Macrotech Developers Q4 Results: Profit Down 11%, But Beats Estimates
Macrotech Developers' revenue from operations jumped 23.4% to Rs 4,019 crore during the quarter.
Mumbai-based Macrotech Developers Ltd.'s fourth-quarter profit fell 10.6%, though it surpassed analysts' estimates.
Net profit of the real estate developer that sells properties under the Lodha brand decreased 10.6% year-on-year to Rs 667 crore for the quarter-ended March 2024, according to an exchange filing issued on Wednesday. However, it managed to exceed an estimate of Rs 631 crore by analysts polled by Bloomberg.
Its revenue from operations jumped 23.4% to Rs 4,019 crore during the quarter. Analysts polled by Bloomberg estimated it to be Rs 3,824.4 crore.
Macrotech Developers Q4 FY24 Highlights (YoY)
Revenue up 23.4% at Rs 4,019 crore (Bloomberg estimate: Rs 3,824.4 crore).
Ebitda rose 35.7% to Rs 1,047 crore (Bloomberg estimate: Rs 964.8 crore).
Margin at 26.1% vs 23.7% (Bloomberg estimate: 25.2%).
Net profit down 10.6% at Rs 667 crore (Bloomberg estimate: Rs 630.90 crore).
Other Key Operational Highlights
Pre-sales: Rs 4,230 crore, up 40% (YoY).
Collection: Rs 3,510 crore, up 20% (YoY).
Net debt down to Rs 3,010 crore, as of March 2024.
Guidance For FY25 As Against FY24
Pre-sales target of Rs 17,500 crore vs Rs 14,500 crore.
Operating cash flow of Rs 6,500 crore vs Rs 5,700 crore.
New project additions of Rs 21,000 crore vs Rs 20,300 crore.
Net debt/equity to remain below 0.5 times.
“Our best ever quarterly and annual performance showcases the buoyancy in demand for high quality homes in India from branded developers. Driven by the strength of our brand, we delivered pre-sales of Rs 14,500 crore for FY24, thus meeting our guidance of delivering consistent and predictable 20% growth. Our Q4 FY24 pre-sales stood at Rs 4,230 crore, showing a strong 40% YoY growth," said Abhishek Lodha, MD and CEO, Macrotech Developers Ltd.
"We are pleased to note that we have achieved our guidance of reducing our net debt well below 0.5 times of equity. Robust operating cash flows and our capital raise led to net debt coming down by over Rs 4,000 crore during the year to Rs 3,000 crore, which is less than 0.2 times of equity."
Shares of Macrotech Developers closed 1.4% higher at Rs 1,251.5 apiece on the BSE on Wednesday, as compared with a 0.16% increase in the benchmark Sensex.