Macrotech Developers announces key operational updates for Q1FY23

Macrotech Developers Limited has announced key operational updates for 1QFY23.

Pre-Sales: Q1 is typically the 2nd weakest quarter of the FY for sales due to holidays and the onset of the monsoon (Q2 tends to the weakest due to monsoon and inauspicious period). We delivered pre-sales of INR 2,814 crores in our India business in Q1, which was up 194% on a YoY basis. This was our best-ever Q1 performance. Our Q1 pre-sales are +INR 1,857 crores YoY - in context of our full year sales guidance of +INR ~2500 cr (from INR 9024 cr. in FY22 to INR 11,500 cr. in FY23), it can be seen that 75% of the sales growth required to meet our full-year guidance has been achieved in Q1 itself. We continue to see good demand across segments and whilst we are monitoring the evolving macro-economic conditions closely, we have not yet seen any negative impact on demand for housing from highcredibility developers.

Collections: Collections were INR 2,616 crores in 1QFY23 up 53% on a YoY basis.

Net debt: Our Net Debt for India business has reduced by INR ~450 crores to INR ~8,858 crores.

Business Development:

- We have added 3 new JDA projects having ~5.1 million sq. ft. of saleable area with GDV of INR 6,200 crores across MMR, Pune and Bengaluru. We continue to see strong traction from landowners across all our geographies making us confident of meeting our guidance on new project addition worth INR ~15,000 crores of GDV during FY23.

- We have entered Bengaluru housing market. Bengaluru is a promising market due to its steady housing demand and fragmented housing supply with top 5 players only making up 30% of the sales. Bengaluru will be the third housing market where Lodha residential developments will be available, thereby covering nearly 2/3 (by value) of the housing market of top-7 Indian cities.

- We have formalized our partnership with Bain Capital and lvanhoé Cambridge to develop a green digital infrastructure assets across multiple cities in India. The platform will invest ~USD 1 billion to create ~30 million sq. ft. of warehousing and industrial parks to serve India's digital economy.

London Investments: The investments continue to progress positively towards repatriation of INR 1500 cr+ to India starting in FY23.

The above numbers are provisional, subject to limited review.

Source : Equity Bulls

Keywords

MacrotechDevelopers LODHA Q1FY23 OperationalUpdate