Macrotech Developers share cost added 4% in early trade on October 8 after foreign broking house Jefferies kept up with the purchase call on the stock and raised the target cost.
Jefferies has raised the target cost of Macrotech Developers to Rs 1,220 from Rs 1,068 for every offer and furthermore raised the FY23-24 sales estimate by 7-10 percent.
The organization’s Q2 sales more than doubled on-quarter, showing a strong real estate market, while its London investments likewise performed well and kept with it to return surplus by FY24.
The debt decrease targets have been kept up with and large land bank can give potential gains as pricing improves, said Jefferies.
“Lodha Developers has reported very strong quarterly pre-sales of Rs 2,003 crore, up 88 percent over Rs 1,066 crore in Q2FY21. Along with this, the company has also reported 73 percent improvement in collection to Rs 1,912 crore in Q2FY22 from Rs 1,107 crore in Q1FY22,” said Yash Gupta, Equity Research Analyst, Angel One.
“The company’s pre-sales rebounded very strongly despite some restriction in July due to the second Covid wave. We expect the festival season to be much better for the company.”
The organization has additionally reported an undertaking in Mumbai with a marketable space of 0.7 million sq ft through a joint advancement understanding. “It has also decreased its debt from Rs 16,965 crore in Q1FY22 to Rs 12,508 crore in Q2FY22. We have a neutral rating on Lodha Developers,” Gupta said.
At 9:22 am, Macrotech Developers was citing at Rs 1,157.40, up Rs 34.25, or 3.05 percent, on the BSE.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Endowment Lock journalist was involved in the writing and production of this article.