Buy Macrotech Developers, target price Rs 1304: ICICI Securities

ICICI Securities has buy call on Macrotech Developers with a target price of Rs 1304. The current market price of Macrotech Developers is Rs 967.

Macrotech Developers Ltd., incorporated in the year 1995, is a Small Cap company (having a market cap of Rs 46526.85 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-2022.



Financials
For the quarter ended 30-09-2022, the company reported a Consolidated Total Income of Rs 1761.23 Crore, down -34.18 % from last quarter Total Income of Rs 2675.78 Crore and down -20.00 % from last year same quarter Total Income of Rs 2201.66 Crore. Company reported net profit after tax of Rs -931.44 Crore in latest quarter.

Investment Rationale
The brokerage retains BUY rating with a revised target price of Rs1,304/share (earlier Rs1,348) adjusting for lower London repatriation proceeds. Key risks are demand slowdown in MMR market and rising interest rates.

Promoter/FII Holdings
Promoters held 82.2 per cent stake in the company as of 30-Sep-2022, while FIIs owned 14.54 per cent, DIIs 2.54 per cent.