Macrotech Developers Ltd Share Price – NSE  /  BSE

Construction, Mid Cap

However, revenue from operations jumped 23.44% year on year (YoY) to Rs 4,018.5 crore in the quarter ended 31 March 2024.

The realtor reported pre-sales of Rs 4,230 crore in Q4 FY24, recording a growth of 40% on a YoY basis. Collections grew by 20% YoY at Rs 3,510 crore during the quarter.

The company delivered robust pre-sales and collections on the back of strong operating cash flow generation coupled with the recently concluded QIP, net debt further reduced sharply to Rs 3,010 crore (0.17x of equity) for the firm – well below its guided ceiling of 0.5x of equity, said the company.

Profit before tax in Q4 FY24 was at Rs 878.5 crore, up 37.65% from Rs 638.2 crore posted in Q4 FY23.

Total expenses spiked 21.83% YoY to Rs 3,204.7 crore during the quarter. Cost of projects stood at Rs 2,522.1 crore (up 21.76% YoY) and employee benefits expense came in at Rs 119.6 (up 15.56% YoY).

Adjusted EBITDA jumped 36.73% to Rs 1,340 crore in the March quarter as against Rs 980 crore recorded in Q4 FY23. Adjusted EBITDA margin improved to 33% in Q4 FY24 as compared to 30% registered in the same period a year ago.

For FY24, the real estate developer reported a consolidated net profit of Rs 1549.1 crore, steeply higher than Rs 486.7 crore reported in FY23. Revenue from operations grew 8.93% YoY to Rs 10316.1 crore in FY24.

Abhishek Lodha, MD & CEO, Macrotech Developers, said, “Driven by the strength of our brand, we delivered pre-sales of Rs 145 billion for FY24, thus meeting our guidance of delivering consistent and predictable 20% growth. Our Q4FY24 pre-sales stood at Rs 42.3 billion showing a strong 40% YoY growth.

We have achieved our guidance of reducing our net debt well below 0.5x of equity. Robust operating cash flows and our capital raise led to net debt coming down by over Rs 40 billion during the year to Rs ~30 billion which is less than 0.2x of equity. The sharp reduction in net debt has happened along-side addition of new projects of over Rs 200 billion during the year. Our enhanced financial strength will provide us an opportunity to accelerate margin as well as top line growth as the capital is invested over the next 6-12 months.

Meanwhile, the company’s board recommended a final dividend of Rs 2.25 for the financial year ended 31 March 2024.

Macrotech Developers (Lodha Group) is among the largest real estate developer in India that delivers with scale since 1980s. Core business of Lodha Group is residential real estate development with a focus on affordable and mid-income housing.

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Macrotech Developers Ltd gained 2.89% today to trade at Rs 1287.7. The S&P BSE Realty Index index is up 0.3% to quote at 7600.49. The index is up 8.48 % over last one month. Among the other constituents of the index, Mahindra Lifespace Developers Ltd increased 1.14% and Brigade Enterprises Ltd added 0.46% on the day. The S&P BSE Realty Index index went up 117.76 % over last one year compared to the 22.01% surge in benchmark SENSEX.

Macrotech Developers Ltd has added 11.55% over last one month compared to 8.48% gain in S&P BSE Realty Index index and 1.52% rise in the SENSEX. On the BSE, 10538 shares were traded in the counter so far compared with average daily volumes of 28046 shares in the past one month. The stock hit a record high of Rs 1308.95 on 25 Apr 2024. The stock hit a 52-week low of Rs 440.5 on 25 Apr 2023.

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Net profit of Macrotech Developers declined 10.60% to Rs 665.50 crore in the quarter ended March 2024 as against Rs 744.40 crore during the previous quarter ended March 2023. Sales rose 23.44% to Rs 4018.50 crore in the quarter ended March 2024 as against Rs 3255.40 crore during the previous quarter ended March 2023.

For the full year,net profit rose 218.29% to Rs 1549.10 crore in the year ended March 2024 as against Rs 486.70 crore during the previous year ended March 2023. Sales rose 8.93% to Rs 10316.10 crore in the year ended March 2024 as against Rs 9470.40 crore during the previous year ended March 2023.

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Macrotech Developers announced that the Board of Directors of the Company at its meeting held on 24 April 2024, inter alia, have recommended the final dividend of Rs 2.25 per equity Share (i.e. 22.5%) , subject to the approval of the shareholders.

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