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Buy Macrotech Developers; target of Rs 1570: Motilal Oswal

Motilal Oswal is bullish on Macrotech Developers recommended buy rating on the stock with a target price of Rs 1570 in its research report dated July 26, 2022.

July 28, 2022 / 08:59 PM IST
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Motilal Oswal's research report on Macrotech Developers


Macrotech Developers (LODHA) reported its best ever first quarter pre-sales with bookings of INR28b. Of this, residential segment contributed INR24b (down 22% QoQ), while land sales and others accounted for the rest INR4b. Sales volume, however, dipped 27% QoQ to 2.2msf while blended realization improved 6% QoQ. LODHA raised prices by 1.5-2.0% QoQ at the portfolio level. The company launched 2.7msf of projects in 1QFY23 and further expects to launch 8.5msf in the remainder of FY23, taking the cumulative launches to 11.2msf v/s 8.7msf guided in 4QFY22. Additions included 2.1msf from new projects with saleable area of 5.1msf and GDV of INR62b. Management reiterated its FY23 pre-sales guidance of INR115b (+27% YoY), of which residential will contribute INR105b (+24% YoY).



Outlook


At CMP, the stock trades at 1.1x P/NAV indicating limited premium for growth that the company will achieve beyond FY23E. Maintain BUY with an unchanged TP of INR1,570, implying an upside potential of 39%.

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Macrotech Developers - 270722 - moti

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first published: Jul 28, 2022 08:59 pm
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