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ICICI Securities Report
As per Macrotech Developers Ltd.’s Q1 FY22 business update, the company has clocked sales bookings of Rs 9.6 billion which are up 88% YoY and down 62% QoQ.
Seen in context of significant second Covid-19 wave impact in the Mumbai Metropolitan Region, we believe that this is a resilient performance.
The company also reduced its India business net debt by Rs 36 billion QoQ to Rs 125 billion enabled by net IPO proceeds of Rs 24 billion and promoter loan repayment of Rs 16 billion during the quarter.
While Q1 FY22 has been a challenging quarter, we believe that the company is on track to achieve Rs 80-90 billion of sales bookings in FY22E and also reduce its India net debt to Rs 100 billion by March 2022.
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