The company reported pre-sales of Rs 3,025 crore in Q4 FY23, recording a decline of 12% on a YoY basis. Collections increased 3% YoY at Rs 2,933 crore in Q4 FY23.

Adjusted EBITDA stood at Rs 977 crore, sliding 20.5% YoY in Q4 FY23. Adjusted EBITDA margin declined to 30% in Q4 FY23 as against 35.7% posted in Q4 FY22.

PAT adjusted for forex increased by 31.3% YoY to Rs 751 crore during the period under review.

On a yearly basis, Macrotech Developers (Lodha) reported 59.5% decline in consolidated net profit to Rs 489.42 crore despite of 2.6% rise in revenue from operations to Rs 9,470.36 crore in FY23 over FY22.

The company reduced its net debt by Rs 2,229 crore to Rs 7,071 crore. The company said that it has reported its best ever annual pre-sales performance as well as very strong cash flow generation enabling steep reduction in net debt.

Commenting on the performance, Abhishek Lodha, MD & CEO of Macrotech Developers said, “We delivered pre-sales at Rs 12,064 crore for FY23 thus outperforming our annual guidance by registering a 34% YoY growth. The growth journey of Indian housing market on the back of rising incomes and favorable demography is just in the 2nd year of a multi-year cycle.

Our strategy of capitalizing on industry consolidation by expanding into under-represented micro-markets of MMR and Pune is playing out well. Following our micro-market based growth strategy, in a short span of time, we have become a formidable player in Pune and Eastern Suburbs of MMR achieving Rs 1,126 crore and Rs 1,232 crore respectively. Price increase of nearly 8% for FY23 - below average wage growth, will lead to improvement in affordability and also reward existing home owners – both drivers of demand.”

“Driven by strong demand fundamentals and supply consolidation, we are very confident of achieving 20% CAGR in pre-sales over medium term. In line with this, we expect to grow our pre-sales to Rs 14,500 crore in FY24. We added new projects with GDV (sales) potential of Rs 20,000 crore in FY23. This is in addition to the 11 projects added in previous financial year for Rs 15,000 crore. We expect to maintain a similar run-rate of new project additions primarily through JDAs on the back of robust business development pipeline. This will help us deliver our growth objectives in a predictable and consistent manner,” he added.

Lodha further added, “Lodha continues to demonstrate unique ability to generate surplus operating cash flow alongside substantial growth. This has enabled us to reduce our net debt by Rs 2,229 crore to Rs 7,071 crore in FY23 of which reduction of Rs 971 crore was achieved in Q4 FY23. Company also was able to bring down interest costs significantly during the year despite 250 bps increase in policy rates: average cost of debt for Lodha has come down by 70 bps during the year to 9.8%. Lodha intends to continue to further reduce its net debt in FY24, focusing on going continually below our stated ceiling.”

Meanwhile, the company's board approved the issuance of bonus equity shares in the proportion of 1 new fully paid up equity share of Rs 10 each for every existing 1 equity share of Rs 10 each held by the members of the company as on the record date.

Further, the board has recommended a final dividend of Rs 2 per equity share of the company on pre bonus paid up equity share capital (to be adjusted proportionately for bonus issue).

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

Shares of Macrotech Developers were up 0.55% to Rs 912.90 on the BSE.