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ICICI Securities Report
Macrotech Developers Ltd. achieved record Q4 FY22 India business sales bookings of Rs 34.6 billion versus our estimate of Rs 32.5 billion (up 37% YoY and 33% QoQ) and record FY22 sales bookings of Rs 90.2 billion (previous highest was Rs 81.2 billion in FY18).
We believe that the sales were largely sustenance driven with no major launches during the quarter and the company has achieved its FY22 sales guidance of Rs 90.0 billion.
Macrotech Developers has added new projects having total saleable area of 8.8 million square feet with an estimated gross development value of Rs 146.0 billion in nine months-FY22, majority of which are slated for FY23E launch.
Considering the strong launch pipeline and momentum in sustenance sales, we estimate sales bookings of Rs 110.1 billion in FY23E and Rs 119.0 billion in FY24E.
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