Macrotech Developers Ltd - Stock Valuation and Financial Performance

BSE: 543287 | NSE: LODHA | Construction - Real Estate | Large Cap

Macrotech Developers Share Price

1,160.30 -33.50 -2.81%
as on 05-Nov'24 00:00

DeciZen - make an informed investing decision on Macrotech Developers

Overall Rating
Bole Toh

1. Quality

2. Valuation

Somewhat overvalued

3. Price Trend

Semi Strong

Macrotech Developers stock performance -

mw4me loader
P/E Ratio (SA):
68.08
Market Cap:
1,15,954.9 Cr.
52-wk low:
822.5
52-wk high:
1,648

Is Macrotech Developers Ltd an attractive stock to invest in?

1. Is Macrotech Developers Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Macrotech Developers Ltd is a average quality company.

2. Is Macrotech Developers Ltd undervalued or overvalued?

The key valuation ratios of Macrotech Developers Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

3. Is Macrotech Developers Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Macrotech Developers Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Macrotech Developers:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Macrotech Developers Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % 15.7%12.2%7.4%8.4%12.5%7%5%9.4%4.2%9%-
Value Creation
Index
0.40.1-0.3-0.3-0.1-0.5-0.7-0.2-0.6-0.2-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 4,6656,7955,8657,4439,5168,1155,9268,3539,2259,46011,666
Sales YoY Gr.-45.7%-13.7%26.9%27.9%-14.7%-27%41%10.4%2.5%-
Adj EPS 7.89.34.66.215.79.94.112.11312.817.1
YoY Gr.-18.7%-50.7%36.6%152.2%-37.3%-58.8%197.5%7.8%-1.6%-
BVPS (₹) 29.139.948.55840.349.352.1121.5124.9165172.8
Adj Net
Profit
5907003614931,2447803221,1631,2541,2731,703
Cash Flow from Ops. -8616571,9208359482,0003,8181,9611,6331,780-
Debt/CF from Ops. -11.717.36.51917.98.54.15.56.34.8-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 8.2%-0.1%16.9%2.5%
Adj EPS 5.7%-4%46.7%-1.6%
BVPS21.3%32.6%46.9%32.1%
Share Price - - 25.7% 34.7%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
34.922.59.811.128.819.67.213.910.18.610.1
Op. Profit
Mgn %
22.224.519.51825.922.320.310.521.47.326.2
Net Profit
Mgn %
12.610.36.26.613.19.65.413.913.613.514.6
Debt to
Equity
3.73.23.33.55.34.33.80.90.90.50
Working Cap
Days
9011,1261,4481,2691,1421,4371,9651,4521,3911,499666
Cash Conv.
Cycle
5817599308948051,1261,5131,0811,0121,070234

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 16.87%

Net Profit is growing at healthy rate in last 3 years 46.67%

Debt to equity has declined versus last 3 years average to 0.52

Sales growth is good in last 4 quarters at 56.45%

Return on Equity has declined versus last 3 years average to 10.10%

Latest Financials - Macrotech Developers Ltd.

Standalone Consolidated
TTM EPS (₹) 17.1 20.7
TTM Sales (₹ Cr.) 11,666 12,421
BVPS (₹.) 172.8 178.1
Reserves (₹ Cr.) 16,225 16,748
P/BV 6.73 6.53
PE 68.08 56.10
From the Market
52 Week Low / High (₹) 822.50 / 1648.00
All Time Low / High (₹) 210.57 / 1648.00
Market Cap (₹ Cr.) 1,15,955
Equity (₹ Cr.) 996.5
Face Value (₹) 10
Industry PE 71.5

Management X-Ray of Macrotech Developers:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Macrotech Developers

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales4,6656,7955,8657,4439,5168,1155,9268,3539,2259,460
Operating Expenses 3,6855,1474,7786,1067,0996,3054,7227,4767,2558,772
Manufacturing Costs4,7405,9555,4494,7866,0383,8712,8674,6698,33310,076
Material Costs-1,623-1,309-1,2725592321,7621,270890-2,237-4,165
Employee Cost 148179216295214280283344411463
Other Costs 4203223854666163923031,5727472,399
Operating Profit 9801,6481,0871,3372,4161,8091,2048781,970687
Operating Profit Margin (%) 21.0%24.3%18.5%18.0%25.4%22.3%20.3%10.5%21.4%7.3%
Other Income 4384064935862754353361,1792731,957
Interest 479571640697676786855402529545
Depreciation 693764193851512436956124251
Exceptional Items 00000-560-4600-1,177-264
Profit Before Tax 8701,1075218411,8646551561,5994131,584
Tax 31841920032065122234465-43420
Profit After Tax 5526883215211,2124331221,1344561,164
PAT Margin (%) 11.8%10.1%5.5%7.0%12.7%5.3%2.1%13.6%4.9%12.3%
Adjusted EPS (₹)7.39.14.16.615.35.51.511.84.711.7
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%21%19%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 2,7003,5203,8425,0213,6214,3374,55412,13712,46616,849
Share Capital 608608113396396396396482482995
Reserves 2,0922,9123,7294,6253,2253,9414,15911,65511,98515,855
Minority Interest0000000000
Debt10,01611,30912,53915,84516,98216,88815,74710,6829,9518,454
Long Term Debt290891691544864511,2922,0681,574970
Short Term Debt9,72611,22012,37015,69016,49616,43714,4558,6148,3767,484
Trade Payables1,3191,7392,0111,5621,6691,6731,3061,3892,2712,758
Others Liabilities 9,6138,79210,1597,73713,10811,52014,25513,35415,44919,563
Total Liabilities 23,64825,36128,55130,16535,37934,41835,86237,56240,13747,625

