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Macrotech Developers Ltd Q1FY22 consolidated PAT at Rs. 160.91 crores

Posted On: 2021-07-30 16:07:22 (Time Zone: UTC)

Macrotech Developers Ltd has reported financial results for the period ended June 30, 2021.

Financial Results (Q1 FY2021-22) - QoQ Comparison

The company has reported total income of Rs.1712.36 crores during the period ended June 30, 2021 as compared to Rs.2611.17 crores during the period ended March 31, 2021.

The company has posted net profit / (loss) of Rs.160.91 crores for the period ended June 30, 2021 as against net profit / (loss) of Rs.310.56 crores for the period ended March 31, 2021.

The company has reported EPS of Rs.3.65 for the period ended June 30, 2021 as compared to Rs.7.84 for the period ended March 31, 2021.

FinancialsQ1 FY2021-22Q4 FY2020-21% Change
Total Income₹ 1712.36 crs₹ 2611.17 crsDown Tick -34.42%
Net Profit₹ 160.91 crs₹ 310.56 crsDown Tick -48.19%
EPS₹ 3.65₹ 7.84Down Tick -53.44%

Financial Results (Q1 FY2021-22) - YoY Comparison

The company has reported total income of Rs.1712.36 crores during the period ended June 30, 2021 as compared to Rs.572.53 crores during the period ended June 30, 2020.

The company has posted net profit / (loss) of Rs.160.91 crores for the period ended June 30, 2021 as against net profit / (loss) of Rs.(134.44) crores for the period ended June 30, 2020.

The company has reported EPS of Rs.3.65 for the period ended June 30, 2021 as compared to Rs.(3.40) for the period ended June 30, 2020.

FinancialsQ1 FY2021-22Q1 FY2020-21% Change
Total Income₹ 1712.36 crs₹ 572.53 crsUp Tick 199.09%
Net Profit₹ 160.91 crs₹ (134.44) crsUp Tick 219.69%
EPS₹ 3.65₹ (3.40)Up Tick 207.35%

Commenting on the performance during Q1FY22, Mr. Abhishek Lodha, MD & CEO, Macrotech Developers Ltd. said, "India has suffered tremendously in this quarter due the 2nd wave of Covid-19 - however, with increasing vaccination and good governance, we are on the recovery path. The company took a leadership role in responding to the crisis and we will continue to focus strongly on our responsibilities to the nation. We are on a disciplined growth path with expansion across MMR and Pune region. There are significant growth opportunities in these markets for us given our strong brand and track record of delivering quality product. We have been able to reduce our debt significantly with consolidated net debt reduced by over INR 3600 crores. for the quarter enabling to pursue faster growth. We are focused on housing and digital infrastructure (warehousing, data centres, and industrial parks) and both these asset classes are benefitting significantly from the macro trends in our economy. During the quarter we have expanded our residential reach in micro-markets such as 'Western Suburbs MMR', 'Eastern Suburbs MMR', and 'Eastern Pune' by executing four JDAs with a combined area of 3.3 million square feet and estimated GDV (sales value) of ~INR 3500 crores. We believe that housing is at the start of a multi-year bull run which will see growth in prices as well as volume. We remain committed to ensuring that every Indian can have a high quality home to enable their families to fulfil their potential."

Commenting further on the Digital Infrastructure segment, Mr. Lodha added "We see digital infrastructure as a huge opportunity. Number of ongoing discussions around our digital infrastructure park at Palava strengthens our belief in this space. Recently, we concluded another sale transaction for ~22 acres to Flyjac Logistics, subsidiary of Hitachi Transport System Group, a Japanese 3-PL company. We have been approached by number of long term investors for strategic partnership to capture this opportunity in the country."

On the back of the IPO as well as loan repayment by the promoters, company has significantly reduced its net debt by INR 3,641 crores. During the quarter, the credit rating was enhanced by two notches by India Ratings & Research (a Fitch Company) to BBB+. During the quarter the company also was able to bring down interest costs. Our average cost of debt has come down to from 12.3% in Mar'21 to 11.6% in June'21 and will continue to follow the downward trajectory.

During the quarter the company has taken several initiatives to strengthen efforts on the ESG front. Lodha not only want to 'Do Well' but also 'Do Good'. In line with company ethos, Lodha has committed itself to the North Star goal of net zero carbon by 2035 in consultation with Rocky Mountain Institute, USA. We plan to formalize our commitment with Science Based Targets during the financial year. The company has also registered with a leading ESG benchmark (S&P Global) for assessment. The company has conducted intensive Covid-19 vaccination program leading to vaccination of over 25,000 people in April-June - for this, the company has been recognized by Nanavati Hospital as one of the most prolific corporate contributors to MMR's vaccination drive. At the peak of the 2nd wave, the company setup a 100 bed Covid recovery centre in South Mumbai, which was highly appreciated by the residents and officials.

Source: Equity Bulls

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