TwitterFacebookInstagramPinterestYouTubeTumblrRedditWhatsAppThreads
Skip to content
VoM News > Breaking News > Sobha and Macrotech Developers Report Strong Q2 FY24 Sales, Shares Rally

Sobha and Macrotech Developers Report Strong Q2 FY24 Sales, Shares Rally

    Sobha and Macrotech Developers Report Strong Q2 FY24 Sales, Shares Rally

    Sobha and Macrotech Developers Report Strong Q2 FY24 Sales, Shares Rally

    Sobha Records Sales Worth ₹1,723.8 Crore in Q2 FY24

    • Sobha, a Bengaluru-based property developer, reported sales worth ₹1,723.8 crore in the quarter ending September 2023, a 48.1% growth from the year-ago quarter.
    • The company achieved its highest-ever quarterly new sales area of 1.69 million sq ft in Q2 FY24, up 26.1% YoY.
    • Sobha also achieved a milestone of quarterly sales of over 1,000 homes, and its GIFT City projects recorded their best quarter.
    • The average price realization was ₹10,223 per sq ft, representing a 17.4% YoY growth.

    Macrotech Developers Achieves Best Ever Quarterly Pre-sales Performance

    • Macrotech Developers, also known as Lodha, reported its best-ever quarterly pre-sales performance of ₹3,530 crore in Q2 FY24.
    • Despite not launching any new locations in H1 FY24, the company achieved 48% of its FY24 pre-sales guidance.
    • Macrotech Developers added two new projects totaling around 1.2 million sq ft of saleable area and ₹2,300 crore Gross Development Value (GDV) in the July-September quarter.
    • The company has already achieved ₹14,300 crore of new business additions in H1 FY24, surpassing 80% of its FY24 guidance.
    • Macrotech Developers reduced its net debt by ₹540 crore during the quarter to ₹6,730 crore.

    Share Price Rally

    • Sobha’s share price increased by as much as 4.23% to ₹690.90 apiece, while Macrotech Developers’ shares gained as much as 3.20% to ₹773.95 apiece on the BSE.
    • Both developers reported robust sales and pre-sales figures for the second quarter of FY24.
    VoM News Desk
    VoM News Desk

    VoM News is an online web portal in jammu Kashmir offers regional, National & global news.