Shares of Macrotech Developers closed 2.79 percent lower at Rs 920.20 on NSE on Friday.
According to the report, at the end of the June quarter, Macrotech Developers had a net debt of around Rs 8,856 crore.
The company had reported a profit of 68 per cent year-on-year for the quarter ended June 30, 2022.
New Delhi. Macrotech Developers has decided to pay the loan of 125 crores of Yes Bank 5 months ahead of time. This is a good news for Yes Bank. Let us inform that Macrotech Developers was earlier known as Lodha Developers and is one of the largest real estate developers in the country.
ET has informed in a report that Macrotech Developers had raised secured bonds worth Rs 625 crore from Yes Bank in 2018. Under this, he had to pay 12.5 percent every quarter for 5 years. However, now the company has set a target of paying this loan in full 5 months before the scheduled time. The decision to pay off the 125 crore loan 5 months in advance is also part of its goal.
Net debt of Rs 8,856 crore at the end of June quarter
According to this report of the English newspaper ET, at the end of the June quarter, Macrotech Developers had a total debt of about Rs 8,856 crore, which it has targeted to bring down to Rs 6,000 crore by the end of this financial year. Premature payment of loan to Yes Bank is part of this exercise. Let us inform that Macrotech Developers has been rapidly reducing the debt on them for some time. It had a net debt of Rs 9,309 crore at the end of March 2022 quarter.
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Growth of about 73.39 percent in one year
On the other hand, talking about the recent performance of Macrotech Developers, its shares closed down 2.79 per cent on the NSE on Friday at Rs 920.20. The company’s shares were listed on the stock exchanges in April last year and since then it has gained about 73.39 percent. On the other hand, Yes Bank’s shares closed at Rs 15.70, up 1.29% per cent on Friday and have gained about 11.74 per cent since the beginning of the year 2022.
The company earned a profit of 68 percent
Let us tell you that the headquarters of Macrotech Developers is in Mumbai. The company had reported 68 per cent year-on-year profit for the quarter ended June 30, 2022 and stood at Rs 270.80 crore. The company has benefited from good sales during this period. At the same time, the company’s total income stood at Rs 2,675.78 crore in the June quarter, as against Rs 1,749.97 crore in the corresponding quarter of the previous financial year.
Tags: business news in hindi, real estate, real estate market, Share market, Yes Bank
FIRST PUBLISHED : October 01, 2022, 20:02 IST