On January 27, 2024, Macrotech Developers Limited (BSE, NSE: LODHA) announced its Q3 2023-24 results, delivering the best-ever third-quarter pre-sales at ₹34.1 bn (+12% YoY), and adding three new projects worth ₹~60bn GDV in the quarter.
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Macrotech (Lodha) Developers Q3 Result Takeaways
Here are the main highlights of the results for Q3 FY24:
- In Q3 FY24, the Company recorded Pre-sales at ₹34.1bn, a rise of 12% YoY.
- For Q3 FY24, the Company’s total collection stood at ₹25.9bn, a decline of 3% YoY.
- The Company’s Revenue from Operations stood at ₹29.3bn, an increase of 65% YoY.
- The Adj. EBITDA for the Company was at ₹10.8bn, a 90% rise on a YoY basis. The Adj. EBITDA margin was sustained at ~30%, with Pro-forma RoE standing at 18-20%.
- The Company’s PAT (Profit After Tax) surged to ₹5.7bn, a sharp rise of 179% YoY.
Additional Read: Q3 Results Dashboard
Highlights from the Management
The MD and CEO of Macrotech Developers had some details of the results to offer, and these are shared below:
- The Company has achieved robust demand due to increasing income, greater job creation, and a boost in consumer confidence, enabling the Company to earn its highest-ever Q3 pre-sales.
- In Q3 FY24, the Company received a positive response to its first property launch in Bengaluru, with the Phase-1 inventory of the project being sold out in the initial three days of the launch.
- During Q3 FY24, the Company added 3 fresh projects to its portfolio, covering a 2-million square feet area with a GDV of ₹60bn, surpassing guidance.
- The Company’s Net Debt stayed stable and was at ₹67.5bn.
- In Q3 FY24, the Company had a healthy Balance Sheet with the Company’s exit cost of Debt decreasing more than 10bps, to ~9.5%.
- In Q3 FY24, the Company entirely exited its UK investments and received its total balance as per an earlier Company communication.
- Apart from the promising figures that the Company has delivered for Q3 FY24, the Company remained committed to its ESG initiatives. It was included in the prominent Dow Jones Sustainability Index (DJSI) 2023, earning a top score of 77 out of 100 in the S&P Global Corporate Sustainability Assessment (CSA), attaining a ranking of the 3rd most sustainable real estate company on the global stage.
Q3 Results Make Lodha a Top Property Developer
Contributing to a resilient Q3 FY24 performance, the Company displayed exemplary achievements, aligned with its operational and financial prowess. Key achievements are mentioned below:
- The Company boasts a well-diversified portfolio earmarked by growth with more than providing 30+ operating projects resulting in high sales figures.
- The Company has a strong footprint in the segments of premium, luxury, affordable, and mid-income with ~60% sales from the mid-income and affordable side of the business.
- The Company concentrated on 3 major cities for its primary home sales, contributing to ⅔ of its total sales, with ₹1.75 tn being earned.
- The Company boasts more than a 10% market share in the region of MMR.
- The Company has displayed accelerated growth in Pune and launched its first successful project in Bengaluru.
- Regarding brand awareness, the Company is at the top of the competition with 46% amongst real estate brands in Mumbai and 31% in Pune.
- In Q3 FY24, the Net Worth of the Company stood at ₹135.8 Bn.
Financial Results at a Glance
Here is a glimpse of the financial results of Q3 (figures in ₹ Bn as expressed by the Company’s Q3 results, except where indicated otherwise):
| Metrics | Q3 FY 2023-24 | Q3 FY 2022-23 | Growth % |
| Revenue | 29.3 | 17.7 | 65.2% |
| Adjusted EBITDA | 10.8 | 5.6 | 90.3% |
| Adjusted EBITDA % | 36.7% | 31.8% | 490bps |
| Adjusted PAT | 5.7 | 2.0 | 178.7% |
Q3 FY24 Result Summary
Driven by a passion and a drive for excellence in the execution of projects, Lodha is considered India’s leading real estate developer spanning a portfolio of residential, infrastructure, and commercial developments across Indian cities. To date, the Company has generated ~95 million square feet of real estate. The Company is presently in the process of developing over 110 million square feet, within its planned and continuing portfolio. The Company has long since set benchmarks in the real estate industry with its distinct self-contained properties with landmark facilities and open spaces. The Company also has the distinction of being committed to transforming into a net zero carbon emission enterprise by 2035. With an evolving Digital Infrastructure business, Lodha has witnessed success in a short span, making a name for itself and gaining a competitive edge in key cities like Mumbai and Pune.
Additional Check: Macrotech (Lodha) Developers Share Price
The Company has, yet again, proved its worth in the real estate market, with success milestones at its core, in Q3 FY24. In terms of its business operations, it has gone beyond guidance. Concerning financial performance, the Company’s Operating Leverage has led to higher Adjusted EBITDA and PAT margins in Q3 FY24. Besides the sale of key properties developed in major cities, the Company generated rental income from its major warehousing projects, namely the Schlumberger and Skechers facilities generating rent from Q3 FY24. The Company has also witnessed substantial traction from top firms for leasing at its DI Park. Intending to generate recurring income for the Company, Lodha is in pursuit of land acquisition in Maharashtra, NCR, and Bengaluru. The Company has received robust potential demand from diverse industries for the development of commercial property. The Company is on track with its future projects for Q4 FY24 and launches in the coming months, maintaining its deleveraging path while growing significantly in pre-sales areas.
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Source: Macrotech Developers Investor Presentation on BSE
