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ICICI Securities Report
Macrotech Developers Ltd. achieved Q3 FY22 India business sales bookings of Rs 26.1 billion versus our estimate of Rs 23.9 billion (up 40% YoY and 30% QoQ) as the sales momentum seen in Q2 FY22 continued into the festive season in October-November 2021.
The company has achieved nine months-FY22 sales bookings of Rs 55.7 billion in its India business and we believe that it is on track to achieve its FY22 sales guidance of Rs 90 billion (our estimate at Rs 87.7 billion).
Further, Macrotech Developers signed six new joint development agreements in Q3 FY22 having gross development value of Rs 100 billion and the recent qualified institutional placement issuance of Rs 40 billion has resulted in India business net debt reducing to Rs 99.3 billion.
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