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Macrotech Developers Ltd., a real estate firm that operates under the brand name Lodha, expects pre-sales to grow about 20% in the year to March after reporting its highest ever quarterly revenue.

Mumbai’s high-end real estate market has seen a boom after the pandemic as new millionaires snap up snazzy condos in high-rises located in the heart of the city. The trend is discernible across other big Indian cities as well, with Macrotech’s rival DLF Ltd. selling out $865 million worth of luxury homes in just three days, even before the start of construction. 

Macrotech’s revenue surged 23% from a year earlier to 40.2 billion rupees ($482 million) in the fourth quarter ended March 31. Net income at 6.7 billion rupees was above the 6.3 billion rupees average analyst estimate. 

The company expects new home bookings worth 175 billion rupees in the year that started April 1, after reporting pre-sales of 145 billion rupees for the 2024 fiscal year. The guidance points to continued expansion this year, Jefferies analyst Abhinav Sinha wrote in a note after the earnings. 

DLF is also set for its highest annual profit since the year-ended March 2018, while Godrej Properties Ltd. is likely to post its highest-ever annual profit. 

Macrotech shares fell as much as 4% in Mumbai trading Thursday. The stock surged 171% in the past year, compared with a 23% increase in the benchmark S&P BSE Sensex index. 

Macrotech slashed its debt to 30 billion rupees as of March 31, after sky-high debt levels forced it to raise money from the market through an initial share sale in 2021.

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