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Lodha Developers Results: Latest Quarterly Results & Analysis

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Lodha Developers Ltd. 31 Oct 2025 11:24 AM
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Q2FY26 Quarterly Result Announced for Lodha Developers Ltd.

Realty company Lodha Developers announced Q2FY26 results

  • Full-year Business Development goal of Rs 250 billion GDV achieved in H1 with addition of 1 new project with GDV of Rs 23 billion in Q2FY26.
  • Q2FY26 PAT increases 87% to Rs 7.9 billion from Rs 4.2 billion in Q2FY25, PAT margin expands to 20.4% from 15.8% in Q2FY25.
  • Adj. EBITDA: Rs 13.1 billion ( 37% YoY).
  • Adj. EBITDA margin at 34.4%.
  • Pre-sales: Rs 45.7 billion ( 7% YoY)
  • Collections: Rs 34.8 billion ( 13% YoY)

Abhishek Lodha, MD & CEO, Lodha Developers, said: “We are pleased to deliver our best ever Q2 performance with pre-sales of Rs 45.7 billion, up 7% YoY. We find strong market momentum with continuing strength in walk-ins and conversions. Our non-launch weekly sales are now approaching Rs 3 billion per week, showcasing the strength of our well-diversified spread of projects. With significant launches planned in H2, following the resolution of the Environmental Clearance process by the Hon’ble Supreme Court in August, we are on track to deliver our full year pre-sales guidance of Rs 210 billion.

This quarter also witnessed our signing of MOU with the Govt. of Maharashtra to setup Green Data Centre Park at Palava. The Park already has 2 anchor operators – AWS (Amazon Web Services) and STT (a Temasek company). On the back of the significant incentives provided by the state government, combined with the encouraging draft policy from the Centre, we expect Palava to emerge as one of the most advanced Data Centre Hubs in the country with scalability to 3 GW and even beyond. We believe that India’s AI journey is just getting started and the Palava Data Centre Park will play a key role in this, and also unlock very significant value for our company.

We are pleased to note that Newsweek has recognized us in their list of the ‘World’s Most Trustworthy Companies’. Lodha is the only real estate company from India on this list, demonstrating the company’s commitment to our stakeholders and society at large.

Low homeownership levels, rising household incomes, low mortgage rates and improving affordability have created an unprecedented opportunity for organized branded developers like us. At Lodha, we see these trends not just as favourable market dynamics, but as the foundation of our long-term strategy. Our focus on design excellence, superior execution, and customer-centricity positions us to capture this demand and deliver sustainable top line growth of 20% year after year. Backed by these structural drivers and our deep understanding of consumer aspirations, Lodha remains well positioned to lead India’s next phase of homeownership growth— bringing world-class living to more families, and creating enduring value for all our stakeholders.

We are pleased that the government has given more disposable income in the hands of the Indian consumer through the recent GST changes. The cut in interest rates is also encouraging. We continue to invest in long-term growth due to our belief in India’s economy and the long-term nature of its real estate upcycle. In Q2FY26, we added one location in MMR with a GDV of Rs 23 billion, in addition to the 5 locations with a GDV of Rs 227 billion that we had already added in Q1FY26. This means that we have thus met the full year guidance of Rs 250 billion in first half of the year itself and are now gearing up for a significant outperformance on this front, which will lay the foundation of predictable and consistent growth for years to come.

Despite the significant investments in business development in the 1st half, our net debt stands at Rs 53.7 billion (0.25x Net Debt/ Equity) - well below our ceiling of 0.5x Net Debt/Equity. Our exit cost of debt for Q2FY26 stands at 8.0% (down 30 bps for the quarter)- among the lowest in the industry.

Our Profit After Tax for Q2 stands at Rs 7.9 billion ( 87% YoY growth) on the back of 45% revenue growth, coupled with significant operating and financial leverage.”

