Conference Call with Macrotech Developers Management and Analysts on Q4FY24 Performance and Outlook. Listen to the full earnings transcript.
Realty company Macrotech Developers announced Q4FY24 & FY24 results: Q4FY24 Financial Highlights: Pre-sales: Rs 42.3 billion (+40% YoY). Collection: Rs 35.1 billion (+20% YoY). Revenues from ops.: Rs 40.2 billion (+23% YoY). Adjusted EBITDA: Rs 13.4 billion (+37% YoY). PAT: Rs 6.7 billion (+21% YoY). FY24 Financial Highlights: Annual pre-sales of Rs 145.2 billion. Best ever quarterly pre-sales of Rs 42.3 billion. Net Debt down to Rs 30.1 billion. Robust Adjusted EBITDA margins at ~33%. Commenting on the performance, Abhishek Lodha, MD & CEO, Macrotech Developers said, “Our best ever quarterly and annual performance showcases the buoyancy in demand for high quality homes in India from branded developers. Driven by the strength of our brand, we delivered pre-sales of Rs 145 billion for FY24, thus meeting our guidance of delivering consistent and predictable 20% growth. Our Q4FY24 pre-sales stood at Rs 42.3 billion showing a strong 40% YoY growth. We received yet another excellent response to our project launch in Bengaluru – our second in the city. We have achieved pre-sales of Rs 12 billion in just two quarters from two operating projects showcasing the brand resonance of Lodha in a new geography. This better than anticipated success provides greater confidence towards advancing our ‘expansion stage’ in Bengaluru. We are pleased to note that we have achieved our guidance of reducing our net debt well below 0.5x of equity. Robust operating cash flows and our capital raise led to net debt coming down by over Rs 40 billion during the year to Rs ~30 billion which is less than 0.2x of equity. What is heartening to note is that the sharp reduction in net debt has happened along-side addition of new projects of over Rs 200 billion during the year. This makes us unique housing company to achieve the troika of significant pre-sales growth, robust business development, along withsignificant debt reduction showcasing our brand strength and operational prowess. Our enhanced financial strength will provide us an opportunity to accelerate margin as well as top line growth as the capital is invested over the next 6-12 months. It is pleasing to note that, continuing robustness in business fundamentals and strengthening of the balance sheet has led to further credit rating upgrade - by ICRA to AA-/ Stable. This is our sixth rating upgrade in less than three years – a unique feat for large Indian corporate. Our average cost of funds has further come down to ~9.4% (down 10bps for the quarter).” Result PDF