11 Mar , 2025 By : Debdeep Gupta
Shares of Macrotech Developers gained 4 percent to Rs 1,117 in the morning trade on March 11 after the company signed a deal to acquire a 3.4-acre land parcel in Mumbai’s Jogeshwari West from Unichem Laboratories for over Rs 279 crore.
The plot, located at Prabhat Estate off Swami Vivekananda Road, includes an 82,000 sq ft office building that served as Unichem’s registered office until now, The Economic Times reported. In the first nine months of 2024-25, the company added eight new projects across Mumbai Metropolitan Region (MMR), Bengaluru, and Pune, with a total development value of Rs 19,500 crore. This puts the developer past 90 percent of its full-year target.
Last month, brokerages cut their target prices on shares of real estate giant Macrotech Developers, the operator of the Lodha brand, amid a slowing macroeconomic situation and limited visibility on price growth.
The real estate major reported a 66 percent growth in its consolidated net profit for the October-December quarter to Rs 944.4 crore, while the consolidated revenue grew by 39 percent over the same period to Rs 4,083 crore.
The realty firm's pre-sales bookings grew by around 32 percent year-on-year to around Rs 4,510 crore in its best quarter. Collections also increased significantly for the reported quarter to Rs 4,290 crore, higher by 66 percent year-on-year, which Lodha attributed to the "strong execution capability" of the company.
Lodha noted that demand has been robust, with consumers increasingly focusing on buying high-quality homes. Hence, the company believes that, even during a future slowdown or lean period, branded players will be in a good position.
At about 10 am, shares of the company were trading at Rs 1,108, higher by 3.04 percent from the last close on the NSE. Macrotech Developers' share price has crashed over 20 percent since the start of the year.
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