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Realty company Lodha Developers announced Q1FY26 results

  • Q1FY26 PAT increases 42% to Rs 6.8 billion from Rs 4.8 billion in Q1FY25
  • Q1FY26 PAT margin expands to 18.6% from 16.3% in Q1FY25
  • Pre-sales: Rs 44.5 billion ( 10% YoY)
  • Collections: Rs 28.8 billion ( 7% YoY)
  • Revenues from Ops: Rs 34.9 billion ( 23% YoY)
  • Adj. EBITDA: Rs 12.0 billion ( 25% YoY)
  • Addition of 5 new projects with GDV of Rs 227 billion in Q1FY26
  • Robust Adj. EBITDA margin at 34.4%

Commenting on the performance, Abhishek Lodha, MD & CEO, Lodha Developers said, “It is heartening to note that Q1FY26 has turned out to be our best ever 1st Quarter Pre-sales Performance at Rs 44.5 billion, clocking a 10% YoY growth. This performance would’ve been even superior had our sales not been impacted during the two weeks of uncertainty due to the India- Pakistan war.

Structural industry tailwinds on the back of low home-ownership levels, rising household incomes, strong affordability, low mortgage rates, combined with ever-increasing customers’ desire to own quality homes from branded developers like Lodha forms the cornerstone of our business strategy to deliver 20% topline growth on a sustainable basis for the foreseeable future. On the back of interest rate cuts and the benefit from income tax cuts, we are seeing pick up in mid-income demand and we expect this to strengthen in H2 of this FY.

We are pleased to share that we have achieved more than 90% of our FY26 business development guidance in the first quarter itself. We added five projects at marquee locations in MMR, Pune and Bengaluru with Rs 227 billion of GDV potential. This takes the total GDV addition since our IPO to more than Rs 1 tn, spread across 48 projects, which is a testament of the ‘Lodha’ brand attractiveness to land owners and the successful on-ground implementation of our ‘super market’ strategy for land acquisition in each micro-market. Such strong Business Development provides the opportunity and visibility for a consistent, granular and predictable growth over the long term.

Despite the significant investments in business development in this quarter, our net debt stands at Rs 50.8 billion (0.24x Net Debt/ Equity) - well below our ceiling of 0.5x Net Debt/Equity. Our exit cost of debt for Q1FY26 stands at 8.3% (down 40 bps for the quarter)- among the lowest in the industry.

Our Profit After Tax for Q1 stands at Rs 6.8 billion ( 42% YoY growth) on the back of 23% revenue growth, coupled with significant operating and financial leverage.”

Result PDF

Realty company Macrotech Developers announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Pre-sales: Rs 48.1 billion ( 14% YoY).
  • Collection: Rs 44.4 billion ( 26% YoY).
  • Revenues from ops.: Rs 42.2 billion ( 5% YoY).
  • Adj. EBITDA: Rs 14.6 billion ( 9% YoY).
  • PAT: Rs 9.2 billion ( 38% YoY).

FY25 Financial Highlights:

  • FY25 Revenue increases 34% to Rs 137.8 billion from Rs 103.2 billion in FY24.
  • FY25 PAT increases 71% to Rs 27.7 billion from Rs 16.2 billion in FY24.
  • FY25 PAT margin grows to 20% from 15% in FY24.
  • FY25 Pre-sales increases 21% to Rs 176.3 billion from 145.2 billion in FY24.
  • Addition of 10 new projects with GDV of Rs 237 billion in FY25.

Abhishek Lodha, MD & CEO, Macrotech Developers, said: “Our best ever quarterly and annual performance showcases the buoyancy in demand for high quality homes in India from a top-notch brand like Lodha. Driven by the strength of our brand, we delivered pre-sales of Rs 176 billion for FY25, thus meeting our guidance of delivering consistent and predictable 20% growth - now for four consecutive years since our IPO. Our focus on profitable growth has resulted in strong margins and Return on Equity (RoE), which provides us with continued strength to grow. Our strong collections are also indicative of our capability to convert sales into cashflow in a timely manner.

We are extremely pleased that this is the fifth consecutive quarter of achieving pre-sales greater than Rs 40 billion thus showcasing our predictable business model. The quarter also saw the strongest ever collections performance of Rs 44.4 billion which showcases strong execution capability of the organization.

I would like to highlight that our micro market led super market strategy enabled us to deliver Rs 25 billion of Presales in the Western Suburbs of MMR, registering 140% growth on YoY basis. Our new Business Development for FY25 across MMR, Pune and Bengaluru stands at Rs ~237 billion of GDV (10 projects), thus surpassing our full year guidance.

