Macrotech Developers Q1 Results Review - Progress On Annuity Stream Build-Up Key For Rerating: Dolat Capital

"BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Dolat Capital Report.Macrotech Developers Ltd. clocked its best Q1 presales of Rs 33.5 billion; up 19% YoY and 11% QoQ. New project additions during the quarter stood at Rs 120 billion (~Rs 100 billion in Alibaug – a second home luxury market); achieving 60% / 70% of FY23 actual / FY24 guidance respectively. This aids the existing launch pipeline for FY24 of Rs 126 billion. Investments in new business development remained within guidance at ~5% of gross development value offsetting core free cash flow (excluding growth capex) of Rs 6.4 billion and resulting in net debt increasing 3% QoQ. Guidance is for net debt reducing hereon with leverage target of below one time operating cash flow intact. A well-diversified sizeable ready inventory of Rs 86 billion is set to aid both leverage targets and 20% presales growth for FY24. We raise our March-24 target price to Rs 750 as we reset the scale and average pricing higher for new BD – implied price realisation in Q1 up 19% versus FY23 and set to increase further with the addition of high value Juhu (MMR- Western suburbs) project. Also, we lift our annual price escalation by 1-2% for both ongoing projects and landbank..Click on the attachment to read the full report:.Macrotech Developers - Reiterates Strong Growth Outlook: Motilal Oswal.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

Macrotech Developers Q1 Results Review - Progress On Annuity Stream Build-Up Key For Rerating: Dolat Capital

A well-diversified sizeable ready inventory of Rs 86 billion is set to aid both leverage targets and 20% presales growth for FY24.

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Macrotech Developers Q1 Results Review - Progress On Annuity Stream Build-Up Key For Rerating: Dolat Capital

A well-diversified sizeable ready inventory of Rs 86 billion is set to aid both leverage targets and 20% presales growth for FY24.

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