Fixed Assets

Gross Block1,3521,5631,6722,8062,8762,8983,0613,1483,3642,778
Accumulated Depreciation1244918981,2581,3851,6001,7571,7971,6541,879
Net Fixed Assets1,2281,0727731,5481,4911,2971,3041,3511,710898
CWIP 832891006666000
Investments 1,9181,6792,5879259821,0581,6826123802,385
Inventories14,73516,05917,38021,50527,15525,37126,67925,90928,66632,830
Trade Receivables740467317711408731628511731763
Cash Equivalents 3301922031742631162561,0211,7002,500
Others Assets4,6155,6037,1895,2965,0755,8395,3078,1576,9508,250
Total Assets 23,64825,36128,55130,16535,37934,41835,86237,56240,13747,625

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity -8616571,9208359482,0003,8181,9611,6331,780
PBT 8701,1075218411,8646551561,5994131,584
Adjustment 1,1141,5311,7272,0972,2792,6022,4561,6302,578880
Changes in Working Capital -2691-1723-39-1702-2973-12031120-1123-1153-663
Tax Paid -154-259-288-401-221-5387-145-204-22
Cash Flow From Investing Activity 945-165-1,472330276-14784-1,6241,684-1,931
Capex -137-71-42-36-80-142-44-75-152
Net Investments 391162-928-473-61965-44215684-2,407
Others 691-256-501839417-1,098125-1,7951,075628
Cash Flow From Financing Activity -206-638-449-1,155-1,145-1,985-3,808-202-2,377667
Net Proceeds from Shares 00000006,345103,274
Net Proceeds from Borrowing 0000000000
Interest Paid -1,265-1,490-1,643-2,353-2,283-2,213-2,009-1,600-1,148-834
Dividend Paid 000000000-96
Others 1,0598521,1931,1991,139228-1,799-4,948-1,239-1,676
Net Cash Flow -122-146-11080-13194134941516
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)38.5326.389.3512.3531.1612.23.0414.323.848.18
ROCE (%)15.6712.177.438.3512.57.034.979.424.198.96
Asset Turnover Ratio0.320.280.220.250.290.230.170.230.240.22
PAT to CFO Conversion(x)-1.560.955.981.60.784.6231.31.733.581.53
Working Capital Days
Receivable Days35322425212642252529
Inventory Days6188271,0409539331,1811,6031,1491,0801,186
Payable Days-158-426-5381,1672,546346428552-299-220

Macrotech Developers Ltd Stock News

Macrotech Developers Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Macrotech Developers on 05-Nov-2024 00:00 is ₹1,160.3.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 05-Nov-2024 00:00 the market cap of Macrotech Developers stood at ₹1,15,954.9.
The latest P/E ratio of Macrotech Developers as of 05-Nov-2024 00:00 is 68.08.
The latest P/B ratio of Macrotech Developers as of 05-Nov-2024 00:00 is 6.73.
The 52-week high of Macrotech Developers is ₹1,648 and the 52-week low is ₹822.5.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Macrotech Developers is ₹11,666 ( Cr.) .

About Macrotech Developers Ltd

Macrotech Developers is one of the largest real estate developers in India, by residential Sales value for the financial years 2014 to 2020. Currently, it has residential projects in the MMR and Pune. In 2019, it forayed into the development of logistics and industrial parks and entered into a joint venture with ESR Mumbai 3 Pte. (ESR), a subsidiary of ESR Cayman, an Asia Pacific focused logistics real estate platform. It also develops commercial real estate, including as part of mixed-use developments in and around its core residential projects.

The company’s customer-centric business model focuses on designing and developing its ‘branded products’ to address consumer needs across locations and price points. Its core competency lies in professionally managing the real estate value chain as it has in-house capabilities to deliver a project from conceptualization to completion. It has a strong focus on de-risking projects and improving its return on investment with fast turnaround time from acquisition to launch to completion.

The company’s brands include “Lodha”, “CASA by Lodha” and “Crown - Lodha Quality Homes” for its affordable and mid-income housing projects, the “Lodha” and “Lodha Luxury” brands for its premium and luxury housing projects, and the “iThink”, “Lodha Excelus” and “Lodha Supremus” brands for its office spaces. Its inhouse sales team is supported by a distribution network of multiple channels across India as well as key non-resident Indian (NRI) markets, such as the Gulf Cooperation Council, United Kingdom, Singapore and the United States. The company’s large ongoing portfolio of affordable and mid-income housing projects include Palava (Navi Mumbai, Dombivali Region), Upper Thane (Thane outskirts), Amara (Thane), Lodha Sterling (Thane), Lodha Luxuria (Thane), Crown Thane (Thane), Bel Air (Jogeshwari), Lodha Belmondo (Pune), Lodha Splendora (Thane) and Casa Maxima (Mira Road).

