Lodha Group, listed as Macrotech Developers, has recorded its best ever first quarter pre-sales at Rs 33.5 billion with a 17 per cent growth year-on-year, the company announced through an exchange filing.
The company has also added five new projects having approximately 7.1 million sq. ft. of saleable area with a potential gross development value of Rs 120 billion across different micro-markets during the quarter.
Lodha collections
The company’s collections during the quarter fell 8 per cent to Rs 24 billion from Rs 26.2 billion for the same time period in the last financial year. However, the company expects the same to pick up in the remaining quarters of the financial year. The company added in the regulatory filing that the collections were impacted by seasonal factors.
Lodha net debt
Lodha's net debt increased 3 per cent to Rs 72.6 billion primarily on account of front-loaded business development investment. It also added that the marginal increase is on a significantly enlarged base of sales and business development.
The company in the regulatory filing said, "We remain on the path to achieve our full year guidance of reduction of net debt to lower of 0.5x equity and 1x Operating Cash flow, with significant debt reduction seen in H2."
Lodha shares
The shares of Lodha on Wednesday at 10:50 am IST were at Rs 694.80, down by 4.55 per cent.