During Q4, we added two more projects in Pune with a GDV of Rs 43 billion. With this, we now have nine locations across Pune. Having achieved over Rs 25 billion of pre-sales in Pune in FY25, the larger base of projects sets us on path to further increase our market share and continue to grow towards becoming the No. 1 developer in Pune. Similarly, we have entered FY26 with five locations in Bengaluru setting the stage for our growth phase.

Despite investments in Business Development in this quarter, we further reduced our net debt by Rs 3.1 billion to Rs 39.9 billion (0.2x Net Debt/ Equity) - well below our ceiling of 0.5x Net Debt/Equity. This is on the back of strong operating cash flow generation of Rs 23.4 billion during the quarter. On the back of strong operating and financial performance, India Ratings upgraded our credit rating to (AA/ Stable). Our exit cost of debt continues to go down and stands at 8.7% (down ~10 bps during the quarter) - among the lowest in the industry.”

Result PDF

Realty company Macrotech Developers announced Q3FY25 results

Financial Highlights:

  • Pre-sales: Rs 45.1 billion ( 32% YoY).
  • Collection: Rs 42.9 billion ( 66% YoY).
  • Revenues from ops.: Rs 40.8 billion ( 39% YoY).
  • Adj. EBITDA: Rs 15.9 billion ( 48% YoY).
  • PAT: Rs 9.4 billion ( 66% YoY).

Other Highlights:

  • Best ever quarterly Pre-sales of Rs 45.1 billion ( 32% YoY).
  • Added fifth project in Bengaluru with GDV of Rs 28 billion.
  • Significant debt reduction of Rs 6.1 billion (Net D/E: 0.22x).
  • Robust Adj. EBITDA margins at ~39%.

Abhishek Lodha, MD & CEO, Macrotech Developers, said: “I am pleased to note that we achieved our best ever quarterly Pre-sales performance of Rs 45.1 billion in Q3FY25. This is the fourth consecutive quarter of achieving pre-sales greater than Rs 40 billion. What is also encouraging is that these strong Pre-sales have come along side robust embedded EBITDA margins of 35%. This demonstrates our focus on delivering consistent and predictable growth alongside good profitability. With this we have achieved Rs 128.2 billion of Pre-sales in the 9MFY25 showcasing ~25% growth. The quarter also saw the strongest ever collections performance of Rs 42.9 billion which showcases strong execution capability of the organization.

We added another projects in Bengaluru with a GDV of Rs 28 billion – our fifth in the city. These new project additions in Bengaluru will provide opportunity to drive pre-sales growth from next FY onwards in the city where we have entered the expansion phase now. Our new Business Development for 9MFY25 across MMR, Pune and Bengaluru stands at Rs ~195 billion of GDV (8 projects), thus achieving 90% of our full year guidance.

We continued making progress towards building our annuity portfolio in a calibrated manner and acquired ~33 acres of land for our Digital Infrastructure (warehousing and industrial) business in the NCR. We also entered into an agreement with our JV partner to further increase stake in our Digital Infrastructure platform.

Despite significant investments in Business Development in this quarter, we reduced our net debt by Rs 6.1 billion to Rs 43.1 billion (0.22x Net Debt/ Equity) - well below our ceiling of 0.5x Net Debt/Equity. This is on the back of strong operating cash flow generation of Rs 24 billion during the quarter. On the back of strong operating and financial performance ICRA revised our credit rating outlook to ’Positive’ (AA-/ Positive). Our exit cost of debt continues to go down and stands at 8.8% (down ~10 bps during the quarter) - among the lowest in the industry.”

