Lodha to Become Net Cash Positive In Next Three Years
<span style="font-weight: 400;">Lodha (Macrotech Developers Limited), India’s leading real estate developer, announced its financial results for the quarter ended March 31, 2021. It reported one of its strongest ever quarterly performance demonstrating strong recovery from the first wave of Covid, e
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May 17, 2021 3:49 AM
Lodha (Macrotech Developers Limited), India’s leading real estate developer, announced its financial results for the quarter ended March 31, 2021. It reported one of its strongest ever quarterly performance demonstrating strong recovery from the first wave of Covid, ending FY21 on a high. Pre-sales at INR 2,531 crores (up 116% YoY*)/ Collections at INR 2,089 crores (up 10% YoY*)/ Revenues from operations at INR 2,534 crores (up 20% YoY*). Adjusted EBITDA at INR 943 crores (up 87% YoY*)/Adjusted EBITDA margin improved to 37%/ PAT stood at INR 312 crores Abhishek Lodha, MD & CEO, Macrotech Developers Ltd. said, “Q4 FY21 is the 2nd consecutive quarter of strong performance after the first wave of Covid. This gives us confidence that we are at the start of a long-term upcycle in housing which will be supported by strong affordability, moderate home loan rates, disciplined supply and gradually rising prices. We have also been surprised by the strong demand for industrial and warehousing space and believe that this segment will provide us with significant growth from here on. We are now expanding our residential reach in parts of Mumbai (MMR) and Pune (PMR). Our growth in housing will be driven by the JDA model over the next few quarters, with a focus on affordable & mid-income housing. With our large, high quality existing land bank (owned lands) and additional projects though the joint development route, we are focused on disciplined growth which will lead to a significant increase in our pre-sales and keep us on track to be a net cash positive company by FY 24.” Lodha monetized nearly 165 acres of land in our industrial park under JV/ outright sale with marquee companies such as Morgan Stanley, FM logistics (French 3 PL co.) and a US based pharmaceutical company. Lodha is committed on its trajectory to deleverage and looking to become a net cash positive company in next three years. Strong pre-sales performance combined with focus on costs, the quarter witnessed net debt reducing by INR 544 crore. It’s recently concluded IPO with strong brand led pre-sales performance going forward will add momentum to this deleveraging journey.
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