Profit before tax increased 65.12% to Rs 649.10 crore in Q3 FY24 as compared with Rs 393.10 crore in Q3 FY23.

Adjusted EBITDA stood at Rs 1080 crore in Q3 FY24, registering the growth of 90% as compared with Rs 560 crore posted in corresponding quarter last fiscal.

During the quarter, pre-sales stood at Rs 3,410 crore (up 12% YoY) while collection was at Rs 2,590 crore (down 3% YoY).

Abhishek Lodha, MD & CEO, Macrotech Developers, said, “New tailwinds for housing will further strengthen demand in 2024. Latest communication from global central banks suggest peaking of interest rates and steady reduction in benchmark rates will commence in 2024. This will likely result in lower home loan rates in India, strengthening demand.

During the quarter we have added three more projects for 2 million square feet area with a GDV of Rs 6.00 crore taking our 9MFY24 business development to Rs 2.03 crore – already surpassing our full year guidance of Rs 1.75 crore. Substantial high pace of business development showcases the attractiveness of brand Lodha to landowners leading to burgeoning pipeline of new attractive opportunities which will enable us to sustainably grow our business in future. In order to capitalize on some of these opportunities in future while keeping our deleveraging journey intact, our board has approved to have enablers in place for raising capital to be pursued if needed.

We continue to grow pre-sales and add substantial number of new projects while sticking to our deleveraging path. Inspite of significant business development, the net debt for the company remained largely stable during the quarter at Rs 6,750 crore. Reflecting the strengthening balance sheet, our exit cost of debt for the quarter further came down by over 10bps to approximately 9.5%. We also exited our UK investments with the receipt of entire balance as per our earlier communication.”

Meanwhile, the company’s board has approved the scheme of merger by absorption of its two wholly owned subsidiaries, One Place Commercials and Palava City Management with the company. The scheme is subject to necessary statutory and regulatory approvals including the approvals of the National Company Law Tribunal.

Further, the board approved to raise Rs 5,000 core by way of issuance of equity shares, eligible securities, other securities or instruments or any combination of securities, in one or more tranche or tranches, by way of public issue, rights issue, private placement including a qualified institutions placement

Macrotech Developers (Lodha Group) is primarily engaged in the business of real estate development.

The scrip fell 1.87% to Rs 1,037.95 on the BSE.