Macrotech posts Rs 933-cr loss in Q2 on provisions made for UK biz

Realty firm Macrotech Developers Ltd on Tuesday reported a consolidated net loss of Rs 933 crore for the quarter ended September due to provisions made for loan given to its British arm for development of projects.

Macrotech Developers, which markets its properties under the Lodha brand, is one of the leading real estate developers in the country.

Its net profit stood at Rs 223.36 crore in the year-ago period, according to a regulatory filing.

The profit (excluding exceptional item and forex) stood at Rs 367 crore, up 28 per cent year-on-year.

The company's total income also fell to Rs 1,761.23 crore in the second quarter of this fiscal year from Rs 2,137.76 crore in the corresponding period of the previous year.

Macrotech suffered a loss because of an exceptional item of Rs 1,177 crore.

The Group had given loans to Lodha Developers UK Ltd and its subsidiaries from time to time for UK projects and has accrued interest thereon, Macrotech Developers said.

"The current economic ...