Lodha Q1 FY24 Results: Decrease in net profit and revenue

Traders were quick to notice that, despite announcing record pre-sales for the June quarter, Macrotech Developers, known as Lodha, reported a decline in its net profit and revenue. Its debt soared at the same period.

The company's operating revenue was Rs 1,617 crore, down from Rs 2,676 crore in the same period previous year. As a result, its net profit dropped to Rs 179 crore from Rs 271 crore.

The company reported the best-ever first-quarter pre-sales performance of Rs 3,353 crore, in addition to a "very strong" business development of Rs 12,000 crore. According to the company, the new projects include developments in the western Suburbs of Mumbai Metropolitan Region (MMR), Bengaluru, and Alibaug.

Its net debt climbed slightly to more over Rs 7,200 crore, up from more than Rs 7,000 crore in the previous quarter.

According to a regulatory filing, the company's EBITDA margin for Q1 FY24 was 30%.

Source: Media Reports