Macrotech Developers reports 10.6% decline in Q4 PAT, firm claims best-ever pre-sales performance
Upstox
2 min read • Updated: April 25, 2024, 5:16 PM
Summary
Macrotech Developers’ revenue from operations increased 23.44% to ₹4,018.50 crore during the quarter. The company claimed it reported its best ever quarterly and annual pre-sales performance with 40% YoY growth in pre-sales and 20% increase in collections.
Shares of Macrotech Developers fell over 3% on Thursday after the company reported a 10.6% year-on-year (YoY) decline in its fourth quarter net profit at ₹667 crore.
Revenue from operations increased 23.44% to ₹4,018.50 crore during the quarter. The company claimed it reported its best-ever quarterly and annual pre-sales performance with 40% YoY growth in pre-sales and a 20% increase in collections.
On the back of strong operating cash flow generation coupled with the recently concluded qualified institutional placement (QIP), net debt was further reduced to ₹3,010 crore, it said.
Abhishek Lodha, MD & CEO, Macrotech Developers said the company delivered pre-sales of ₹14,500 crore in FY24, thus meeting its guidance of 20% growth. “Our Q4FY24 pre-sales stood at ₹4,230 crore,” he said.
“Robust operating cash flows and our capital raise led to net debt coming down by over ₹4,000 crore during the year to ₹3,000 crore which is less than 0.2x of equity. What is heartening to note is that the sharp reduction in net debt has happened alongside the addition of new projects of over ₹20,000 crore during the year,” Lodha added.
For the full year, the company reported a 9% increase in operating revenue at ₹10,316.1 crore. Net profit jumped 230% to ₹1,563.4 crore.
The company is expecting ₹17,500 crore in pre-sales for fiscal year 2025 with an operating cashflow of ₹6,500 crore during the year. New project additions are expected to hit ₹21,000 crore while net debt to equity is anticipated to remain less than or equal to 0.5x.
During the quarter, the company entered into two memoranda of understanding (MoUs) — one with IIT-Delhi for piloting the new greener LC3 concrete to explore commercial scale use for the same and another with Third Derivative, the startup incubation arm of RMI – a global sustainability think tank, to foster innovation in the built environment.
Shares of the company have risen over 15% since the beginning of the year. The stock has gained over 170% in the last one year.