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

VoM News Desk | October 5, 2023 | 02:29 PM IST | Breaking News |

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, 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.

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

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