Macrotech Developers reports a 17% growth in sales bookings for Q1FY24

After setting new all-time highs on the bourses in back-to-back sessions, the Indian benchmark indices concluded today’s session flat. With significant gains, BSE Fast Moving Consumer Goods, BSE Auto and BSE Oil & Gas attempted to boost the indices. The BSE Sensex edged down by 0.05% to 65,446 level at the close. The Nifty 50 index edged up by 0.05% to a level of 19,398.

Following the news that the company reported a 17% growth in sales bookings at Rs 3,350 crore in the first quarter of this financial year and added five new land parcels to develop projects with a sales potential of about Rs 12,000 crore, shares of Macrotech Developers Ltd (Lodha), which were trading lower throughout the session, managed to move higher.

Shares have soared around 25% in just the past one month, resulting in a more than 55% return in the last three months! A rise in buying interest following the company’s announcement of a bonus issue was one of the major factors in this rally.

Taking into account the company’s quarterly performance, on a consolidated basis, it reported a drop of 5.49% from Rs 3,444.56 crore registered in Q4FY22, recording total revenue of Rs 3,255.38 crore in Q4FY23. When comparing the net profit for Q4FY23 to the same quarter last year, it soared 39.01% from Rs 535.46 crore to Rs 744.36 crore.

Macrotech Developers Ltd is primarily in the real estate development business. It is one of India’s leading real estate developers, with operations in the MMR (Mumbai Metropolitan Region) and Pune markets.

According to CRISIL Ratings, residential real estate developers in India’s top six cities are likely to record an 8-10% growth in sales in the current financial year 2023-24, despite a surge in interest rates and home prices in the last financial year.

Keep a close eye on this stock for the upcoming sessions!