Result PDF

Realty company Macrotech Developers announced Q2FY25 results

  • Pre-sales: Rs 42.9 billion ( 21% YoY).
  • Collection: Rs 30.7 billion ( 11% YoY).
  • Revenues from ops.: Rs 26.3 billion ( 50% YoY).
  • Adj. EBITDA: Rs 9.6 billion ( 74% YoY).
  • PAT: Rs 4.2 billion ( 98% YoY).
  • Best ever quarterly Pre-sales of Rs 42.9 billion ( 21% YoY).
  • Four more projects with GDV of Rs 55 billion added.
  • Robust Adj. EBITDA margins at 37%

Abhishek Lodha, MD & CEO, Macrotech Developers said: “We achieved our best ever quarterly Pre-sales performance of Rs 42.9bn in Q2FY25 which is a seasonally weak quarter due to Monsoons. Additionally, the quarter was impacted by the inauspicious ‘Shraddh’ period in September this year (vs. October in FY24) as well as excessive rains. Despite this disruption, we achieved our 3 nd consecutive quarter of Rs 40bn Pre-sales showcasing the consistency and predictability in our business model. What was heartening to note is that these strong Pre-sales have come along side robust embedded EBITDA margins of 34% indicating a continued strong profitability in the underlying business. We have achieved Rs 83bn of Pre-sales in H1FY25 and with the festive season well underway, we are on track to achieve our guidance of Rs 175bn Pre-sales for FY25. Early signs of festive season suggest robust demand for quality branded housing on the back of strong affordability and consumer optimism. Intense competition among mortgage providers coupled with the expected downward trajectory for rate cycle in the H2FY25 will provide further tailwind for the sector especially in the mid-income segment where we have a sizeable presence.

We added two projects each in Pune and Bengaluru with GDV of Rs 17 billion and 38 billion respectively. Our project additions in Bengaluru will enable our planned acceleration from next year onwards. Overall business development for the 1st half of the fiscal stands at Rs 166bn, which is >75% of full year guidance of Rs 210bn. We continue to see a strong pipeline of business development opportunities for our residential business giving us a strong growth visibility.

We are pleased to have completed our first transaction for setting up Data Centers at Palava with one of the largest operators in the world. This marks the emergence of Palava as a key Data Centre hub and we expect demand for this asset class to scale up significantly with the AI and data revolutions that are underway. This is an example of how value will be unlocked at Palava in ways which could not have been foreseen even a few quarters ago.

We also acquired ~45 acres of land for our Digital Infrastructure (warehousing and industrial) business in Chennai, as well as increased our stake in the Digital Infrastructure platform to ~67% (from earlier 33%). This is in line with our strategy to grow annuity income to Rs 15 billion by FY31.

Despite significant investments in Business Development in this quarter, our net debt stands at Rs 49 billion (0.27x Net Debt/ Equity) - well below our ceiling of 0.5x Net Debt/Equity. Our exit cost of debt continues to go down and for 2QFY25 stands at 8.9% (down ~20 bps for the quarter) - among the lowest in the industry. “

Result PDF

Realty company Macrotech Developers announced Q1FY25 results:

  • Pre-sales: Rs 40.3 billion ( 20% YoY)
  • Collection: Rs 26.9 billion ( 12% YoY)
  • Revenues from ops.: Rs 28.5 billion ( 76% YoY)
  • Adj. EBITDA: Rs 9.6 billion ( 107% YoY)
  • PAT: Rs 4.8 billion ( 186% YoY)

Commenting on the performance, Abhishek Lodha, MD & CEO, Macrotech Developers Ltd. said, “Q1FY25 was our best ever 1st quarter with Rs 40.3 billion of Pre-sales – our 2nd consecutive quarter of 40bn pre-sales. The icing on the cake is that these strong pre-sales have come along side robust embedded EBITDA margins of 33%. Delivery of strong pre-sales from diverse portfolio of projects with strong margins showcases the predictability and consistency of our business model. We are enthused by our performance in Pune having achieved Rs ~10bn of pre-sales in Q1 (more than 50% of our pre-sales in Pune in previous year), setting the stage for becoming the largest player in the city in next few years. What is also heartening to note is that this strong 20% YoY growth in pre-sales has come despite inclement hot weather conditions and election season impacting footfalls. We believe we are in early stage of a multi-decade housing up-cycle as India transitions from being a low-income economy to a mid-income economy.

Continuity of growth-oriented policy will likely further support investments and growth in the economy leading to sustenance in housing demand strength. The recently announced union budget also indicates the same. The government’s focus on skilling the work force as well as job creation and incentivizing the ecosystem for the same is laudable as it would enhance productivity and support economic growth. Focus on housing, infrastructure development and urban planning is expected to further provide a boost to housing sector on a continued basis. Other key steps such as reinstatement of interest subsidy for entry level home buyers and reduction in capital gains tax on sale of property are also encouraging for the sector.

