Shares of Macrotech Developers Ltd were trading 4% lower on 25 April after the company announced its quarterly report for January-March. 

The real estate firm reported an 11% year-on-year decline in its consolidated net profit to Rs 665.5 crore for the quarter under review from Rs 744.4 crore reported in the same quarter last year. However, its full fiscal year profit jumped three-fold to Rs 1,549 crore for FY24 from Rs 486.7 crore reported during FY23. 

The company’s total income during the quarter stood at Rs 4,083.9 crore, up from Rs 3,271.7 crore reported in the same quarter of the previous fiscal year. The company’s total income climbed from Rs 9,611.2 crore to Rs 10,469.5 crore in the fiscal year 2023–2024.

Abhishek Lodha, MD and CEO of Macrotech Developers said, “We have achieved our guidance of reducing our net debt well below 0.5x of equity. Robust operating cash flows and our capital raise led to net debt coming down by over Rs 4,000 crore during the year to about Rs 3,000 crore, which is less than 0.2x of equity.” 

According to a prior statement from Lodha to Moneycontrol, the company, which operates under the name Lodha and has offices in Bengaluru, Mumbai, and Pune, may eventually extend into a fourth city. The corporation went on to say that a careful, step-by-step approach is the main component of its business strategy, which includes global development. In November 2023, the business began to make inroads into the Bengaluru real estate sector.

In addition to India’s Bengaluru, Pune, and Mumbai, Lodha has completed projects in the UK. However, the business wants to concentrate on expanding in India.

At 12:10 pm, the shares of Macrotech were trading 4.11% lower at Rs 1,199.05 on NSE.