Realty developer Lodha Developers has reported consolidated net profit of Rs 960 crore for the quarter ended December, up 1% from a year ago. Revenue from operations for the quarter grew 14% year-on-year to Rs 4,670 crore.After excluding land sales last year, the company’s revenue and net profit have witnessed 29% and 49% rise.The company recorded its best-ever quarterly pre-sales at Rs 5,620 crore for the quarter ended December, up 25% along with addition of five new projects with Gross Development Value (GDV) of Rs 33,800 crore, the highest ever for a single quarter.The Mumbai-based developer had already added six locations with a GDV of Rs 25,000 crore in the first half of the financial year.“For the first nine months of the year, we have recorded our highest-ever first, second, and third quarter pre-sales. We have crossed the Rs 5,000-crore mark in quarterly sales for the first time,” said Abhishek Lodha, MD & CEO, Lodha Developers.The company entered the National Capital Region market during the quarter as part of its growth strategy.Lodha’s net debt stood at Rs 6,170 crore with net debt-equity ratio of 0.28x, below its ceiling of 0.5x. The developer’s exit cost of debt for the quarter stood at 7.9%.“With the front loading of business development, we now expect to moderate land investment in the next few quarters and further strengthen our balance sheet” Lodha added.
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