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Macrotech Developers Q3 Results Review - Steady Performance; Growth Trajectory On Track: Motilal Oswal

Macrotech Developers reported its best-ever third quarter pre-sales with sales bookings of Rs 30 billion.

<div class="paragraphs"><p>Macrotech Developers Ltd. (Source: Company website)</p></div>
Macrotech Developers Ltd. (Source: Company website)

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Motilal Oswal Report

Macrotech Developers Ltd. reported its best-ever third quarter pre-sales with sales bookings of Rs 30 billion, up 16% YoY but down 4% QoQ and it was higher than our estimate of Rs 28 billion. For nine months-FY23, bookings stood at Rs 90 billion, up 62% YoY, surpassing its FY22 sales and well on track to exceed its FY23 guidance of Rs 115 billion.

Sales momentum sustained across the micro markets in Mumbai Metropolitan Region, while contribution from Pune improved, on the back of a successful launch of a project in Kharadi.

Overall, Macrotech Developers launched 2.3 million square feet of projects in Q3 FY23 and is expected to launch 4.2 msf in Q4 FY23 with a gross development value potential of Rs 58 billion, indicating strong growth visibility for Q4.

Sales volume increased 4%/19% YoY/QoQ to 2.5 msf, while blended realization rose 10% YoY. At a portfolio level, Macrotech Developers raised prices by ~5% on a year-to-date basis.

Click on the attachment to read the full report:

Motilal Oswal Macrotech Developers Q3FY23 Results Review.pdf
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