We are pleased to note that we have achieved more than 50% of our business development guidance in the first quarter itself. During the quarter, we added three more projects at marquee locations in the MMR and Pune with Rs 111 billion of GDV. On the back of the attractiveness of our brand to land owners and strong balance sheet, we have been able to add new projects worth over Rs 650bn since our IPO following “super market” strategy in each micro-market. The large number of projects tied up across several micro-markets of the cities that we operate in, provide us opportunity to grow on a granular basis in a predictable manner over a longer term.

Despite significant investments in business development in this quarter, our net debt stands at Rs 43.2 billion (0.24x Net Debt/ Equity) - well below our ceiling of 0.5x Net Debt/Equity. Our consistent performance, robustness in business fundamentals and strong balance sheet has enabled credit rating upgrade to ‘AA- (Positive)’ by Crisil. Our exit cost of debt for 1QFY25 stands at 9.1% (down ~30 bps for the quarter) - among the lowest in the industry. “

Result PDF

Realty company Macrotech Developers announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Pre-sales: Rs 42.3 billion ( 40% YoY).
  • Collection: Rs 35.1 billion ( 20% YoY).
  • Revenues from ops.: Rs 40.2 billion ( 23% YoY).
  • Adjusted EBITDA: Rs 13.4 billion ( 37% YoY).
  • PAT: Rs 6.7 billion ( 21% YoY).

FY24 Financial Highlights:

  • Annual pre-sales of Rs 145.2 billion. Best ever quarterly pre-sales of Rs 42.3 billion. 
  • Net Debt down to Rs 30.1 billion.
  • Robust Adjusted EBITDA margins at ~33%.

Commenting on the performance, Abhishek Lodha, MD & CEO, Macrotech Developers said, “Our best ever quarterly and annual performance showcases the buoyancy in demand for high quality homes in India from branded developers. Driven by the strength of our brand, we delivered pre-sales of Rs 145 billion for FY24, thus meeting our guidance of delivering consistent and predictable 20% growth. Our Q4FY24 pre-sales stood at Rs 42.3 billion showing a strong 40% YoY growth.

We received yet another excellent response to our project launch in Bengaluru – our second in the city. We have achieved pre-sales of Rs 12 billion in just two quarters from two operating projects showcasing the brand resonance of Lodha in a new geography. This better than anticipated success provides greater confidence towards advancing our ‘expansion stage’ in Bengaluru.

We are pleased to note that 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 40 billion during the year to Rs ~30 billion which is less than 0.2x of equity. What is heartening to note is that the sharp reduction in net debt has happened along-side addition of new projects of over Rs 200 billion during the year. This makes us unique housing company to achieve the troika of significant pre-sales growth, robust business development, along withsignificant debt reduction showcasing our brand strength and operational prowess. Our enhanced financial strength will provide us an opportunity to accelerate margin as well as top line growth as the capital is invested over the next 6-12 months.

It is pleasing to note that, continuing robustness in business fundamentals and strengthening of the balance sheet has led to further credit rating upgrade - by ICRA to AA-/ Stable. This is our sixth rating upgrade in less than three years – a unique feat for large Indian corporate. Our average cost of funds has further come down to ~9.4% (down 10bps for the quarter).”

Result PDF

Realty company Macrotech Developers announced Q3FY24 results:

  • Strong pre-sales at Rs 34.1 billion ( 12% YoY)
  • Adds 3 new projects for Rs ~60 billion GDV
  • Strong Adj. EBITDA margins at ~37%
  • Collection: Rs 25.9 billion (- 3% YoY)
  • Revenues from ops.: Rs 29.3 billion ( 65% YoY)
  • Adj. EBITDA: Rs 10.8 billion ( 90% YoY)
  • PAT: Rs 5.7 billion ( 179% YoY)

Commenting on the performance, Abhishek Lodha, MD & CEO, Macrotech Developers, said, “Strong underlying demand on the back of rising incomes, ample job creation as well as enhanced consumer confidence enabled us to achieve our best Q3 pre-sales performance of Rs 34.1 billion. In 9MFY24 our pre-sales stood at Rs 103 billion showing a robust 14% YoY growth and remains on track to deliver our full-year guidance of Rs 145 billion.

