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Lodha records Rs 9,000 crore pre-sales in 9 months, continues to reduce debt

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Lodha records Rs 9,000 crore pre-sales in 9 months, continues to reduce debt

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  1. Lodha records Rs 9,000 crore pre-sales in 9 months, continues to reduce debt

  2. Lodha Group, listed as Macrotech Developers, has reported 16% on-year growth in pre-sales for the quarter ended December at Rs 3,035 crore taking its first nine months’ cumulative performance to record level of 9,039 crore. The company’s net debt in India was reduced further by over Rs 750 crore during the quarter to Rs 8,042 crores. Collections for the quarter also rose 26% to Rs 2,682 crore. The country’s largest realty developer has added four new projects across Mumbai Metropolitan Region (MMR) and Pune in its portfolio during the quarter with gross development value potential of Rs 8,500 crores. “Our nine-month pre-sales performance of Rs 9,039 in in 2022-23 has already exceeded the pre-sales achieved in the full year of 2021-22. This sets us up to surpass our pre-sales guidance of Rs 11,500 crores for 2022-23,” said AbhishekLodha, Managing Director, Lodha Group. Despite the upward trajectory of mortgage rates, the robust demand for housing across all segments as well as in different cities including Mumbai and Pune.

  3. This, according to Lodha, evidences the company’s belief that housing demand in India is on a 10-15-year long-term structural upcycle on the back of strong affordability, job creation and income growth. With emerging visibility that the upward trajectory of mortgage rates is likely to end in the first half of 2023, the company believes that 2023 will continue to see strengthening of sales from established developers, who have a track record of high-quality product and reliable delivery. According to him, Lodha continues to remain the preferred partner for landowners looking to generate best value from their land holdings. During the quarter, the developer added four new projects with a saleable area of over 5 million sq ft through the joint development (JDA) route. With this, it has already exceeded the full year guidance for business development of Rs 15,000 crores. In November, Lodha had told ET in an exclusive interaction that the company will be able to exceed its guidance of adding projects with development value worth Rs 15,000 crore in 2022-23 given the consolidation opportunities coming its way. “This reflects availability of land in the targeted micro-markets for Lodha, which in turn provides visibility for us to deliver on our goals of 20% pre-sales growth with 20% return on equity (RoE),” he added.

  4. Despite heightened business development activity, the developer has continued to reduce its leverage. The net debt now stands reduced by Rs 753 crore at Rs 8,042 crores. In the next two quarters, the company is targeting net debt of less than 0.5 times Equity and less than 1 time its operating cash flow.

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