Lodha Group Q3FY22 results: Profit rose 23.59% YoY to Rs 286 crore

Mumbai-based Macrotech Developers (Lodha Group) today reported a 23.59 per cent YoY rise in the consolidated profit of Rs 286.38 crore posted for the quarter ended December 31, 2021. It had posted a profit of Rs 231.71 crore in the corresponding quarter of the previous financial year. PAT adjusted for forex rose 124% YoY to Rs 279 crore.

The company's revenue from operations grew 36 per cent YoY to Rs 2,059.44 crore as against Rs 1,514.10 crore posted last year. EBITDA grew 2.77 per cent to Rs 485.78 crore in Q3FY22 as against Rs 472.68 crore posted last year in the same quarter.

The company in a statement said, "On the back of the continued strength in housing demand and its strong brand, the company reported its best Pre-sales in the last 12 quarters. For the October - December quarter, Lodha had 40 per cent growth in pre-sales and 44 per cent growth in collections compared to Q3FY21."

Total pre-sales stand at Rs 4,518 crore. India Pre-sales grew 40 per cent to Rs 2,608 and UK pre-sales stood at GBP 191 million (Rs 1,910 crore). Collections grew by 44 per cent YoY to Rs 2,127 crore.

Abhishek Lodha, MD & CEO, Macrotech Developers Ltd said, "Housing market has seen a remarkable turnaround in last 12 months. The fact that this strong performance comes on the back of an equally strong base of the previous quarter, as well as the same quarter in FY21, showcases that the recovery in the housing market has taken root and the multi-year up-cycle in the housing market is well underway. We are witnessing strong demand across our portfolio and at all price points."

During the quarter, net debt for the India business came down sharply to Rs 9,896 crore thus achieving the full-year guidance for FY22. The company also was able to bring down interest costs. Macrotech's average cost of debt has come down from 12.3 per cent in March 2021 to 11.1 per cent in December 2021 and will continue to follow the downward trajectory.

New borrowings in single-digit interest rates are already reflecting improved financials and the balance sheet of the company.

During the quarter the company received a significant endorsement of its ESG practices. The company bagged exceptional scores in the S&P Global Corporate Sustainability Assessment and was among the top 13 per cent of global real estate companies assessed by S&P Global.

On the Covid front, the company has conducted an intensive Covid-19 vaccination program leading to more than 60,000 vaccinations to our employees and 3rd party workers, their dependents, as well as residents in Lodha developments. In line with government norms, the Macrotech has extended its vaccination programs for booster doses as well as to children of our employees in the age group of 15-18 years.