Macrotech aims to trim net debt to below Rs 6,000 cr by March: MD Lodha
27/11/2023
new delhi, nov 26: Realty firm Macrotech Developers aims to bring down its net debt to below Rs 6,000 crore by March next year from Rs 6,730 crore at the end of September quarter with the help of better cash flow.
Macrotech Developers, which markets its properties under Lodha brand, has a presence in Mumbai Metropolitan Region (MMR), Pune and Bengaluru markets.
"We have reduced our net debt by about Rs 540 crore in the second quarter of this fiscal to Rs 6,730 crore. Our target would be to reduce debt to below Rs 6,000 crore by end of this fiscal year," Macrotech Developers Managing Director and Chief Executive Officer Abhishek Lodha told PTI.
The aim is to keep net debt below operating cash flow, which is estimated to be Rs 6,000 crore during 2023-24, he said.
Lodha said the company had a strong performance during the September quarter on all important metrics sales bookings, collections of fund from customers against sales and acquisition of new land parcels for business development. "Our focus as a business is about delivering steady and predictable growth. The first half of this fiscal year shows that we are doing that with consistency. We have achieved 48 per cent of our sales guidance for FY24 and 80 per cent of our business development guidance and our embedded EBIDTA margin remains strong at 30 per cent," he said.
On operational front, Macrotech Developers achieved sale bookings of Rs 6,890 crore during the first six months of this fiscal as against Rs 6,000 crore in the same period of previous year.
With strong launch pipeline, Lodha exuded confidence that the company would easily achieve the Rs 14,500 crore sales booking target fixed for the current fiscal year as against Rs 12,070 crore in the previous year.
Macrotech Developers launched 3.7 million square feet area worth nearly Rs 4,000 crore in the April-September period.
"We plan to launch 8 million square feet area in the second half of this fiscal with an estimated sales value of around Rs 12,000 crore," Lodha said.
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