Macrotech Developers shares soar to record high; what has investors all excited?

Macrotech Developers (LODHA) said its pre-sales for the April-December period increased 14 per cent on a year-on-year basis to Rs 10,300 crore.

Macrotech Developers said it received "excellent response" for its first project in Bengaluru that sold out in three days. | Representational image | Image: Unsplash

Macrotech Developers (LODHA) shares zoomed to a record high on Friday, January 5, after the real estate company released a strong business update for the October-December period. The stock gained by as much as Rs 100.3, or 9.1 per cent, to Rs 1,198.8 apiece on BSE, surpassing an existing peak of Rs 1,125.9 apiece registered the previous day.

In a regulatory filing, released ahead of the market hours on Friday, Macrotech Developers reported pre-sales growth of 12 per cent to Rs 3,410 crore for the third quarter of the financial year compared with the corresponding period a year ago. That took the company's pre-sales for the April-December period to Rs 10,300 crore, marking an increase of 14 per cent on a year-on-year basis.

The company said the pre-sales were its best in a fiscal third quarter, and that it was on track to deliver its full-year pre-sales guidance of Rs 14,500 crore.

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Macrotech Developers said its strong performance was "despite the inauspicious ‘sraddha’ period falling in October". The company received "excellent response" for its first project in Bengaluru that sold out in three days, showcasing its brand strength in new geographies, it said.

The real estate developer said its net debt remained largely stable during the quarter, at Rs 6,750 crore.

(This story will be updated shortly)

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