Macrotech Developers Share Price hits new 52 week high Post-Q4 Results

In today session Macrotech Developers share price climbed up more than 2% to touch its 52-week high at ₹1309.45 on the NSE. Stocks of the realty firm opened at ₹1279.90 vs. the previous closure of ₹1250.45. Around 9:23 am IST, shares of the company traded at ₹1260.70 apiece, up by 10.25 points or 0.82%. More than 2.17 lakh equity shares changed hands at the same time.

The real estate company announced its financial results for the quarter and year ended March 31, 2024. In Q4 FY24, the company reported 40% YoY growth in pre-sales and 20% growth in collections compared to Q4 FY23.

Macrotech Developers Limited has added 11.55% over last one month compared to 8.48% gain in S&P BSE Realty Index and 1.52% rise in the SENSEX. On the BSE, 10538 shares were traded in the counter so far compared with average daily volumes of 28046 shares in the past one month. The stock hit a record high of ₹1308.95 on 25 Apr, 2024, and a 52-week low of ₹440.5 on 25 Apr, 2023.

US brokerage firm Jefferies has maintained a ‘Buy’ rating with a target price of ₹1380. “Results above consensus estimates. FY25 guidance maintains steady growth trajectory. Strong operational performance in Q4 takes gearing below 0.2x. Strong operating performance expected to continue,” the brokerage firm added.

Meanwhile, Morgan Stanley has maintained an Equal-Weight rating with a target price of ₹1050. “Q4 Review – Strong quarter. Pro-forma RoE at 17% is impressive and it targets 19%/20% by FY25/FY26. FY24 pre-sales growth of 21 percent YoY; Targets 20% in FY25,” the brokerage firm added.

Macrotech Developers Limited is a constituent of the S&P BSE 200. According to BSE analytics, as of April 25, 2024, shares of Macrotech Developers Limited gained by 7.97% and 1.43% in the last 1 week and 2 weeks, respectively. In the last 1 month and 3 months, shares of the realty major up by 8.04% and 17.84%, respectively. On a YTD basis, shares of the company climbed by 19.16%. In the past 1 year, 2 years and 3 years, shares of the real estate company jumped by 176.16%, 145.04% and 371.77%, respectively. Last year, the real estate company announced its first dividend of ₹1 with an ex-date on September 8, 2023.

Macrotech Developers has TTM P/E ratio 60.60 as compared to the sector P/E of 18.47. There are 15 analysts who have initiated coverage on Macrotech Developers. There are 5 analysts who have given it a strong Buy rating & 4 analysts have given it a Buy rating. 0 analysts have given the stock a Sell rating.

Macrotech Developers Limited is the largest real estate developer in India. Its core business is residential real estate developments with a focus on affordable and mid-income housing. Through its subsidiaries, Macrotech engages in the construction and development of residential and commercial real estate properties in India and the United Kingdom.

The company also develops warehousing, logistics, and light industrial facilities. It is involved in facility management, asset management, marketing and sales, and support activities. The company develops properties under the LODHA, LODHA LUXURY, and PALAVA brand names.