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New Delhi: Macrotech Developers It has registered a growth of 38.69 per cent in its net profit during the quarter ended March 2023. Its Profit After Tax (PAT) stood at Rs 746.18 crore in Q4FY23 as against Rs 538.02 crore reported in the corresponding quarter of previous FY23. the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 3,271.71 crore, a decline of 6.04 per cent from Rs 3,481.92 crore reported in the same quarter last year.
“We outperformed our annual guidance by registering pre-sales of Rs 12,064 crore for FY23, thus registering a 34% YoY growth. Driven by strong demand fundamentals and supply consolidation, we look forward to a 20% YoY growth over the prior year. Very confident of achieving CAGR of sales over the medium term. Correspondingly, we expect our pre-sales to grow to ~Rs 14,500 crore in FY24. Abhishek LodhaMD & CEO of the company.
The company’s consolidated income for FY23 stood at Rs 9,611.16 crore, while PAT stood at Rs 489.42 crore, it said in the regulatory filing.
During the quarter ending March 2023, the Company has allotted 43,449 Equity Shares of face value of Rs 10 each on exercise of options granted under ESOP Plan 2021-I and ESOP Plan 2021-II.
The Board of Directors recommended a final dividend of Rs 2 on each fully paid ex-bonus share of Rs 10 each for the financial year ending March 2023, i.e. 20%.
“We have started paying dividend from this year. Our Board took note of the strong performance and decided to reward the shareholders through 1:1 Bonus issue as well as Dividend INR 2/share (ex-bonus) Decided. As informed earlier. As per our dividend policy, we intend to pay 15% to 20% of our PAT as dividend (subject to staying below our internal debt limit),” Lodha he said.
As on March 31, 2023, it had a net worth of Rs 12,229.39 crore, debt equity ratio of 0.74, debt to total assets of 0.23, operating margin of 29.67% and net profit margin of 22.81%.
Macrotech Developers said it has reduced its net debt by Rs 2,229 crore to Rs 7,071 crore in FY23, out of which a reduction of Rs 971 crore was achieved in Q4 FY23. The company was able to significantly reduce interest cost during the year despite a 250 bps increase in policy rates: the average cost of debt for Lodha declined by ~70 bps to 9.8% during the year.
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