Macrotech Developers - On Track To Exceed FY23 Sales Guidance: ICICI Securities

ICICI Securities Report

Macrotech Developers Ltd. achieved its best ever October-December sales bookings in Q3 FY23 worth Rs 30.4 billion (our estimate of Rs 29.0 billion) which was driven by a combination of monetisation of ready/completed inventory and new launches.

The company has given FY23 sales booking guidance of Rs 115 billion (our estimate of Rs 110 billion) and we believe that the company is on track to exceed its sales guidance given that the company has already achieved nine months-FY23 sales bookings of Rs 90.4 billion (79% of FY23 guidance).

Macrotech Developers’ India business net debt reduced by Rs 7.5 billion QoQ to Rs 80.4 billion as of Dec-22. Over the medium term, as the company targets further growth in annual sales bookings, a strong business development pipeline (company has added projects with gross development of Rs 178.0 billion in nine months-FY23) and expansion into Pune and Bengaluru markets remains key.

Key risks are demand slowdown in Mumbai metropolitan region market and rising interest rates.

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