Macrotech Developers Q2 net profit zooms 109%, co posts highest quarterly pre-sales

Realty firm Macrotech Developers Ltd on Friday (October 25) reported a 108.63% year-on-year (YoY) jump in net profit at ₹423 crore for the second quarter that ended September 30, 2024.

In the corresponding quarter of the previous fiscal, Macrotech Developers posted a net profit of ₹202.8 crore, the company said in a regulatory filing. Revenue from operations spiked 50.1% to ₹2,625.7 crore against ₹1.749.6 crore in Q2 of FY24.

At the operating level, EBITDA surged 69.9% to ₹648.3 crore in the second quarter of this fiscal over ₹381.8 crore in the year-ago period.

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The EBITDA margin stood at 24.7% in the reporting quarter against 21.8% in the corresponding period of FY24. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Macrotech Developers reported its highest-ever quarterly pre-sales of ₹4,290 crore in Q2, marking a 21% YoY increase. The company added four new projects across Pune and Bengaluru, contributing to a gross development value (GDV) of ₹55 billion.

Despite the traditionally slow ‘shradhh’ period, which fell in September this fiscal year, Macrotech Developers achieved robust results. Additionally, Macrotech sold the land at Palava for approximately ₹12 crore per acre to a global data centre company, enhancing Palava’s standing as a data centre hub.

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The company recorded collections of ₹3,070 crore, up 11% YoY, and revenues from operations reached ₹2,630 crore, reflecting a 50% increase from the previous year. Adjusted EBITDA was reported at ₹960 crore, representing a 74% growth over Q2 FY24, with a strong adjusted EBITDA margin of 37%.

Abhishek Lodha, MD and CEO of Macrotech Developers, said, “Despite this disruption, we achieved our third consecutive quarter of ₹40bn+ pre-sales showcasing the consistency and predictability in our business model. What was heartening to note is that these strong pre-sales have come alongside robust embedded EBITDA margins of 34% indicating a continued strong profitability in the underlying business. We have achieved ₹83bn of pre-sales in H1FY25 and with the festive season well underway, we are on track to achieve our guidance of ₹175bn pre-sales for FY25.”

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The results came after the close of the market hours. Shares of Macrotech Developers Ltd ended at ₹1,081.50, down by ₹16.35, or 1.53%, on the BSE.