Macrotech Developers, popularly known as Lodha, exhibited impressive momentum in the stock market, witnessing a more than 4% surge in intraday trade on Tuesday, October 31. The stock, opening at ₹769.70 compared to the previous close of ₹759.60, experienced a notable 4.5% rise, reaching an intraday high of ₹794.
The company’s robust performance was underlined by its announcement on Saturday, October 28. In what is traditionally considered its weakest quarter, Macrotech Developers showcased its best-ever pre-sales performance, recording a remarkable 12% year-on-year (YoY) growth. This achievement was complemented by consistent debt reduction and substantial progress in business development.
As per the company’s official filing with the stock exchange, Macrotech Developers’ pre-sales figures for Q2FY24 reached ₹3,530 crore, marking a noteworthy 12% increase YoY. Despite challenges, the revenues from operations for the quarter amounted to ₹1,750 crore, showing resilience despite a marginal 0.9% decline YoY. Profit After Tax (PAT) stood at ₹210 crore for the quarter, reflecting a 42.4% dip compared to the previous year.
As of 1:51 PM, the shares continued to trade on an upward trajectory, showing a 3.60% rise at ₹787.55.
