Macrotech Developers' Stock Sees 3% Jump on Record Q2 Pre-Sales; Nomura Maintains Buy Rating

Macrotech Developers, one of the leading real estate developers in India, has delivered around 100 million square feet of real estate and is currently developing over 110 million square feet under its ongoing and planned portfolio. The company reported it

Macrotech DevelopersReal EstateStock PerformanceQ2 PresalesNomuraReal EstateOct 07, 2024

Macrotech Developers' Stock Sees 3% Jump on Record Q2 Pre-Sales; Nomura Maintains Buy Rating
Real Estate:Macrotech Developers' stock gained more than 3 percent on October 7, 2024, as Nomura maintained its 'buy' rating on the stock following the realty major's strong second-quarter performance. At 9 22 am, the stock was trading at Rs 1,208.70 on the National Stock Exchange (NSE). Nomura's positive outlook and a target price of Rs 1,600 have bolstered investor confidence in the company.\n\nMacrotech Developers, known for its Lodha brand, has reported a 21 percent year-on-year increase in sales bookings, reaching a record Rs 4,290 crore in Q2. This marks the company's best-ever quarterly pre-sales, despite the inauspicious ‘Shradhh’ period in September. The collections of funds stood at Rs 3,070 crore in the fiscal second quarter, up 11 percent YoY, further solidifying the company's financial health.\n\nThe developer's growth is not limited to sales. Macrotech added four new projects in Pune and Bengaluru during this period, underscoring its strong pipeline of business development opportunities in the residential sector. Additionally, the company acquired 45 acres of land in Chennai for its digital infrastructure (warehousing and industrial) business and entered into an agreement to increase its stake in rental income.\n\nMacrotech Developers has a significant presence in the Mumbai Metropolitan Region (MMR) and Pune. The company has also expanded into the Bengaluru real estate market and is considering entering new cities in the latter half of FY25. With a delivered real estate portfolio of around 100 million square feet and ongoing and planned projects totaling over 110 million square feet, Macrotech is well-positioned for sustained growth.\n\nDespite the recent gains, shares of Macrotech Developers closed marginally lower at Rs 1,174.80 on NSE in the previous session. The stock has risen around 11 percent so far this year, slightly underperforming the benchmark Nifty's returns of 15 percent. However, in the past 12 months, the stock has rallied more than 50 percent, significantly outpacing Nifty's gain of around 28 percent during the same period.\n\nInvestors are advised to consult with certified experts before making any investment decisions in light of the positive outlook and strong performance metrics of Macrotech Developers.

Frequently Asked Questions

What was Macrotech Developers' stock performance on October 7, 2024?

Macrotech Developers' stock gained more than 3 percent on October 7, 2024, trading at Rs 1,208.70 on the National Stock Exchange (NSE).

What was the reason for Nomura's 'buy' rating on Macrotech Developers?

Nomura maintained its 'buy' rating on Macrotech Developers due to the company's best-ever pre-sales in Q2FY25 and a strong operational performance, with a target price of Rs 1,600.

How much did Macrotech Developers' sales bookings increase in Q2?

Macrotech Developers reported a 21 percent year-on-year increase in sales bookings, reaching a record Rs 4,290 crore in Q2.

What new projects did Macrotech Developers add in Q2?

Macrotech Developers added four new projects in Pune and Bengaluru during Q2, expanding its residential business development opportunities.

What was the percentage increase in Macrotech Developers' stock over the past 12 months?

Macrotech Developers' stock has rallied more than 50 percent over the past 12 months, significantly outpacing the benchmark Nifty's gain of around 28 percent.

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