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.
