Macrotech Developers net debt falls 23% in Q1 to Rs 12,435 crore

Macrotech Developers has reduced net debt by 23% during the first quarter of this fiscal year to Rs 12,435 crore and targets to bring down its borrowings to below Rs 10,000 crore level.

Macrotech Developers, which markets its properties under ‘Lodha’ brand highlighted that the net debt stood at Rs 12,435 crore at the end of the June quarter as against Rs 16,076 crore as on March 31, 2021.

In April, Macrotech Developers got listed on the stock exchanges after raising Rs 2500 crore through its Initial Public Offer (IPO).

The company’s collection (from home buyers) jumped over four fold to Rs 1,714 crore in the first quarter of this fiscal from Rs 384 crore in the year-ago period.

The proceeds from IPO and higher collections from customers helped the company in reducing its debt.

On Friday, the company reported a consolidated net profit of Rs 160.91 crore for the quarter ended June. It 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.