Macrotech Developers’ net profit rise 31% in Q4 FY21
NEW DELHI: Macrotech Developers (Lodha Developers) has reported a 31 per cent growth in its net consolidated profit during January-March 2021 quarter, the company said in a BSE filing. Its profit after tax (PAT) stood at Rs 312.19 crore in Q4 FY21 as against Rs 238.44 crore it registered in the corresponding quarter previous fiscal.
The company’s net consolidated income stood at Rs 2,611.16 crore during Q4 FY21, a dip of 18% from Rs 3,203.63 crore it recorded in the similar quarter last year.
“We are now expanding our residential reach in parts of Mumbai (MMR) and Pune (PMR) where we are currently not present so that we can provide our high quality developments to a wider cross-section of home buyers – our growth in housing will be driven by the JDA model over the next few quarters, with a focus on affordable & mid-income housing,” said Abhishek Lodha, MD & CEO of the company.
Lodha said that it monetized nearly 165 acres of land in our industrial park under JV/ outright sale with marquee companies such as Morgan Stanley, FM logistics and a US based pharmaceutical company.
The group had given loan to LD UK and its subsidiaries from time to time for its UK business operations. During the year, the group has made provision of Rs 460 crore against the said loans taking into account impact of COVID-19 on UK project which has led to delays in completion with additional cost, the company said in the regulatory filing.
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