Macrotech Developers and Sobha came out with updates and sounded fairly upbeat with a strong show in the second quarter of FY22.
Macrotech Developers saw pre-sales growth of 88 percent on a year-on-year basis and collections were up 73 percent YoY basis. Meanwhile, the company’s net debt of the India business went down on a YoY basis but on a quarter-on-quarter basis, it was flattish to the tune of Rs 12,508 crore. It is the best ever sales performance for the second quarter of any financial year for the company.
According to the firm, the collections in July and August were muted on account of slow sales in Q1 due to the second wave of COVID-19. However, it remained confident of achieving pre-sales target of Rs 9,000 crore and net debt target of Rs 10,000 crore in FY22.
Sobha, on the other hand, reported record-high sales. The volumes were highest for the company at 1.35 million square feet. Sales value came in at Rs 855 crore and was up 49 percent sequentially and 60 percent on a YoY basis.
The company said it has been able to reduce net debt in this quarter and it is because collections have improved. Sobha’s average cost of borrowing has come down further. It has also launched two projects, one each in Bengaluru and Chennai. Meanwhile, the projects in Gurugram, Pune, and Gift City saw an increase in volumes to the tune of two to six times.