Macrotech Developers (LODHA) achieved its best ever April-June sales bookings in Q1FY23 worth Rs28.1bn (Isec estimate of Rs25.5bn), which we believe has been driven by a combination of monetization of ready/completed inventory and new launches. The company has given an FY23E sales booking guidance of Rs115bn (Isec estimate of Rs110bn) and we believe that the sales guidance is achievable given the addition of new projects having total estimated GDV of Rs146bn in FY22, majority of which are slated for FY23E launch.