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Lodha Group pre-sales cross Rs 3,000 crore in December quarter, reduces debt by Rs 750 crore

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Lodha Group pre-sales cross Rs 3,000 crore in December quarter, reduces debt by Rs 750 crore

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  1. Lodha Group pre-sales cross Rs 3,000 crore in December quarter, reduces debt by Rs 750 crore

  2. Real estate major Lodha Group, listed as Macrotech Developers, reported a growth of 16 percent on a year-on-year basis in pre-sales at Rs 3,035 crore in three months ended December 2022, marking its best quarterly performance. In comparison, the company had posted pre-sales of Rs 2,608 crore in the December 2021 quarter. Pre-sales for the nine months of the current financial year reached Rs 9,039 crore, growing 62 percent from the same period in financial year 2022. The company said that they are now on track to surpass their full-year pre-sales guidance of Rs 11,500 crore. Collections for the quarter grew 26 percent from last year to Rs 2,127 crore. Macrotech Developers said its net debt has dropped by Rs 753 crore to Rs 8,042 crore in the December 2022 quarter. The realty major added four new projects during the quarter with a saleable area of 5 million square feet and gross development value of Rs 8,500 corre across the Mumbai Metropolitan Region (MMR) and Pune.

  3. Macrotech has already exceeded its full-year guidance of Rs 15,000 crore in gross development value with GDV in nine months reaching Rs 17,800 crore. "This reflects availability of land for Lodha in the targeted micro-markets and landowners desire to partner with us to get the best NPV of cash flows on their land. This in turn provides growth visibility for us," the company said. Shares of Macrotech Developers are trading 0.4 percent higher at Rs 1,081.15.

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