Macrotech Developers (LODHA) reported a strong all-round performance in 3QFY22. It delivered the best pre-sales in the last 12 quarters along with 44% YoY growth in collections that led to INR4b reduction in net debt. Progress on business development gathered momentum post the recent QIP, as the company signed six new projects in 3QFY22 with saleable area of 4.8msf and revenue potential of INR100b. We retain our FY23E/FY24E pre-sales backed by strong momentum in both sales bookings and deal additions; but, we lower our FY22/23 collection and...