Macrotech Developers said it remains on the path to achieve full year guidance of getting net debt to below 1 time of operating cash flow (OCF) or 0.5 time of equity, whichever is lower.
Macrotech Developers said it remains on the path to achieve full year guidance of getting net debt to below 1 time of operating cash flow (OCF) or 0.5 time of equity, whichever is lower.Shares of Macrotech Developers Ltd (Lodha) will be in focus on Thursday morning as the real estate developer achieved its best-ever quarterly pre-sales performance of Rs 3,530 crore in the September quarter, in an otherwise seasonably the weakest quarter of the year. With this, Macrotech Developers recorded 48 per cent of its FY24 pre-sales guidance despite no new locations being launched in the first six months.
"With festive season commencing shortly and strong launch pipeline for H2 with launches of 7 new locations, the company is on target to meet its full-year guidance," Macrotech Developers said.
For the quarter, collections came in at Rs 2,750 crore. The developer added two new projects totalling 1.2 million square feet of saleable area and Rs 2,300 crore gross development value (GDV).
"With this, Lodha has already achieved Rs 14,300 crore of new business addition in 1HFY24, achieving over 80 per cent of FY24 guidance," the company said in a BSE filing.
Besides, Macrotech Developers said its net debt fell Rs 540 crore during the quarter to Rs 6,730 crore. Macrotech Developers said it remains on the path to achieve full year guidance of getting net debt to below 1 time of operating cash flow (OCF) or 0.5 time of equity, whichever is lower.
Macrotech Developers shares are up 2 per cent in the last one month and 36.32 per cent year-to-date. Kotak Institutional Equities has a 'ADD' rating on the stock with a target of Rs 800. The stock fell 4.88 per cent to settle at Rs 749.90 on Wednesday.
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