Macrotech Developers to bring down net debt to zero by FY24

Macrotech Developers is targeting to bring down its net debt to zero by 2023-24 fiscal 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. The company’s 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.

Besides, the company’s sales bookings and collections from homebuyers remained strong in 2020-21 fiscal despite the health pandemic. It believed that for FY22, it will do Rs 9,000 crore or upward of sales.

The company is one of the largest real estate developers in India, by residential Sales value for the financial years 2014 to 2020.

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