Macrotech Developers Share Price Target Forecast 2022, 2023, 2025, 2030

07 January, 2022

ICICI Securities recommends Macrotech Developers with a target price of Rs 1304 per share.

Macrotech Developers got a buy call from ICICI Securities with a target price of Rs 1304. Macrotech Developers’ current market price is Rs 1218.55. The analyst estimates that Macrotech Developers Ltd.’s price will achieve its objective in one year.

Property Development, Land Development Rights, Rental Income, Other Operating Revenue, and Building Materials are among Macrotech Developers Ltd.’s primary products/revenue segments for the fiscal year ending 31-Mar-2021.

Financials

The firm reported a Consolidated Total Income of Rs 2201.66 Crore for the quarter ended September 30, 2021, up 28.57 percent from the previous quarter’s Total Income of Rs 1712.36 Crore and up 122.80 percent from the same quarter last year’s Total Income of Rs 988.18 Crore. In the most recent quarter, the company generated a net profit after tax of Rs 223.16 crore.

Reasons for Investing

As the sales momentum observed in Q2FY22 continued throughout the festive season in Oct-Nov’21, Macrotech Developers (LODHA) achieved Q3FY22 India business sales bookings of Rs26.1bn vs. Isec estimate of Rs23.9bn (up 40% YoY and 30% QoQ). The company’s India unit generated Rs55.7 billion in sales bookings in 9MFY22, and the brokerage believes it is on pace to meet its FY22 sales projection of Rs90 billion (Isec estimate at Rs87.7bn). Furthermore, in Q3FY22, the firm inked six new JDAs with a GDV of Rs100 billion, and the latest QIP issuance of Rs40 billion reduced India’s net debt to Rs99.3 billion. It keeps its ADD rating and a revised target price of Rs1,304/share (formerly Rs1,129), taking into account the Nov’21 QIP issuance of Rs40 billion and valuing the business at a 30% premium to the Mar’22 NAV of Rs1,003/share, taking into account value accretion from new JDA signings in Q3FY22. A slowdown in demand in the MMR market and rising loan rates in India are two major dangers.

FII Holdings/Promoter

As of November 18, 2021, promoters controlled 88.5 percent of the firm, FIIs 8.73 percent, and DIIs 1.06 percent.

economictimes.com is the source for this information.


DECEMBER 01, 2021

Emkay Global Financial: Macrotech Developers Share Price Target 2022, Buy For Rs 1600:

Emkay Global Financial is bullish on Macrotech Developers, recommending a BUY rating on the company with a target price of Rs 1600 in a research report dated November 29, 2021.

Following a projected Rs 40 billion capital increase, we believe Macrotech’s scale of operations is ready for a reset as soon as possible. The developer intends to invest the majority of the cash in joint development agreements (JDAs) worth Rs 400 billion in gross development value over the next 12-18 months (GDV). This translates to a quarterly GDV run rate of Rs 60-65 billion for the new JDA, compared to Rs 20-30 billion for the former JDA.

The key objective is to delve further into new micro-markets. Macrotech has a 15-30% market share in its existing micro markets, indicating that it is a market leader. It aspires to achieve comparable market share gains in new markets. The company’s market share objectives are supported by the company’s swift turnaround in terms of both the launch and absorption of the newly inked JDA, in our opinion. In a unique way,

Outlook

With a growth NAV value of Rs 1,000 per share and a growth NAV premium of Rs 600 per share, we raise our Dec’22 TP to Rs 1,600 (earlier Rs 1,250). 1) Annualized JDA assumption of Rs 160 billion from FY23 to FY27 vs Rs 110 billion previously; adding Rs 74 per share to the NAV; and 2) utilising our unique NAV premium approach, we obtained a growth NAV premium of 60% (versus 35%).

Moneycontrol.com is the source for this information.


NOVEMBER 18, 2021

Macrotech Developers gets Rs 4,000 crore through a qualified institutional placement (QIP) for expansion and debt reduction.

Macrotech Developers has received Rs 4,000 crore from institutional investors through the sale of shares, which would be utilised for business expansion and debt reduction, according to a top company executive.

