ICICI Securities research report on Macrotech Developers
Macrotech Developers (LODHA) achieved strong Q2FY24 sales bookings of INR35.3bn (up 12% YoY) – which is its best-ever Q2 (Jul-Sep) performance – in spite of new locations seeing launches during the quarter. With H1FY24 sales bookings of INR69bn, the company has already achieved 48% of its FY24 sales booking guidance of INR145bn (I-sec estimate of INR134bn). The company has a strong launch pipeline heading into the festive season with seven new locations set to be launched in H2FY24. This, in our view, should enable the company to sustain sales momentum going ahead.
Outlook
Further, India business net debt declined by INR5.4bn during the quarter to INR67.3bn. While we remain constructive on the company’s growth prospects, we retain our HOLD rating with an unchanged target price of INR732/share based on FY23 NAV.
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