The company recorded its best-ever quarterly pre-sales of Rs 5,620 crore for the quarter ended December, up 25% along with the addition of five new projects with a Gross Development Value (BDV) of Rs 33,800 crore, the highest ever for a single quarter.
The Mumbai-based developer had already added six locations with a GDV of Rs 25,000 crore in the first half of the financial year.
“During the first nine months of the year, we have recorded our highest ever pre-sales in the first, second and third quarters. We have crossed the Rs 5,000 crore mark in quarterly sales for the first time,” said Abhishek Lodha, MD & CEO, Lodha Developers.
The company entered the National Capital Region market this quarter as part of its growth strategy.
Lodha’s net debt stood at Rs 6,170 crore with a net debt-equity ratio of 0.28x, below the ceiling of 0.5x. Debt underwriting costs for the developer were 7.9% this quarter. “With business development in its early stages, we now expect to moderate land investments in the coming quarters and further strengthen our balance sheet,” Lodha added.
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