Macrotech Developers on Friday reported a consolidated net profit of Rs 160.91 crore for the quarter ended June. The company had posted a net loss of Rs 134.44 crore in the year-ago period.
Total income grew to Rs 1,712.36 crore in the first quarter of this fiscal year from Rs 572.53 crore in the corresponding period of the previous year, the Mumbai-based firm said in a regulatory filing.
Abhishek Lodha, Managing Director and Chief Executive Officer, Macrotech Developers said, “We are on a disciplined growth path with expansion across MMR and Pune region.”
“There are significant growth opportunities in these markets for us given our strong brand and track record of delivering a quality product. We have been able to reduce our debt significantly with consolidated net debt reduced by over Rs 3,600 crore for the quarter enabling to pursue faster growth,” he added.
Lodha said the company focused on housing and digital infrastructure (warehousing, data centres, and industrial parks) and both these asset classes are benefitting significantly from the macro trends in Indian economy.
During the quarter, he said the company has expanded its residential reach in micro-markets such as ‘Western Suburbs MMR’, ‘Eastern Suburbs MMR’, and ‘Eastern Pune’ by executing four joint development agreements with a combined area of 3.3 million square feet and estimated sales value of around Rs 3,500 crores.
“We believe that housing is at the start of a multi-year bull run which will see growth in prices as well as volume,” he said.