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Macrotech Developers to infuse Rs 2,800 cr in FY22

Monday, 17 May 2021
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Macrotech Developers, a realty developer, will double its investment on construction to Rs 2,800 crore in FY22 to speed up works at various projects which were hampered in FY21 due to the COVID-19 pandemic and a nationwide lockdown. 
The company got listed on the stock exchange in April 2021 after successful launch of its Rs 2,500 crore initial public offering (IPO).
The company remains bullish on the real estate sector, especially the residential property market, despite the second wave of the COVID-19 pandemic. The housing demand has been slow during April-May 2021, but it is likely to pick up from June 2021. 
The company will mainly focus on development of residential and warehousing properties in the Mumbai Metropolitan Region (MMR) and Pune over the next few years.
The company’s construction spend stood at around Rs 1,400 crore in FY21. The total expenditure on construction declined in FY21 as works on the projects sites were impacted for almost six months. 
The company delivered 2.7 million sqft area last in FY21 as against 15.7 million sqft in FY20. In FY20, the company’s construction spend was Rs 3,000 crore, which is its normal annual run rate. The company clocked pre-sales of about Rs 5,970 crore during FY21.
Around 90 percent of pre-sales came from the residential segment and that too in affordable and mid-income category, while the remaining 10 percent contribution was from land monetisation in warehousing and industrial space. 
In FY20, the company's sales bookings stood at Rs 6,570 crore. On debt, the company's net debt stood at around Rs 16,000 crore at the end of FY21. 
Its net debt is likely to come down to around Rs 12,000 crore at the end of the April-June 2021 with help from IPO proceeds and fund infusion by promoters. 
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