The shares of this real estate company gained up to 9.1 percent after the company achieved its best-ever 3rd quarter Pre-sales performance of Rs 34.1 bn, showing a growth of 12 percent on a YoY basis.
With a market capitalization of Rs 1.06 lakh crore, the shares of Macrotech Developers Ltd were trading at Rs 1,106 per share in bse, increasing around 0.71 percent as compared to the previous closing price of Rs 1,098.50 apiece.
According to the company filing, Macrotech Developers Ltd achieved its best-ever 3rd quarter Pre-sales performance of Rs 34.1 bn, showing a growth of 12 percent on a YoY basis.
Additionally, The company’s pre-sales in the first three-quarters of FY24 are Rs 103 billion, representing 14% YoY growth and keeping them on track to meet their FY24 pre-sales target of Rs 145 billion.
Macrotech Developers Ltd entered into an agreement (“SPA”) on January 4, 2024, for the acquisition of a 100 percent equity investment in Goel Ganga Ventures India Pvt Ltd for Rs 1 lakh; this acquisition is expected to be completed on or before January 15, 2024.
Macrotech Developer added 3 projects with 2 million sq. ft. of saleable area for a GDV of Rs 60 bn. The business development for 9mFY24 at Rs 203 bn has already surpassed the company’s full-year guidance of Rs175 bn for the year and the company’s net debt remained largely stable during the quarter at Rs 67.5 bn.
Macrotech Developer Ltd’s revenue decreased 1 percent from Rs. 1,765 crores in Q2FY23 to Rs 1,750 crores in Q2FY24. Further, During the same period, Net Profit increased from a loss of Rs 933 crores to a profit of Rs 203 crores.
Pre-sales totaled Rs 12.6 billion. Given the completion of a few current projects, Macrotech is in the process of increasing supply in the micro-market. In this regard, the business added two new projects in FY23 with a total GDV of almost Rs 15.0 Bn.
Macrotech Developers Ltd is largely in the real estate development sector. It is one of India’s leading real estate developers and has activities in the Mumbai Metropolitan Region (MMR) and Pune.
Written by:- Abhishek Singh
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