Macrotech Developers witnesses over 2% drop in stock amidst profit-booking surge

Macrotech Developers, operating under the Lodha brand, experienced a more than 2% decline in shares during the opening trade on January 29. Investors engaged in profit-booking after the company posted impressive growth across key metrics in the third quarter of the current financial year.

The stock, which has witnessed a remarkable surge of over 40% in the past three months, provided investors with an opportunity to capitalize on partial profits. Macrotech Developers traded at Rs 1,039.60 on the National Stock Exchange.

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For the December quarter, the real estate developer reported a 24.4% year-on-year increase in net profit, reaching Rs 503.3 crore. The revenue witnessed a substantial surge of 65.2%, reaching Rs 2,930.6 crore in Q3.

Notably, Macrotech Developers achieved its best-ever third-quarter pre-sales performance at Rs 3,410 crore, reflecting a robust 12% year-on-year growth. The dip in stock value amidst profit-booking does not diminish the positive financial performance observed by the company in the recent quarter.