New tailwinds for housing will further strengthen demand in 2024. The latest communication from global central banks suggests peaking of interest rates and a steady reduction in benchmark rates will commence in 2024. This will likely result in lower home loan rates in India, strengthening demand.

We had an excellent response to our first launch in Bengaluru –the entire phase-1 inventory of the project was sold out within the first three days of the launch. The icing on the cake was that our superior quality product aimed at an upgrade in lifestyle, was priced at a substantial premium to the existing projects in the neighborhood. This success showcases the strength of the brand in new geographies and would help us build further momentum in pre-sales.

Mumbai’s infrastructure upgrade is now becoming operational with the first mega project Mumbai Trans Harbour Link / Atal Setu getting operational earlier this month. We are going to witness a series of such transformational projects getting completed over the next 24 months significantly improving Mumbai’s commute times and leading to improvement in the attractiveness of the Mumbai Region as a place to live and work. In particular, our Palava City is all set to capitalize on several such infrastructure developments unleashing significant growth in both prices and volumes.

During the quarter we have added three more projects for a 2 million square feet area with a GDV of Rs 60 billion taking our 9MFY24 business development to Rs 203 billion – already surpassing our full-year guidance of Rs 175 billion. A substantial high pace of business development showcases the attractiveness of the brand Lodha to landowners leading to a burgeoning pipeline of new attractive opportunities that will enable us to sustainably grow our business in the future. To capitalize on some of these opportunities in the future while keeping our deleveraging journey intact, our board has approved to have enablers in place for raising capital to be pursued if needed.

It is heartening to note that we continue to grow pre-sales and add a substantial number of new projects while sticking to our deleveraging path. Despite significant business development, the net debt for the company remained largely stable during the quarter at Rs 67.5 billion. Reflecting the strengthening balance sheet, our exit cost of debt for the quarter further came down by over 10 bps to ~9.5%. We also exited our UK investments with the receipt of the entire balance as per our earlier communication.”

Result PDF

Realty company Macrotech Developers announced Q2FY24 results:

  • Pre-sales increased by 12% YoY, reaching Rs 35.3 billion.
  • Collection saw a 16% YoY growth, totaling Rs 27.5 billion.
  • Revenues from operations slightly decreased by 0.9% YoY to Rs 17.5 billion.
  • Adjusted EBITDA amounted to Rs 5.5 billion, reflecting a 5.2% YoY increase.
  • Profit after tax (PAT) declined by 42.4% YoY to Rs 2.1 billion.
  • Two new projects with a Gross Development Value (GDV) of approximately Rs 23 billion have been added.
  • Net debt has decreased by Rs 5.4 billion, bringing it to Rs 67.3 billion.
  • Strong adjusted EBITDA margins are at approximately 32%.

Commenting on the performance, Abhishek Lodha, MD & CEO, Macrotech Developers said, “We achieved our best ever quarterly pre-sales performance at Rs 35.3 billion showing 12% YoY growth despite the quarter being the seasonally weakest. Our ‘for-sale’ business has shown a stellar 20% YoY growth for the quarter. With this strong performance, we have achieved pre-sales of Rs 68.9 billion in H1FY24, our best-ever 1st half in terms of Pre-sales. The icing on the cake is that this performance has been delivered despite no new location launches in H1. This showcases our ability to consistently grow our pre-sales predictably with low variability without being dependent on any particular single location market segment or project.

On the ground, demand conditions continue to strengthen on the back of strong affordability and consumer confidence. Persistent consumer desire to own quality homes with superior sets of amenities from branded developers continues to drive consolidation benefiting branded players like us. Intense competition among mortgage providers coupled with RBI pause and the expected downward trajectory for the rate cycle in 2024 means that we have already seen the peak of mortgage rates. Likely reduction in mortgage rates as well as the government’s affordable housing incentives will act as a further tailwind for the demand especially for the affordable segment where we have a significant presence.

