Macrotech net debt rises 43.5% to Rs 4.3K cr in Q1 on higher capex for land

Realty firm Macrotech Developers Ltd's net debt rose 43.5 per cent to Rs 4,320 crore during the first quarter of this fiscal year due to higher investment in land acquisition and construction.

Mumbai-based Macrotech Developers, which sells its projects under the Lodha brand, is one of the leading developers in the country.

According to its latest investors presentation, the company's net debt stood at Rs 4,320 crore as of June 30, 2024, against Rs 3,010 crore at the end of the March quarter of 2023-24.

The net debt stood at Rs 4,320 crore, 0.24 times equity, well below the ceiling of 0.5 times equity, the presentation said.

The investment in growth led to an increase in net debt, the company added.

According to a transcript of discussions with analysts, Macrotech Developers MD and CEO Abhishek Lodha said, "In spite of the significant level of business development plus a significant ramp up in construction spend in this quarter, our net debt stood at Rs 4,300 crores, which is 0.24