Macrotech Developers Q2 Update: Sale Bookings Rises 21%
Macrotech Developers Ltd. saw a 21% rise in sale bookings at Rs 4,290 crore for the second quarter of this fiscal year despite the 'Shradhh' period falling in September this financial year. This, according to the company, is the best ever quarterly pre-sales reported by the company, which operates under the Lodha brand.
The collection from customers rose 11% to Rs 3,070 crore in the July-September quarter from Rs 2,750 crore reported in the corresponding period of the previous year, according to the exchange filing on Friday.
The company registered 21% growth in its pre-sales at Rs 8,320 crore during the first half of this fiscal as against Rs 6,890 crore in the previous year. Business development for the first half of the fiscal stood at Rs 16,600 crore, which is 75% of the full-year guidance of Rs 2,100 crore.
The net debt of Macrotech Developers was at Rs 4,920 crore as of September.
The company will acquire additional stakes in three Maharashtra-based digital infrastructure firms for a cumulative amount of Rs 240 crore, it said in September. The company has inked securities purchase agreements with Ivanhoe Warehousing India Inc. to acquire the latter's stake in Bellissimo Digital Infrastructure Development Management Pvt., Palava Induslogic 4 Pvt., and Bellissimo In City FC Mumbai 1 Pvt.
Macrotech Developers' first quarter profit rose 165.6% to Rs 476 crore in comparison to Rs 179 crore in the same quarter in the previous year. Its revenue jumped 76% to Rs 2,874 crore during the quarter.
Shares of Macrotech Developers fell as much as 4.49% during the day to Rs 1,123 apiece on the NSE. However, it pared the gains to close 0.22% lower at Rs 1,173.25, compared to a 0.79% decline in the benchmark Nifty 50.
The stock has risen by 56.41% in the last 12 months and by 11.48% year-to-date.
Out of 19 analysts tracking the company, 11 maintain a 'buy' rating, three recommend a 'hold,' and five suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 21.8%.
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