The share price of Macrotech Developers gained over five percent in early trade on Thursday after the company reported its business update for the first quarter of fiscal 2022.
Macrotech Developers, erstwhile Lodha Developers, recorded pre-sales of Rs 957 crore in Q1FY22, up 88 percent from Rs 509 crore in the year-ago quarter. However, pre-sales were down by 62 percent from Rs 2,531 crore in the March 2021 quarter.
“While April and May had very limited pre-sales on account of the second Covid wave in India, June saw pre-sales of Rs 654 crore. This pick-up in June is despite some continuing Covid related restrictions in our operating markets. Subject to no further Covid related disruptions, we are on track to meet our pre-sales guidance previously communicated,” Macrotech Developers said in an exchange filing on Thursday.
Collections rose 346 percent to Rs 1,714 crore from Rs 384 crore, YoY. It was down 18 percent QoQ.
The company’s consolidated net debt was reduced by Rs 3,600 crore in Q1FY22 versus Rs 544 crore in Q4FY21 and Rs 71 crore in Q1FY21.
The company entered into Joint Development Agreements (JDAs) for two new projects in this quarter totalling 1.5 million sq ft of saleable area.
At 10:20 am, the shares of Macrotech Developers were trading 3.82 percent higher at Rs 689.10 apiece on the BSE.