Macrotech Developers Stock Surges on Record Q2 Pre-Sales; Analysts Bullish

Macrotech Developers, a prominent real estate developer, has seen its stock jump over 3% on the back of record pre-sales in Q2. Nomura has reaffirmed its buy rating, citing strong operational performance and a positive outlook for FY25.

Macrotech DevelopersReal EstateQ2 PresalesNomuraStock MarketReal Estate NewsOct 07, 2024

Macrotech Developers Stock Surges on Record Q2 Pre-Sales; Analysts Bullish

Real Estate News:Macrotech Developers, one of India's leading real estate players, has witnessed its stock price surge over 3% following an operationally robust second quarter. The company, which markets its properties under the Lodha brand, has reported its best-ever pre-sales, a trend that has been recognized by investment firm Nomura, which has maintained a 'buy' rating with a target price of Rs 1,600.\n\nAt 9 22 AM on October 7, the stock was trading at Rs 1,208.70 on the National Stock Exchange (NSE). Nomura emphasized that the company is on track to meet its FY25 guidance, citing a 21% year-on-year increase in sales bookings to Rs 4,290 crore. This achievement is particularly notable given the inauspicious 'Shradhh' period in September, which often affects real estate sales.\n\nMacrotech Developers has a strong presence in the Mumbai Metropolitan Region (MMR) and Pune and has recently expanded into the Bengaluru real estate market. The company's robust performance is reflected in its collections, which stood at Rs 3,070 crore in the fiscal second quarter, marking an 11% year-on-year increase.\n\nIn addition to its residential projects, Macrotech has been actively diversifying its portfolio. The company has acquired 45 acres of land in Chennai for its digital infrastructure business, focusing on warehousing and industrial projects. It has also increased its stake in rental income, further solidifying its position in the market.\n\nMacrotech Developers has delivered around 100 million square feet of real estate and is currently developing more than 110 million square feet under its ongoing and planned portfolio. The company's strategic expansion into new cities is expected to continue, with a decision on the next city anticipated in the latter half of FY25.\n\nDespite a marginal decline on the previous session, closing at Rs 1,174.80, the stock has risen around 11% this year, although it has underperformed compared to the benchmark Nifty's 15% return. Over the past 12 months, the stock has rallied over 50%, significantly outpacing the Nifty's 28% gain.\n\nNomura's positive outlook and the company's solid financial performance are expected to continue driving investor interest in Macrotech Developers. The firm's diversification strategy and strong market presence suggest a promising future for the real estate giant.

Frequently Asked Questions

What was the performance of Macrotech Developers in Q2FY25?

Macrotech Developers reported its best-ever pre-sales in Q2FY25, with a 21% year-on-year increase in sales bookings to Rs 4,290 crore. The company also saw a 11% year-on-year increase in collections to Rs 3,070 crore.

What is the current stock price of Macrotech Developers?

On October 7, the stock was trading at Rs 1,208.70 on the National Stock Exchange (NSE).

What is Nomura's rating and target price for Macrotech Developers?

Nomura has reaffirmed its 'buy' rating for Macrotech Developers with a target price of Rs 1,600.

Where does Macrotech Developers have a presence?

Macrotech Developers has a strong presence in the Mumbai Metropolitan Region (MMR) and Pune. The company has also expanded into the Bengaluru real estate market and is considering further expansion into new cities.

What new projects has Macrotech Developers added recently?

The company has added four new projects in Pune and Bengaluru. Additionally, Macrotech has acquired 45 acres of land in Chennai for its digital infrastructure business, focusing on warehousing and industrial projects.

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