Macrotech Developers - FY24 Lays Strong Foundation; Balance Sheet Strength Constructive: ICICI Securities

"NDTV Profit’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 NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.Along expected lines, Macrotech Developers Ltd. achieved strong Q4 FY24 sales bookings of Rs 42.3 billion (up 40% YoY). Hence, the company has achieved FY24 sales bookings of Rs 145 billion, exactly in line with its FY24 sales booking guidance. With the recent equity raise of ~Rs 33 billion, Macrotech Developers has pared net debt to Rs 30.1 billion (net debt/equity of 0.1 times). With a strong launch pipeline heading into FY25 and new FY24 project additions with gross development value of Rs 203 billion, the company is targeting 20% sales booking compound annual growth rate over FY24-26E as well, implying FY26 sales bookings of Rs 210 billion, for which it intends to continue pursuing aggressive business development. Factoring in recent QIP and new land bank additions, we revise our target price to Rs 1,109 (from Rs 1,013) based on 50% premium to FY24E net asset value of Rs 739/share. Maintain Hold. Key upside risk is higher-than-expected price growth; and downside risk is a slowdown in Mumbai market volumes..Click on the attachment to read the full report:.Embassy Office Parks REIT - All Eyes On Proposed Chennai RoFO Asset Acquisition: ICICI Securities.DISCLAIMERThis report is authored by an external party. NDTV Profit 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 NDTV Profit. .Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

Macrotech Developers - FY24 Lays Strong Foundation; Balance Sheet Strength Constructive: ICICI Securities

Targeting 20% sales booking compound annual growth rate over FY24-26

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Macrotech Developers - FY24 Lays Strong Foundation; Balance Sheet Strength Constructive: ICICI Securities

Targeting 20% sales booking compound annual growth rate over FY24-26

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