Macrotech Developers bets on strong demand uptick; says price growth higher than 5% for some projects
May 16, 2022 | By LODHA
Realty firm Macrotech Developers came out with its Q3 earnings. The company posted a 24 percent increase in consolidated net profit at Rs 286.38 crore for the quarter ended December 2021. Its net profit stood at Rs 231.71 crore in the year ago period. Total income for the period under review too increased to Rs 2,148.74 crore as against Rs 1,599.77 crore in the corresponding period of the previous year.
In an interview with CNBC-TV18, Abhishek Lodha, MD & CEO, Macrotech Developers, shed light on the company’s Q3 performance and its outlook.
Lodha mentioned that demand is very strong. He expects the strong momentum to continue on a quarter-on-quarter (QoQ) basis.
"I think the momentum on the ground, when it comes to housing, is very strong. We are going to see ongoing growth in order to get housing to be the right contributor to the economy and we will see that this momentum keeps building up on a quarter-on-quarter (QoQ) basis ," he said.
He mentioned that price growth is higher than 5 percent for some projects.
"We have seen price growth now coming in for this year. We have seen price growth in the last quarter. We have seen price growth in the last three quarters. And for the full year, this year, we are looking at about a 5 percent price growth across our portfolio and in parts, it is higher than that," he said.
On merger with National Standard (India), he mentioned that it is subject to shareholder approval.
He explained, "In relation to National Standard (India) Limited, the merger will be subject to the approval of the majority of the minority shareholders of National Standard (India) Limited."
"We had raised our concern and brought that to the attention of the authorities a few weeks earlier that the price does not reflect the underlying business of the company. But it is not our job to decide whether the share price is wrong or right. We have written to the concerned exchanges about this," he added.