Macrotech Developers Ltd

Macrotech Developers Ltd

₹ 1,146 2.77%
27 Feb 3:10 p.m.
About

Macrotech Developers Ltd is primarily engaged in the business of real estate development. It is among the largest real estate developers in India with a presence in MMR (Mumbai Metropolitan Region) and Pune markets.[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 1,10,566 Cr.
  • Current Price 1,146
  • High / Low 1,228 / 388
  • Stock P/E 64.7
  • Book Value 135
  • Dividend Yield 0.09 %
  • ROCE 8.76 %
  • ROE 10.1 %
  • Face Value 10.0

Pros

  • Company has reduced debt.

Cons

  • Stock is trading at 8.37 times its book value
  • The company has delivered a poor sales growth of -0.43% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 11.0% over last 3 years.
  • Company might be capitalizing the interest cost

* 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

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,514 2,534 1,605 2,124 2,059 3,445 2,676 1,765 1,774 3,255 1,617 1,750 2,931
1,042 1,725 1,267 1,668 1,581 2,539 2,210 1,343 1,370 2,487 1,289 1,338 2,055
Operating Profit 472 808 338 456 479 906 466 422 404 769 328 412 876
OPM % 31% 32% 21% 21% 23% 26% 17% 24% 23% 24% 20% 24% 30%
83 78 145 14 97 37 0 -1,182 129 16 54 6 -77
Interest 266 315 245 156 157 122 119 125 118 117 124 123 117
Depreciation 18 17 19 18 19 19 20 22 22 30 24 29 33
Profit before tax 271 554 220 295 399 802 327 -906 393 638 235 265 649
Tax % 15% 44% 27% 24% 28% 33% 17% -3% -3% -17% 24% 24% 22%
232 312 161 223 286 538 271 -933 405 746 179 203 505
EPS in Rs 2.87 3.92 1.80 2.46 2.97 5.56 2.81 -9.69 4.20 7.73 1.85 2.09 5.22
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 TTM
2,173 2,954 6,236 8,249 7,926 9,677 11,907 12,443 5,449 9,233 9,470 9,553
1,663 2,229 4,769 6,123 6,313 7,995 8,728 10,526 4,066 7,047 7,406 7,168
Operating Profit 510 724 1,467 2,126 1,614 1,682 3,179 1,917 1,383 2,186 2,064 2,385
OPM % 23% 25% 24% 26% 20% 17% 27% 15% 25% 24% 22% 25%
145 124 423 510 584 285 72 119 -140 293 -1,037 -1
Interest 283 254 492 988 736 390 568 740 1,136 688 482 481
Depreciation 17 37 128 450 460 395 194 292 73 75 93 116
Profit before tax 355 556 1,269 1,198 1,001 1,182 2,489 1,003 33 1,716 452 1,787
Tax % 26% 32% 37% 41% 42% 33% 34% 26% -44% 30% -8%
264 381 798 703 584 794 1,644 742 48 1,208 490 1,633
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 16.89
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 20%
Compounded Sales Growth
10 Years: %
5 Years: 0%
3 Years: -9%
TTM: -1%
Compounded Profit Growth
10 Years: %
5 Years: 10%
3 Years: 20%
TTM: 22%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: 176%
Return on Equity
10 Years: %
5 Years: 15%
3 Years: 11%
Last Year: 10%

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 Sep 2023
Equity Capital 108 108 108 108 113 396 396 396 396 482 482 964
Reserves 636 1,018 3,186 3,865 3,920 4,756 3,445 4,156 4,203 11,624 12,181 12,024
Preference Capital 0 0 0 0 0 0 0 0 0 0 10
5,596 4,259 11,852 13,835 16,183 22,616 25,641 18,423 18,193 11,537 9,051 8,740
3,138 3,883 12,752 13,173 13,715 12,483 20,382 17,717 16,516 14,763 17,408 19,293
Total Liabilities 9,478 9,268 27,898 30,981 33,931 40,251 49,864 40,693 39,308 38,404 39,122 41,022
991 971 2,290 1,899 1,753 2,197 2,139 2,021 1,946 1,923 1,828 1,864
CWIP 159 112 4 176 109 6 6 6 6 0 0 0
Investments 376 181 595 611 1,180 1,384 1,405 1,553 1,579 574 246 567
7,951 8,003 25,008 28,295 30,888 36,664 46,314 37,112 35,776 35,908 37,048 38,591
Total Assets 9,478 9,268 27,898 30,981 33,931 40,251 49,864 40,693 39,308 38,404 39,122 41,022

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
387 1,469 696 -463 3,772 2,524 1,998 2,750
-854 -1,174 -651 -175 182 420 1,139 1,789
330 -312 24 736 -4,188 -2,835 -2,888 -3,706
Net Cash Flow -137 -16 69 97 -234 109 250 834

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
Debtor Days 40 32 63 30 28 29 15 23 44 26 28
Inventory Days
Days Payable
Cash Conversion Cycle 40 32 63 30 28 29 15 23 44 26 28
Working Capital Days 695 522 655 590 654 496 700 447 1,046 709 648
ROCE % 13% 13% 9% 7% 11% 6% 7% 10% 9%

Shareholding Pattern

Numbers in percentages

3 Recently
Apr 2001Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
88.50% 88.50% 88.50% 82.22% 82.22% 82.20% 82.20% 75.00% 74.99% 74.96% 74.93% 74.92%
7.80% 8.68% 8.73% 15.27% 14.91% 14.54% 13.93% 19.42% 18.98% 19.83% 20.52% 21.09%
1.00% 1.03% 1.07% 1.18% 1.45% 1.86% 2.54% 3.48% 3.68% 3.81% 3.50% 3.21%
2.70% 1.79% 1.70% 1.33% 1.43% 1.40% 1.34% 2.10% 2.33% 1.40% 1.05% 0.78%
No. of Shareholders 87,47938,91038,89645,84350,65253,30453,34351,05853,43155,20252,59052,805

* 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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