Macrotech Developers jumps on aiming to cut net debt by nearly 40% by end of 2023
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Macrotech Developers is currently trading at Rs. 1028.40, up by 14.65 points or 1.45% from its previous closing of Rs. 1013.75 on the BSE.
The scrip opened at Rs. 1006.05 and has touched a high and low of Rs. 1034.90 and Rs. 1000.00 respectively. So far 6316 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1391.00 on 02-Feb-2022 and a 52 week low of Rs. 814.85 on 26-May-2022.
Last one week high and low of the scrip stood at Rs. 1125.05 and Rs. 1000.00 respectively. The current market cap of the company is Rs. 49080.22 crore.
The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 22.90% and 2.10% respectively.
Macrotech Developers is aiming to cut its net debt by nearly 40 per cent to around Rs 5,000 crore by the end of this calendar year with the help of surplus cash flow from strong housing sales. Mumbai-based Macrotech Developers, which is one of the leading real estate firms in the country, markets its properties under the Lodha brand.
As per the company, sales bookings and cash flows have been very strong so far this fiscal year, resulting in reduction in debt by Rs 753 crore in the December quarter to Rs 8,042 crore. The company plans to cut debt by Rs 500-800 crore every quarter.
Macrotech Developers is primarily engaged in affordable residential real estate developments and in 2019, it entered into the development of logistics and industrial parks and also develop commercial real estat
