Macrotech Developers - On A Strong Footing: ICICI Securities Initiates Coverage

The World Towers developed by Lodha Developers. (Source: Company website).

Macrotech Developers - On A Strong Footing: ICICI Securities Initiates Coverage

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Macrotech Developers Ltd. is among India’s leading residential developers by sales value over FY17-21 and is the market leader in the Mumbai Metropolitan Region with a double digit market share.

We expect the company to clock Rs 300 billion of cumulative sales value over FY22-24E and generate a post-tax operating surplus of Rs 121 billion over the same period.

The robust cash flows combined with inflows of Rs 40 billion from initial public offering/promoter debt repayment in H1 FY22 is estimated to enable the company to significantly reduce India business net debt to Rs 37 billion by FY24E from Rs 161 billion in FY21.

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ICICI Securities Macrotech Developers Initiating Coverage.pdf


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