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The 2.9 Crore equity shares with a face value of ₹10 apiece that were approved for allotment to qualified institutional buyers (QIBs).
The developer's total project addition for the first three quarters of 2023–24 now stands at Rs 20,300 crores.
Macrotech Developers (LODHA) expects to continue delivering on ~20% CAGR in pre-sales over the next few years, by entering into joint development projects and new Tier-1 markets.
Recommendation: Buy; Target price: Rs 1220
The developer is a Mumbai-based company that markets its properties under the well-recognized Lodha brand.
Developers remain bullish on medium term outlook, and are aggressively looking to expand into newer markets, including new segments like warehousing. Analysts at IIFL Securities prefer developers with high-finished unsold inventory, high OCF margins and low leverage — DLF and Lodha remains their top picks among the residential focused plays.
Listed developers had a strong start to the year, with encouraging sale trends for Q1FY23 so far.
The instrument of rating for the Macrotech Developers subsidiary was the USD Senior Notes (listed on the Singapore Stock Exchange).
"The positive outlook reflects our view that MDL's credit profile could improve further if company is able to demonstrate a track record of strong operating performance while adhering to its committed financial policies," adds Patodia.
The rating of Lodha was upgraded by 2 notches to ‘A’ by CRISIL compared to earlier ‘BBB+’ by India Ratings.
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www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Copyright © IIFL Securities Ltd. All rights Reserved.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.