Macrotech Developers, which sells houses under Lodha brand, sold houses worth ₹4,290 crore in Q2FY25, up 21 per cent on year, while it also added four projects with a gross development value of ₹5,500 crore.
The Mumbai-based real estate developer said it was the best quarterly sales ever and it came during a period taken up by the inauspicious ‘shraadh’ period when people avoid making large ticket purchases.
The company’s collections rose 11 per cent on-year to ₹3,070 crore, enabling it to keep its net debt at ₹4,920 crore and within a manageable range.
Lodha said that the company was on track to meet its full year sales growth guidance of 20 per cent.
In the first half of FY25, the company has notched up sales of ₹8,320 crore, up 21 per cent on-year, while collections during the period rose 12 per cent to ₹5,760 crore. The company has guided for ₹17,500 crore pre-sales for the full year.
In the quarter the company added four new projects in Pune and Bengaluru, while in the half year the projects added had a revenue potential of ₹16,600 crore, which is more than 75 per cent of the full year’s guidance of ₹21,000 crore.
“We continue to see a strong pipeline of business development opportunities for our residential business,” the company said.
For its digital infrastructure business, comprising warehousing and industrial parks, the company acquired 45 acres of land in Chennai. Last month, to consolidate its annuity business it acquired Ivanhoe Cambridge’s stakes in three platform entities, that were set up to develop digital infrastructure assets across the country.
“We continue to see further opportunities to scale our digital infrastructure portfolio,” it said.