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 India's Macrotech Developers Ltd, formerly known as Lodha Developers, on Tuesday reported a rise in quarterly profit on the back of deferred tax gains.

Profit rose 41.4% to 4.05 billion rupees ($49.65 million) for the three months ended Dec. 31 from a year earlier, the real estate developer said in an exchange filing.

The company reported a deferred tax gain of 873.8 million rupees.

Macrotech earlier in January reported a 16% rise in total pre-sales to 30.35 billion rupees from a year earlier.

However, the Mumbai-based company, which competes with Oberoi Realty Ltd, Godrej Properties Ltd, and Sobha Ltd, saw a slide in its revenue by about 14% due to variation in occupancy certificates for completed projects during the quarter and higher contribution of the affordable segment.

India's housing market benefited from demand for bigger homes and the shift to a hybrid office setup despite rising interest rates and surging property prices on higher input costs.

Macrotech's net debt for business in India came down to 80.42 billion rupees during the reported quarter from 98.96 billion rupees.

Shares of Macrotech closed 1.5% lower at 1,077.75 rupees on Tuesday. The stock fell nearly 11.6% in 2022.

($1 = 81.5690 Indian rupees)