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ICICI Securities Report
Macrotech Developers Ltd. delivered an in-line Q2 FY22 performance with sales bookings of Rs 20.0 billion which were up 88% YoY and 109% QoQ.
With five new joint development agreement signings in H1 FY22 having potential cumulative sale of Rs 46 billion of which three projects have been launched in September 2021, we believe that the company is on track to achieve Rs 85-90 billion of sales bookings in FY22E and also reduce its India net debt to Rs 100 billion by March 2022.
We expect another five to seven new JDA signings in H2 FY22 across Mumbai’s eastern and western suburbs and Thane region.
Macrotech Developers’ two London projects clocked £145 million (Rs 14.5 billion) of sales bookings in Q2 FY22 which is an additional positive.
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