Lodha Developers Q3 net profit at Rs 960 crore, revenue at Rs 4,670 crore

Realty developer Lodha Developers has reported consolidated net profit of Rs 960 crore for the quarter ended December, up 1% from a year ago. Revenue from operations for the quarter grew 14% year-on-year to Rs 4,670 crore.

After excluding land sales last year, the company’s revenue and net profit have witnessed 29% and 49% rise.

The company recorded its best-ever quarterly pre-sales at Rs 5,620 crore for the quarter ended December, up 25% along with addition of five new projects with Gross Development Value (GDV) of Rs 33,800 crore, the highest ever for a single quarter.

The Mumbai-based developer had already added six locations with a GDV of Rs 25,000 crore in the first half of the financial year.

“For the first nine months of the year, we have recorded our highest-ever first, second, and third quarter pre-sales. We have crossed the Rs 5,000-crore mark in quarterly sales for the first time,” said Abhishek Lodha, MD & CEO, Lodha Developers.

The company entered the National Capital Region market during the quarter as part of its growth strategy.Lodha’s net debt stood at Rs 6,170 crore with net debt-equity ratio of 0.28x, below its ceiling of 0.5x. The developer’s exit cost of debt for the quarter stood at 7.9%.“With the front loading of business development, we now expect to moderate land investment in the next few quarters and further strengthen our balance sheet” Lodha added.