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ICICI Securities Report
Macrotech Developers Ltd. achieved its best ever April-June sales bookings in Q1 FY23 worth Rs 28.1 billion (our estimate of Rs 25.5 billion) which we believe has been driven by a combination of monetisation of ready/completed inventory and new launches.
The company has given FY23E sales booking guidance of Rs 115 billion (our estimate of Rs 110 billion) and we believe that the sales guidance is achievable given the addition of new projects having total estimated gross development value of Rs 146 billion in FY22, majority of which are slated for FY23E launch.
Macrotech's India business net debt reduced by Rs 4.4 billion QoQ to Rs 88.6 billion in June 2022 from Rs 93.0 billion in March 2022 and we believe that the company is now 'off the treadmill' as strong operating cash flows, reduced interest costs and asset light land bank additions will likely result in organic net debt reduction over FY23-24E.
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