ICICI Securities research report on Macrotech Developers
Macrotech Developers (LODHA) achieved record Q4FY22 India business sales bookings of Rs34.6bn vs. Isec estimate of Rs32.5bn (up 37% YoY and 33% QoQ) and record FY22 sales bookings of Rs90.2bn (previous highest was Rs81.2bn in FY18). Buoyed by the strong FY22 performance, the company has given FY23E sales booking guidance of Rs115bn (Isec estimate of Rs110bn). We believe that the sales guidance is achievable given that the company has added new projects having total saleable area of 8.8msf with an estimated GDV of Rs146bn in FY22, majority of which are slated for FY23E launch.
We retain our BUY rating with an unchanged target price of Rs1,348/share incorporating new JDA projects and value the company at a 30% premium to our Mar’22E NAV of Rs1,037/share.
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