Earnings Review
Macrotech Developers consol PAT doubles on year in Jul-Sept
This story was originally published at 22:40 IST on 25 October 2024
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--Macrotech Developers Jul-Sept consol net profit INR 4.23 bln
--Analysts saw Macrotech Developers Jul-Sept consol net profit INR 4.41 bln
--Macrotech Developers Jul-Sept consol PAT INR 4.23 bln vs INR 2.02 bln
--Macrotech Developers Jul-Sept consol sales INR 26.26 bln vs INR 17.50 bln
--Macrotech Developers Apr-Sept consol sales INR 54.72 bln vs INR 33.67 bln
--Macrotech Developers Apr-Sept consol PAT INR 8.98 bln vs INR 3.80 bln
--Macrotech: Jul-Sept pre-sales INR 42.9 bln, up 21% YoY
--Macrotech Developers: Jul-Sept pre-sales INR 42.9 bln, up 21% YoY
--Macrotech Developers Jul-Sept collections INR 30.7 bln, up 11% YoY
--Macrotech Developers Jul-Sept adjusted EBITDA INR 9.6 bln, up 74% on year
--Macrotech Developers: On track to meet FY25 pre-sales target INR 175 bln
--Macrotech Developers: Embedded EBITDA margin 34% in Jul-Sept, Apr-Sept
--Macrotech Developers: Average year-to-date price growth 3%
--Macrotech Developers: FY25 new project additions guidance INR 210 bln
By Jahanvi Kothari
MUMBAI – Macrotech Developers Ltd.'s earnings for the September quarter were lower than what the Street had expected, but the consolidated net profit more-than-doubled on year. The company reported a consolidated net profit of INR 4.23 billion for the quarter, up 109.5% from INR 2.02 billion a year ago but below analysts' estimate of INR 4.41 billion.
The company's consolidated revenue for the quarter was INR 26.26 billion, up 50% from INR 17.50 billion a year ago. Analysts expected the company to report a revenue of INR 28.16 billion. Sequentially, the consolidated net profit fell 11% and consolidated revenue was down 7.8%.
The Mumbai-headquartered real estate company develops and constructs projects under the brand Lodha. The company was founded by Mangal Prabhat Lodha in 1980.
For Apr-Sept, the company reported a consolidated net profit of INR 8.98 billion, up 136% from INR 3.80 billion a year ago. The consolidated revenue for the six-month period was INR 54.72 billion, up 63% from INR 33.67 billion a year ago.
The cost of projects for the quarter was INR 15.72 billion, up 57.4% from INR 10 billion a year ago. The company's finance cost was INR 1.36 billion, up 11% from INR 1.23 billion a year ago. The company's total expenditure during the quarter was INR 21.24 billion, up 43% from INR 14.9 billion a year ago. The employee benefit expenses were INR 1.40 billion, higher than INR 1.2 billion a year ago.
"We achieved our best ever quarterly pre-sales performance of INR 42.9 billion in Jul-Sept, which is a seasonally weak quarter due to Monsoons," Abhishek Lodha, managing director and chief executive officer of the company, said in a press release. "Additionally, the quarter was impacted by the inauspicious 'Shraddh' period in September this year as well as excessive rains."
The company reported pre-sales of INR 42.9 billion in the latest quarter, up 21% on year. The company reported collections of INR 30.7 billion, up 11% on year, and adjusted earnings before interest, taxes, depreciation, and amortisation of INR 9.6 billion, up 74% from the same period a year ago. The embedded EBITDA margin was 34% for the September quarter and 34% for the first half of the current financial year, the company said in an investor presentation.
The company said it had added four projects worth INR 55 billion of gross development value in Pune and Bengaluru. The two projects in Bengaluru amount to INR 38 billion gross development value and the remaining two projects in Pune were added for INR 17 billion. The company reported INR 166 billion gross development value in Apr-Sept, which is more than 75% of the full year guidance of INR 210 billion.
The company also doubled its stake in its digital infrastructure platform to 67% from 33% earlier, and has acquired 45 acres of land in Chennai for warehousing. The average year-to-date price growth of the company was 3%.
The company said despite significant investments in business development in the latest quarter, its net debt stands at INR 49 billion. The company said its exit cost of debt stands at 8.9% for the latest quarter, down 20 bps on quarter.
On Friday, shares of Macrotech Developers settled at INR 1,082.35 on the National Stock Exchange, up 1.6% from the previous close. End
Edited by Ashish Shirke
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