Macrotech Developers Q4 Results Review - Achieves Guidance On Pre-Sales, Debt: Motilal Oswal

Motilal Oswal Report

Macrotech Developers Ltd. achieved bookings of Rs 42.3 billion (in line with estimate), up 40%/24% YoY/QoQ. Further, the company achieved its guidance, recording pre-sales of Rs 145 billion for FY24, up 20% YoY. 

Sales volumes for Q4 increased 32% YoY to 3.3 million square feet and blended realisation rose 6% during the same period. In FY24, the company achieved volume of 11 msf, up 19% YoY, and raised prices by 5% at the portfolio level.

The company had a successful foray in Bengaluru as both its projects received strong response with 63% of the total launched inventory getting absorbed, resulting in bookings of Rs 12 billion (8% of overall sales).

In line with its medium-term target, the company expects to deliver a 20% growth in pre-sales to Rs 175 billion in FY25. The growth will be largely driven by ~Rs 300 billion of ready and ongoing inventory and 10 msf of launches with a gross development of ~Rs 121 billion, which can increase further with project additions in FY25.

Financial Performance:

Macrotech Developers reported the highest ever quarterly revenue of Rs 40 billion, up 23% YoY (8% above estimate). For FY24, revenue stands at Rs 103 billion, up 9% YoY. Ebitda (excluding other income) increased 36% YoY to Rs 10.5 billion, 13% above our estimate, as margin improved 250 bp YoY to 26%. However, profit after tax came in at Rs 6.6 billion, down 11% YoY, on account of higher depreciation and tax. Full-year PAT stood at Rs 16 billion, up 5% YoY.

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