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.
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.