During the quarter we have added two more projects for a 1.2 million square feet area with a GDV of Rs 23 billion. With this, we have added Rs ~143 billion of GDV which is over 80% of our full-year guidance of Rs 175 billion of GDV addition. On the back of the strong attractiveness of our brand to land owners and our ability to turn around land assets into cash faster, we have been able to add new projects worth over Rs 480 billion since our IPO following a “supermarket” strategy in each micro-market. Brand Lodha is the most attractive partner to do JDA for landowners who want to maximize the NPV of their land asset, keeping our business development pipeline robust. The large number of projects tied up across several micro-markets of the cities that we operate in provide us the opportunity to grow on a granular basis predictably.

Lodha continues to focus on reducing leverage along with strong business development and is on track to achieve its goal of net debt: equity <0.5x and net debt <1x operating cash flow during the year. During the quarter, the company reduced its net debt by Rs 5.4 billion to Rs 67.3 billion. Recognizing the improving business fundamentals as well as the strength of its balance sheet, Crisil has upgraded the credit rating of the company to ‘A /Stable’. Our exit cost of debt for the quarter stands at 9.6% - among the lowest in the industry.”

 

Result PDF

Realty company Macrotech Developers announced Q1FY24 results:

  • Best Q1 pre-sales of Rs 33.5 billion ( 17% YoY)
  • Adds 5 projects with Rs ~120 billion GDV
  • Robust embedded EBITDA Margin of ~30%
  • Became part of the prestigious FTSE4Good Index Series
  • Pre-sales: Rs 33.5 billion ( 17% YoY)
  • Embedded EBITDA Margins on Pre-sales: ~30%
  • Revenues from ops.: Rs 16.2 billion
  • Adjusted EBITDA: Rs 4.6 billion
  • PAT: Rs 1.8 billion

Commenting on the performance, Abhishek Lodha, MD & CEO, Microtech Developers said, “It is heartening to note that Q1FY24 has turned out to be our best 1st quarter pre-sales performance. Our pre-sales for the quarter at Rs 33.5 billion grew by 17%. Our ‘for-sale’ business has shown a stupendous growth of 30%. This reinforces our belief in the sustainable nature of the strong housing demand. With the likelihood of a downward journey of interest rates in the next few quarters after witnessing a pause by the RBI, we see momentum for housing continuing to strengthen. Robust job creation led by PLI schemes and strong growth of GCCs could offset short-term concerns originating in other parts of the economy. Combined with good affordability and mortgage availability, this housing cycle in India has the potential to continue for more than a decade in our view. Our strong start and industry tailwind have positioned us extremely well on our path to achieving our pre-sales guidance for the year. Strong demand conditions, improving seasonality, along with forthcoming launches at multiple new locations will lead to continuing momentum for our business in FY24.

We have a burgeoning pipeline of business development opportunities on the back of our strong brand and proven ability to quickly monetize any land asset making landowners prefer Lodha. We added five new projects with GDV potential of Rs ~120 billion in Q1FY24. The new projects include projects in the Western Suburbs of MMR, Bengaluru, and Alibaug. Offering at a super-prime location in Alibaug, a market that is starved of tier-1 brands, will not only serve the primary demand from MMR but will also enable us to tap the 2nd home segment. This location is well connected to MMR including through the waterway and is a dream destination for MMR residents. Having proven strength in creating destinations at several locations in the past, this too will provide a significant fillip to our brand, diversity in offerings, and thereby growth.

Our net debt has increased marginally, primarily on account of front-loaded business development investment. We remain on the path to achieving our full-year guidance of reduction of net debt to a lower of 0.5x equity and 1x Operating Cash flow, with significant debt reduction to be seen in H2. It is pleasing to note that, continuing strengthening of the balance sheet has led to further credit rating (or outlook) upgrades for us - by ICRA to A / Positive and by India Ratings to A / Stable. Our average cost of funds continues to trend down despite rising policy rates and was at ~9.65% (down 15bps for the quarter).”

 

 

Result PDF

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US Federal Reserve cut interest rate to a range between 3.5% and 3.75%, the lowest level in almost 3-years at its 3rd consecutive meeting but signaled borrowing costs are unlikely to drop further in the near term. 

Published on 11-Dec-2025 09:05

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