plans to keep growing in the Mumbai and Pune markets and is also expanding into Bengaluru with one housing project and talks for another. With a proven track record of delivering 90 million square feet of real estate and currently developing 107 million square feet under its ongoing and planned portfolio, the company continues to grow and diversify its offerings.
Macrotech is focused on growth and expansion in key markets while enhancing its track record of delivering quality real estate projects with reduced debt. With a clear strategy and a commitment to excellence, it is well-positioned to continue to be a leader in the industry.
