Update on Macrotech Developers By Motilal Oswal
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Delivers the best ever quarterly and annual performances
LODHA released its quarterly update highlighting the key business numbers for 4QFY22. Following are the key takeaways:
LODHA delivered the best ever quarterly performance with sales bookings of INR35b (4% higher than our estimates), up 37% YoY/33% QoQ. The performance was above the monthly sales target of INR8b guided in the post2QFY22 result.
FY22 presales stood at INR90b, up 50% YoY and with this the company has met its full-year presales guidance.
Collections improved 36% YoY/34% QoQ to INR28.4b, in line with sales. After its QIP in 3QFY22, the net debt on India business stood at INR99b, which has been further reduced to INR93b in 4Q. This is now below the management’s guidance of INR100b for FY22.
The UK projects also performed strongly in 4QFY22 with sales of INR17b; the full-year sales stood at INR53b. During the quarter, the company made early redemption of USD170m Senior secured notes out of the total outstanding amount of USD225m.
While there was no update on business development during 4QFY22, the same has been strong in FY22 as the company signed 11 JDA projects with cumulative GDV of ~INR150b.
Valuation and view: We would revisit our estimates post the earnings release. We await further clarity on the business development front. Maintain BUY.
To Read Complete Report & Disclaimer Click Here
For More Motilal Oswal Securities Ltd Disclaimer http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html SEBI Registration number is INH000000412
Above views are of the author and not of the website kindly read disclaimer
