Realty agency Macrotech Developers expects to attain its goal of fifty per cent progress in gross sales bookings this fiscal to Rs 9,000 crore regardless of sluggish housing demand in April-May in view of second wave of the Covid-19 pandemic, a high firm official mentioned.
Mumbai-based Macrotech Developers, which markets its properties underneath ‘Lodha’ model, received listed on the inventory exchanges in April this 12 months after elevating Rs 2500 crore by way of its preliminary public providing (IPO). It is without doubt one of the main actual property agency within the nation.
In an interview with PTI, Macrotech Developers MD and CEO Abhishek Lodha sounded assured of assembly the gross sales bookings steering of Rs 9,000 crore for the present 2021-22 monetary 12 months as housing demand recovered strongly after nearly a washout in April-May.
The firm’s gross sales bookings stood at Rs 5,970 crore final fiscal 12 months.
“Our housing sales were badly impacted during April-May because of the second wave. But, in June, we achieved sales bookings of around Rs 650 crore and demand in July is also good,” he instructed PTI.
Asked whether or not the corporate would revise downward its gross sales bookings steering, Lodha replied in damaging.
“Sales bookings in April-May were very low but we have already factored that in our sales guidance. We are on track to achieve Rs 9,000 crore figure, provided there is no further disruption,” he mentioned.
In the April-June quarter, Macrotech Developers clocked a complete gross sales reserving of Rs 957 crore, of which Rs 654 crore got here in June.
Bullish on the outlook for housing demand, Lodha mentioned: “Importance of owning a house has increased significantly since the outbreak of Covid-19 pandemic. People are using their savings to buy homes. Interest rates on home loans are at historical low.”
To encash pent up in addition to contemporary demand, he mentioned the corporate would launch 5 million sq. toes of initiatives on this fiscal, of which 0.9 million sq ft had been already launched within the first quarter. The firm has inventories within the ongoing housing initiatives as nicely.
“Housing demand is gradually consolidating towards trusted developers. New supply is more disciplined,” he noticed.
Lodha mentioned the corporate would proceed to deal with the Mumbai Metropolitan Region (MMR) and Pune markets for growth of housing in addition to industrial and logistics parks. The firm doesn’t have any plan to enter new geographies however will increase aggressively in numerous micro-markets of the MMR and Pune, the place it has no or restricted presence, by way of partnerships with landowners.
In the warehousing growth enterprise, Macrotech not too long ago offered 22.3 acres land parcel in its Pallava Industrial and Logistics Park to a Japanese agency for an estimated deal worth of round Rs 80 crore. On debt, Lodha mentioned the corporate’s internet debt has decreased by 23 per cent in the course of the first quarter of this fiscal 12 months to Rs 12,435 crore.
“We will reduce our debt further in the coming quarters. We are on track to meet the guidance of bringing net debt below Rs 10,000 crore level at the end of this fiscal year,” he added.
The firm’s common value of debt got here down by 70 bps (foundation factors) from 12.3 per cent in March’ 21) to 11.6 per cent in June’21).
On Friday, Macrotech Developers reported a consolidated internet revenue of Rs 160.91 crore for the quarter ended June. It had posted a internet lack of Rs 134.44 crore within the year-ago interval. Total earnings grew to Rs 1,712.36 crore within the first quarter of this fiscal 12 months from Rs 572.53 crore within the corresponding interval of the earlier 12 months.