The company’s operational revenue came in at Rs 1,617 crore, tumbling from Rs 2,676 crore in the same quarter of 2022. Subsequently, its net profit also slipped to Rs 179 crore, down from Rs 271 crore.

As of 01.40 pm, Macrotech Developers shares were trading at Rs 744, up 2.36% on BSE, recovering from the losses during the early trading hours.

The company described its best-ever Q1 pre-sales presentation at Rs 3,353 crore and a “very robust” business expansion of Rs 12,000 crore. The company mentioned that the new projects included the Western Suburbs of the Mumbai Metropolitan Region (MMR), Bengaluru, and Alibaug.

Its net debt augmented slightly to over Rs 7,200 crore versus Rs 7,000 crore from the previous quarter.

In a regulatory filing, the company held that its EBITDA margin for Q1 FY24 was 30%.

Abhishek Lodha, MD & CEO of Macrotech Developers, stated that pre-sales for the quarter at Rs 3,353 crores rose by 17%. The ‘for-sale’ business gave spectacular growth of 30%. This strengthens the belief in the sustainable nature of the robust housing demand. With the downward journey of interest rates in a few quarters after the RBI pause, momentum for housing continues to strengthen accordingly.

Additionally, Lodha said net debt had augmented marginally, primarily amid front-loaded business development investment. The business aims to achieve full-year guidance on reducing net debt to 0.5x equity and 1x Operating Cash flow, with significant debt reduction in H2.