Macrotech Developers profit up 31% at Rs 312 crore in fourth quarter

• Follow

New Delhi: Realty firm Macrotech Developers on Friday reported a 31% increase in its consolidated net profit at Rs 312.19 crore for the fourth quarter of last financial year despite lower income.

Its net profit stood at Rs 238.44 crore in the year-ago period, the Mumbai-based firm said in a regulatory filing. This is the company’s first quarterly result after getting listed on the stock exchanges in April.

Total income fell to Rs 2,611.16 crore during the January-March period of last financial year from Rs 3,203.63 crore in the corresponding period of the previous year.

For the full 2020-21 financial year, net profit declined to Rs 47.88 crore from Rs  741.52 crore in the previous year. Total income also fell to Rs 5,771.65 crore in the last financial year from Rs 12,560.98 crore in 2019-20 fiscal.

Macrotech said the group had given a loan to Lodha UK and its subsidiaries from time to time for its London business operations.

“During the year, the group has made provision of Rs 46,000 lakhs against the said loans taking into account impact of Covid-19 on UK project which has led to delays in completion with additional cost,” the company said.

Last month, Macrotech Developers successfully launched its initial public offer (IPO) to raise Rs 2,500 crore.

The company, which was formerly named Lodha Developers, is one of the leading real estate firms in the country. It has a major presence in the Mumbai Metropolitan Region.