Bengaluru foray off to a promising start

Company
30 Jan 2024
5 Min read 
  • Macrotech Developers achieved sales of INR34b in 3QFY24, up 12% YoY.
  •  The company's first project in Bengaluru had a strong response, with 80% of the inventory sold within the first week.
  •  Macrotech reported its highest-ever revenue of INR29.3b in 3QFY24, up 65% YoY.
  •  The company's net debt remained flat sequentially, and it achieved its full-year guidance for business development.
  •  The operationalization of key infrastructure projects will benefit Palava as a residential and warehousing destination.
  •  The company plans to launch premium projects at Palava from FY25E.
  •  Macrotech Developers has a strong launch pipeline of 11msf for the next 12 months.
  •  The company expects to generate sales of USD1b+ over the next few years.
  •  The company's net debt has consistently reduced since its IPO.
  •  Macrotech Developers has a low leverage ratio of 0.5x of equity.
  •  The company's profit-led growth trajectory is intact, and it is expected to deliver consistent performance.
  •  The target price for Macrotech Developers is INR1,295, indicating a 25% upside potential.
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