Macrotech Developers aims to be debt-free

New Delhi Realty firm Macrotech Developers is targeting to bring down its net debt to zero over the next three years from the current borrowing level of around Rs 16,000 crore, as it remains bullish on housing and warehousing segments despite the Covid-19 pandemic.

Mumbai-based Macrotech Developer, earlier known as Lodha Developers, is one of the leading real estate firms in the country. It got listed on the stock exchanges last month after a successful launch of its Rs 2,500-crore initial public offering (IPO).

The company's Managing Director and Chief Executive Officer Abhishek Lodha said the company's debt stood at around Rs 16,000 crore at the end of the financial year 2020-21. "Our net debt will come down to Rs 12,000 crore level at the end of this April-June quarter with the help of the IPO proceeds and infusion of funds by promoters," he said.

Lodha said the company's net debt will fall significantly during this fiscal year on strong operating cash flow. "Our aim is to become debt free by FY24 fiscal," he said.

Lodha said the company's sales bookings and collections from homebuyers remained strong in 2020-21 fiscal despite the health pandemic. "We believe that for FY22, we will do Rs 9,000 crore or upward of sales," he said.