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Macrotech to invest Rs 3.8k cr in FY23 on realty projects' construction

Macrotech to invest Rs 3.8k cr in FY23 on realty projects' construction as per MD Abhishek Lodha

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Macrotech to invest Rs 3.8k cr in FY23 on realty projects' construction

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  1. Macrotech to invest Rs 3.8k cr in FY23 on realty projects' construction: MD AbhishekLodha Asked about deliveries of projects, he said the company delivered 6,000 housing units last fiscal year and the target is 10,000 units for 2022-23

  2. Realty firm MacrotechDevelopers will invest Rs 3,800 crore this fiscal year on construction of its various ongoing and new projects as it has set a target to deliver 10,000 homes by next March, a top company official said. • The company, which got listed last year by raising Rs 2,500 crore through its Initial Public Offer (IPO), markets its product under the Lodha brand. • In an interview with PTI, Macrotech Developers MD and CEO AbhishekLodha said: "We spent about Rs 2,600 crore on construction last fiscal year. Our construction spend is estimated at Rs 3,800 crore during the current fiscal."

  3. He attributed the increase in expenditure on construction to a significant rise in number of projects being executed and a strong pipeline of new launches. • Moreover, Lodha said the construction work got affected during June quarter last fiscal year because of the second wave of the COVID pandemic. • Bullish on housing demand, Macrotech Developers has set an aggressive target to grow its sales bookings by 27 per cent during the current fiscal year at Rs 11,500 crore as against Rs 9,024 crore in the previous year. • Out of the total target of Rs 11,500 crore, the company expects sales bookings of Rs 10,500 crore from residential segment and the rest from sales of commercial assets.

  4. Macrotech Developers has reported a multi-fold jump in consolidated net profit at Rs 1,202.37 crore for the last fiscal year on higher revenue and pre-sales. • Its net profit stood at Rs 40.16 crore in 2020-21. • Total income rose to Rs 9,579.17 crore in 2021-22 from Rs 5,771.65 crore in the previous fiscal year. Mumbai-based Macrotech Developers is one of the leading real estate developers in the country.

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