Macrotech Developers Ltd

Macrotech Developers Ltd

₹ 1,460 -0.26%
16 Jul - close price
About

Macrotech Developers Ltd is primarily engaged in the business of real estate development. It is among the largest real estate developers in terms of presales and development pipeline in India with a presence in MMR, Pune and entered in Bengaluru market in Nov'23.[1]

Key Points

About
MDL is one of the largest real estate developers in India. Established in 1980s, it has developed properties over 85 msf mostly in the MMR market. As of FY23, MDL has 33 operating projects and has a presence across luxury, premium, mid income & affordable segment with ~60% revenue is from affordable & mid-income segment.[1]

  • Market Cap 1,45,257 Cr.
  • Current Price 1,460
  • High / Low 1,650 / 641
  • Stock P/E 89.8
  • Book Value 176
  • Dividend Yield 0.15 %
  • ROCE 11.1 %
  • ROE 10.7 %
  • Face Value 10.0

Pros

Cons

  • Stock is trading at 8.31 times its book value
  • Company has a low return on equity of 10.3% over last 3 years.
  • Promoter holding has decreased over last 3 years: -16.4%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Construction Industry: Construction

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
2,534 1,605 2,124 2,059 3,445 2,676 1,765 1,774 3,255 1,617 1,750 2,931 4,018
1,725 1,267 1,668 1,581 2,539 2,210 1,343 1,370 2,487 1,289 1,338 2,055 2,972
Operating Profit 808 338 456 479 906 466 422 404 769 328 412 876 1,046
OPM % 32% 21% 21% 23% 26% 17% 24% 23% 24% 20% 24% 30% 26%
78 145 14 97 37 0 -1,182 129 16 54 6 -77 65
Interest 315 245 156 157 122 119 125 118 117 124 123 117 116
Depreciation 17 19 18 19 19 20 22 22 30 24 29 33 117
Profit before tax 554 220 295 399 802 327 -906 393 638 235 265 649 878
Tax % 44% 27% 24% 28% 33% 17% -3% -3% -17% 24% 24% 22% 24%
312 161 223 286 538 271 -933 405 746 179 203 505 667
EPS in Rs 3.92 1.80 2.46 2.97 5.56 2.81 -9.69 4.20 7.73 1.85 2.09 5.22 6.69
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
2,173 2,954 6,236 8,249 7,926 9,677 11,907 12,443 5,449 9,233 9,470 10,316
1,663 2,229 4,769 6,123 6,313 7,995 8,728 10,526 4,066 7,047 7,406 7,651
Operating Profit 510 724 1,467 2,126 1,614 1,682 3,179 1,917 1,383 2,186 2,064 2,665
OPM % 23% 25% 24% 26% 20% 17% 27% 15% 25% 24% 22% 26%
145 124 423 510 584 285 72 119 -140 293 -1,037 48
Interest 283 254 492 988 736 390 568 740 1,136 688 482 482
Depreciation 17 37 128 450 460 395 194 292 73 75 93 204
Profit before tax 355 556 1,269 1,198 1,001 1,182 2,489 1,003 33 1,716 452 2,028
Tax % 26% 32% 37% 41% 42% 33% 34% 26% -44% 30% -8% 23%
264 381 798 703 584 794 1,644 742 48 1,208 490 1,554
EPS in Rs 5.97 8.83 18.46 16.25 12.91 10.03 20.66 9.19 0.51 12.49 5.05 15.58
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 20% 14%
Compounded Sales Growth
10 Years: %
5 Years: -3%
3 Years: 24%
TTM: 9%
Compounded Profit Growth
10 Years: %
5 Years: 0%
3 Years: 69%
TTM: 84%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 51%
1 Year: 109%
Return on Equity
10 Years: %
5 Years: 11%
3 Years: 10%
Last Year: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 108 108 108 108 113 396 396 396 396 482 482 994
Reserves 636 1,018 3,186 3,865 3,920 4,756 3,445 4,156 4,203 11,624 12,181 16,475
5,596 4,259 11,852 13,835 16,183 22,616 25,641 18,423 18,193 11,537 9,060 7,698
3,138 3,883 12,752 13,173 13,715 12,483 20,382 17,717 16,516 14,763 17,399 22,031
Total Liabilities 9,478 9,268 27,898 30,981 33,931 40,251 49,864 40,693 39,308 38,404 39,122 47,198
991 971 2,290 1,899 1,753 2,197 2,139 2,021 1,946 1,923 1,828 1,169
CWIP 159 112 4 176 109 6 6 6 6 0 0 4
Investments 376 181 595 611 1,180 1,384 1,405 1,553 1,579 574 246 2,500
7,951 8,003 25,008 28,295 30,888 36,664 46,314 37,112 35,776 35,908 37,048 43,524
Total Assets 9,478 9,268 27,898 30,981 33,931 40,251 49,864 40,693 39,308 38,404 39,122 47,198

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
387 1,469 696 -463 3,772 2,524 1,998 2,750 2,512
-854 -1,174 -651 -175 182 420 1,139 1,789 -2,947
330 -312 24 736 -4,188 -2,835 -2,888 -3,706 951
Net Cash Flow -137 -16 69 97 -234 109 250 834 516

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 40 32 63 30 28 29 15 23 44 26 28 28
Inventory Days
Days Payable
Cash Conversion Cycle 40 32 63 30 28 29 15 23 44 26 28 28
Working Capital Days 695 522 655 590 654 496 700 447 1,046 709 648 644
ROCE % 13% 13% 9% 7% 11% 6% 7% 10% 9% 11%

Shareholding Pattern

Numbers in percentages

Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
88.50% 82.22% 82.22% 82.20% 82.20% 75.00% 74.99% 74.96% 74.93% 74.92% 72.16% 72.13%
8.73% 15.27% 14.91% 14.54% 13.93% 19.42% 18.98% 19.83% 20.52% 21.09% 23.79% 24.18%
1.07% 1.18% 1.45% 1.86% 2.54% 3.48% 3.68% 3.81% 3.50% 3.21% 3.32% 2.96%
1.70% 1.33% 1.43% 1.40% 1.34% 2.10% 2.33% 1.40% 1.05% 0.78% 0.73% 0.72%
No. of Shareholders 38,89645,84350,65253,30453,34351,05853,43155,20252,59052,80560,81267,699

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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