Realty firm Macrotech Developers has reduced net debt by 23 per cent during the first quarter of this fiscal year to Rs 12,435 crore and targets to bring down its borrowings to below Rs 10,000 crore level.
In its investors presentation, Macrotech Developers, which markets its properties under 'Lodha' brand highlighted that the net debt stood at Rs 12,435 crore at the end of the June quarter as against Rs 16,076 crore as on March 31, 2021.
Macrotech Developers MD and CEO Abhishek Lodha told PTI, "We are on track to bring down the net debt to below Rs 10,000 crore level by end of this fiscal year."
In the presentation, the company said that its average cost of debt came down by 70 bps (basis points) from 12.3 per cent in March 2021 to 11.6 per cent in June'21.
In April, Macrotech Developers got listed on the stock exchanges after raising Rs 2500 crore through its Initial Public Offer (IPO).
The company's collection (from home buyers) jumped over four fold to Rs 1,714 crore in the first quarter of this fiscal from Rs 384 crore in the year-ago period.
The proceeds from IPO and higher collections from customers helped the company in reducing its debt.
On Friday, the company reported a consolidated net profit of Rs 160.91 crore for the quarter ended June. It had posted a net loss of Rs 134.44 crore in the year-ago period.
Total income grew to Rs 1,712.36 crore in the first quarter of this fiscal year from Rs 572.53 crore in the corresponding period of the previous year.
"We are on a disciplined growth path with expansion across MMR (Mumbai Metropolitan Region) and Pune region There are significant growth opportunities in these markets for us...," Lodha had said in a statement on Friday. Besides, residential real estate segment, the company is focusing on warehousing and industrial parks.
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