The Mumbai-based enterprise, formerly known as Lodha Developers, is one of the country’s largest real estate firms, marketing its homes under the ‘Lodha’ name.

“We have collected Rs 4,000 crore through the QIP (Qualified Institutional Placement) procedure,” Macrotech Developers Managing Director and CEO Abhishek Lodha said in an interview with PTI. Domestic and international investors were sought for shares worth more than Rs 12,000 crore.

He said the money was raised in less than six months after the company’s Rs 2,500 crore first public offering (IPO). The company issued and allotted about 3.4 crore shares at Rs 1,170 per share under the QIP.

The QIP attracted numerous new international and local investors, according to Lodha, including Singapore sovereign wealth fund GIC and Oppenheimer. “Rs 3,000 crore would be utilised for company growth and the remaining Rs 1,000 crore will be used to decrease debt,” he stated when asked how the QIP money will be spent.

In terms of development, Lodha stated that the business will continue to focus on acquiring projects in the Mumbai Metropolitan Region (MMR) and Pune via joint development agreements (JDAs) with landlords. “We’ll stick to our capital lighting plan.” We will not pursue large-scale land acquisition.”

Due to high home demand, Lodha was optimistic about meeting its sales booking objective of Rs 9,000 crore this fiscal year, as well as decreasing debt from Rs 12,500 crore at the end of March 2022 to Rs 10,000 crore as of September 30, 2021. Market reports stated Macrotech Developers had obtained Rs 4,000 crore through QIP on Monday.

The offering was launched on Monday, and the shares were sold the same day. The promoters’ interest will drop to 82.5 percent after the QIP offering. The corporation has two and a half years to reach the required public ownership of 25%. Macrotech Developers was listed on the stock markets in April of this year after obtaining Rs 2,500 through an initial public offering.

Macrotech Developers has announced a consolidated net profit of Rs 223.36 crore for the September quarter. In the same time a year before, it posted a net loss of Rs 362.58 crore. In the second quarter of this fiscal year, total income more than quadrupled to Rs 2,201.66 crore, up from Rs 988.18 crore the previous year.

On the operations front, the business sold assets worth Rs 3,000 crore between April and September due to increased demand, and it expects to quadruple its sales bookings in the second half to attain the Rs 9,000 crore objective for the fiscal year. It had a sales booking of Rs 5,970 crore in the previous financial year. Macrotech Developers is a company that focuses solely on the MMR and Pune areas. In addition, the business is working on two projects in London, where it first arrived in 2013.

According to Lodha, the business aims to sell a 4 lakh square foot finished and rented office building in Mumbai. He predicted that the purchase will be completed this fiscal year.

Moneycontrol.com is the source for this information.


8 OCTOBER, 2021

The price target for Macrotech Developers’ stock has been raised by Jefferies.

In early trading on October 8, Macrotech Developers’ shares climbed 4% as international brokerage Jefferies maintained a buy call on the stock and boosted its target price.

Macrotech Developers’ target price has been lifted by Jefferies from Rs 1,068 to Rs 1,220 per share, and the company’s revenue outlook for FY23-24 has been raised by 7-10%.

In the second quarter, the company’s sales more than quadrupled, showing a robust housing market, while its London investments also performed well and remained on track to restore the excess by FY14.

According to Jefferies, the debt reduction goal has been maintained, and substantial land banks might give upside in the form of price increases.

“Lodha Developers announced extremely good pre-quarter sales of Rs 2,003 crore, up 88 percent from Rs 1,066 crore in Q2FY21,” the company said. “Along with this, the business recorded a 73% increase in collections from Rs 1,107 crore in Q1FY22 to Rs 1,912 crore in Q2FY22,” said Yash Gupta, Angel One’s Equity Research Analyst.

“Despite some constraints in July as a result of the second Covid wave, the company’s pre-sales made a remarkable rebound. We are optimistic that the firm will fare significantly better throughout the holiday season.

The business has also announced a cooperative development agreement for a project in Mumbai with a salable size of 0.7 million square feet. “It has decreased its debt from Rs 16,965 crore in Q1 FY22 to Rs 12,508 crore in Q2 FY22,” Gupta stated. Lodha Developers has a neutral rating with us.”

Moneycontrol.com is the source for this information.


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