Macrotech Ltd Q1FY23 PAT up 68.29% at Rs270.80 crore on halving of interest costs

26 Jul 2022 , 10:33 AM

Macrotech Ltd, reported 66.67% growth in sales revenues yoy for the Q1FY23 quarter on consolidated basis at Rs2,675.75 crore. On a sequential basis, revenues were lower for the quarter by -22.32%.

For Q1FY23, the demand for housing was hit by fears of recession as people preferred to put off decisions. That is the reason for the sharp fall over the March quarter.

That also impacted profits as it resulted in lower absorption of fixed costs. Due to a sharp fall in debt on a yoy basis, the interest coverage ratios and the debt service coverage ratios have improved smartly in the June 2022 quarter.

The consolidated net profit for Q1FY23 was up 68.29% yoy at Rs270.80 crore while it was down on a sequential basis by -49.43% on lower top line sales.

For the quarter, the operating margins stood at 33.7% which is comparable on a yoy basis but lower on a sequential basis. The yoy profits gained most from the halving of interest cost from Rs245 crore to Rs19 crore.

The company did not get the sharp momentum in housing and commercial space demand in the June quarter. Net margins were 10.12% in Q1FY23 quarter compared to 10.02% in Q1FY22. NPM was lower as compared to 15.55% in Q4FY22.

Financial highlights for Jun-22 compared yoy and sequentially

	Macrotech Ltd
Rs in Crore	Jun-22	Jun-21	YOY	Mar-22	QOQ
Total Income (Rs cr)	₹ 2,675.75	₹ 1,605.37	66.67%	₹ 3,444.56	-22.32%
Net Profit (Rs cr)	₹ 270.80	₹ 160.91	68.29%	₹ 535.46	-49.43%
Diluted EPS (Rs)	₹ 5.62	₹ 3.65		₹ 11.10
Net Margins	10.12%	10.02%		15.55%