Macrotech Developers Ltd. share price target

LODHA achieved 3QFY25 bookings of INR45b (2% below our estimate), up 32% YoY. Among key markets, south and central regions, extended eastern suburbs, and western suburbs outperformed with 2x YoY growth in presales.

Along expected lines, Macrotech Developers (LODHA) achieved strong Q1FY25 sales bookings of INR 40.3bn (up 20% YoY). After having achieved FY24 sales bookings of INR 145bn.

In FY24, LODHA reported pre-sales of INR145b, up 20% YoY and in line with
its medium-term growth strategy. While bookings in its core markets of
South & Central Mumbai, Thane and extended eastern suburbs grew by 6%
YoY, a large part of the growth was led by new markets.

Macrotech Developers (LODHA) achieved bookings of INR42.3b (in line with
estimate), up 40%/24% YoY/QoQ. Further, the company achieved its
guidance, recording pre-sales of INR145b for FY24, up 20% YoY.

Macrotech Developers (LODHA) achieved strong Q2FY24 sales bookings of INR35.3bn (up 12% YoY) – which is its best-ever Q2 (Jul-Sep) performance – in spite of new locations seeing launches during the quarter. With H1FY24 sales bookings of INR69bn, the company has already achieved 48% of its FY24 sales booking guidance of INR145bn (I-sec estimate of INR134bn).

Macrotech Developers (LODHA) achieved strong Q1FY24 sales bookings of INR33.5bn (up 17% YoY) driven by the micro-markets of South/Central Mumbai (INR11.6bn) and extended Eastern suburbs (INR6.1bn). The company has balance launches of 9.4msf in FY24E having GDV of INR125.6bn which should enable the company to sustain sales momentum going ahead.

Macrotech Developers (LODHA) achieved its best-ever annual sales bookings in FY23 worth Rs120.6bn (up 34% YoY) and higher than its guidance of Rs115.0bn at the beginning of FY23. Further, the company’s India business net debt reduced by Rs22.3bn YoY in FY23 to Rs70.7bn as of Mar’23.

Rs1,067 Research Analysts: Adhidev Chattopadhyay adhidev.chattopadhyay@icicisecurities.com +91 22 6807 7451 Macrotech Developers (LODHA) achieved its best ever October-December sales bookings in Q3FY23 worth Rs30.4bn (Isec estimate of Rs29.0bn) which was driven by a combination of monetization of ready/completed inventory and new launches.

Macrotech Developers (LODHA) achieved its best ever October-December sales bookings in Q3FY23 worth Rs30.4bn (Isec estimate of Rs29.0bn) which was driven by a combination of monetization of ready/completed inventory and new launches.

Macrotech Developers (LODHA) achieved its best ever July-September sales bookings in Q2FY23 worth Rs31.5bn (Isec estimate of Rs27.5bn) which was driven by a combination of monetization of ready/completed inventory and new launches.

Macrotech Developers (LODHA) achieved its best ever July-September sales bookings in Q2FY23 worth Rs31.5bn (Isec estimate of Rs27.5bn) which was driven by a combination of monetization of ready/completed inventory and new launches.

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.