Macrotech Developers Reports 43.5% Rise in Net Debt Amidst Strong Sector Growth

Macrotech Developers Ltd, under the Lodha brand, reported a 43.5% rise in net debt to Rs 4,320 crore in Q1 FY24 due to increased investments in land and construction. Despite the rise, the firm's operational performance showed a substantial growth in sale bookings and net profit.

Macrotech Developers Ltd, operating under the Lodha brand, has announced a 43.5% rise in net debt, reaching Rs 4,320 crore by the end of the first quarter of FY24. This increase is primarily due to heightened investment in land acquisitions and construction activities.

The Mumbai-based developer, a significant player in the Indian real estate sector, revealed in its latest investor presentation that the debt level remains manageable at 0.24 times equity, well below the 0.5 times equity ceiling.

Macrotech's MD and CEO, Abhishek Lodha, emphasized the strong underlying cash flows and anticipated significant free and operating cash flow generation in the later part of the year. The company also recorded a 20% growth in sale bookings to Rs 4,030 crore and a 2.7-fold jump in consolidated net profit to Rs 475.3 crore for Q1 FY24, driven by strong housing demand and increased income.

(With inputs from agencies.)