Macrotech Developers Ltd., incorporated in the year 1995, is a Small Cap company (having a market cap of Rs 47089.20 Crore) operating in Real Estate sector.
Macrotech Developers Ltd. key Products/Revenue Segments include Property Development, Land Development Rights, Rental Income, Other Operating Revenue and Building Materials for the year ending 31-Mar-2021.
Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 1712.36 Crore, down -34.42 % from last quarter Total Income of Rs 2611.17 Crore and up 199.09 % from last year same quarter Total Income of Rs 572.53 Crore. Company reported net profit after tax of Rs 160.30 Crore in latest quarter.
Investment Rationale
The brokerage revises target price to Rs1,129/share (earlier Rs927) assigning a 25% premium to Mar’22 NAV of Rs904/share considering business development value from new JDA signings and retain ADD rating. Our Gross Asset Value (GAV) of Rs505bn includes Rs332bn for FY23-30E post-tax-FCFF, Rs152bn for company’s land bank of 3,800 acres and Rs20bn from UK project surplus. Adjusted for FY22E India net debt of Rs101bn, the brokerage arrives at NAV of Rs404bn or Rs904/share.
Promoter/FII Holdings
Promoters held 88.5 per cent stake in the company as of June 30, 2021, while FIIs held 9.3 per cent, DIIs 0.4 per cent and public and others 1.8 per cent.
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