Business area of the company

The company is primarily engaged in affordable residential real estate developments and in 2019, it entered into the development of logistics and industrial parks and also develop commercial real estate.

Awards and Accreditations

  • 2014: The Global Leadership in Real Estate Award’ in the NDTV Property Awards.
  • 2014: The Most Trusted Real Estate Brand in the Country’ by the Brand Trust Report.
  • 2014: Ranked as one of India’s Best Companies to Work for, 2014’ by Great Places to Work.
  • 2014: India’s Most Admired Builders’ by the Construction World Architect & Builder (CWAB).
  • 2015: Special Recognition Award’ in the ET Best Realty Brands (BRB) Awards.
  • 2015: Ranked as one of India’s Best Companies to Work for, 2015 by Great Places to Work.
  • 2016 ‘Best Private Township’ in the BW Business World Smart Cities Awards.
  • 2016: Certificate of recognition for ‘Iconic Upcoming Project- World One Worli’ as the Times Realty Icon 2016 by Optimal Media Solutions.
  • 2017: Best ‘Social Media Integrated Campaign’ for the World Towers at the National Awards for Marketing Excellence by Times Network.
  • 2017: Most Respected Real Estate Brand – India’ by 2017 Grohe Hurun.
  • 2017: Scroll of Honour award for ‘Marketing Firm of the Year – India’ by CREDAI.
  • 2018: Lodha Altamount recognised as one of the ‘Best Residential Project under Ultra-Luxury Segment’ in the West Zone of India by CNBC Awaaz Real Estate Awards 2017-18.
  • 2019: Best Activation Campaign Store Launch for Lodha Xperia Mall by the Activation Venue Forum.
  • 2020: Certificate of recognition for ‘Top Developer of the Year’ as the Times Real Estate Icons, West India 2020 by Optimal Media Solutions.

Major events and milestones

  • 2005: Launched Lodha Paradise in Thane.
  • 2006: Start of acquisition of land for Palava city.
  • 2006: Macrotec Constructions Private Limited (our erstwhile Subsidiary) won the bid for Apollo Textile Mills in an auction from National Textile Corporation for Bellissimo, Primero & Excelus projects.
  • 2008: Investment of Rs 16,400 million from Deutsche Bank in Cowtown Infotech Services Private Limited.
  • 2008: Investment from ICICI Ventures in Lodha Elevation Buildcon Private Limited in respect of ‘iThink Thane’.
  • 2010: Launch of Phase I of Palava City.
  • 2011: Acquisition of Wadala land parcel through auction process conducted by Mumbai Metropolitan Region Development Authority.
  • 2011: Launch of World One project in Lower Parel, Mumbai.
  • 2012: Exit of Deutsche Bank from Cowtown Infotech Services Private Limited.
  • 2012: Launch of New Cuffe Parade project in Wadala, Mumbai.
  • 2013: Launch of South Mumbai’s largest landscape, ‘The Park’ in Worli.
  • 2013: Acquisition of Washington House for Lodha Altamount project from the US Government.
  • 2014: Expansion into UK with acquisition of two development sites in Central London, including Canadian High Commission.
  • 2015: Successful closure of international bond offering of 12% $200 million due in 2020 by its Subsidiary, Lodha Developers International Limited.
  • 2015: Launched Lodha Luxury collection for super high-end residential.
  • 2015: Acquisition of 87 acre land from Clariant Chemicals in Thane.
  • 2016: Launch of Amara in Thane.
  • 2017: Exit of HDFC Venture Fund and Tramos Limited from Shreeniwas Cotton Mills Limited.
  • 2017: Exit of ICICI Ventures (iThink Thane in Lodha Elevation Buildcon Private Limited).
  • 2017: Launch of Lincoln Square project in London.
  • 2018: Follow-on fund raising of $125 million on 12% USD Bonds due in 2020.
  • 2018: Development finance tied up for both the London properties.
  • 2018: Acquisition of five acres of land parcel in Jogeshwari.
  • 2018: Launch of Seamont project in Walkeshwar, Mumbai.
  • 2018: Launch of Upper Thane project in Thane.
  • 2019: Joint Venture with ESR Mumbai 3 Pte. Limited for developing an industrial park at Palava.
  • 2019: Sale of NCP commercial tower 1 for a total consideration of Rs 10,550 million through sale of shares of subsidiary company to Varde Group, Singapore.
  • 2020: Repaid the bond of $325 million and raised the fresh bond of $225 million due 2023 by subsidiary, Lodha Developers International Limited.
  • 2020: Launch of ‘Lodha Crown’ in Thane.
  • 2021: Launch of ‘Lodha Villa Royale’ in Thane.


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