Macrotech Developers Q4 Results: Profit Down 11%, But Beats Estimates
Mumbai-based Macrotech Developers Ltd.'s fourth-quarter profit fell 10.6%, though it surpassed analysts' estimates.
Net profit of the real estate developer that sells properties under the Lodha brand decreased 10.6% year-on-year to Rs 667 crore for the quarter-ended March 2024, according to an exchange filing issued on Wednesday. However, it managed to exceed an estimate of Rs 631 crore by analysts polled by Bloomberg.
Its revenue from operations jumped 23.4% to Rs 4,019 crore during the quarter. Analysts polled by Bloomberg estimated it to be Rs 3,824.4 crore.
Macrotech Developers Q4 FY24 Highlights (YoY)
Revenue up 23.4% at Rs 4,019 crore (Bloomberg estimate: Rs 3,824.4 crore).
Ebitda rose 35.7% to Rs 1,047 crore (Bloomberg estimate: Rs 964.8 crore).
Margin at 26.1% vs 23.7% (Bloomberg estimate: 25.2%).
Net profit down 10.6% at Rs 667 crore (Bloomberg estimate: Rs 630.90 crore).
Other Key Operational Highlights
Pre-sales: Rs 4,230 crore, up 40% (YoY).
Collection: Rs 3,510 crore, up 20% (YoY).
Net debt down to Rs 3,010 crore, as of March 2024.
Guidance For FY25 As Against FY24
Pre-sales target of Rs 17,500 crore vs Rs 14,500 crore.
Operating cash flow of Rs 6,500 crore vs Rs 5,700 crore.
New project additions of Rs 21,000 crore vs Rs 20,300 crore.
Net debt/equity to remain below 0.5 times.
“Our best ever quarterly and annual performance showcases the buoyancy in demand for high quality homes in India from branded developers. Driven by the strength of our brand, we delivered pre-sales of Rs 14,500 crore for FY24, thus meeting our guidance of delivering consistent and predictable 20% growth. Our Q4 FY24 pre-sales stood at Rs 4,230 crore, showing a strong 40% YoY growth," said Abhishek Lodha, MD and CEO, Macrotech Developers Ltd.
"We are pleased to note that we have achieved our guidance of reducing our net debt well below 0.5 times of equity. Robust operating cash flows and our capital raise led to net debt coming down by over Rs 4,000 crore during the year to Rs 3,000 crore, which is less than 0.2 times of equity."
Shares of Macrotech Developers closed 1.4% higher at Rs 1,251.5 apiece on the BSE on Wednesday, as compared with a 0.16% increase in the benchmark Sensex.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
