Macrotech Developers surges 14 percent post June quarter business update
Published On: Friday, July 9, 2021 | By: Team KnowMyStock
Shares of Macrotech Developers, the recently listed real estate company, surged 10 percent to Rs 754 on the BSE in the intra-day trade on Friday, having rallied 14 percent in two days, after the company reported an 88 percent rise in its sales bookings at Rs 957 crore for the quarter ended June on strong demand despite the second wave of COVID-19 pandemic. The company's sales bookings and collections from customers stood at Rs 509 crore and Rs 384 crore, respectively, in the year-ago period. However, pre-sales were down by 62 percent from Rs 2,531 crore in the March 2021 quarter. "While April and May had very limited pre-sales on account of the second Covid wave in India, June saw pre-sales of Rs 654 crore. This pick-up in June is despite some continuing Covid related restrictions in our operating markets," the management said. It added that subject to no further Covid related disruptions, the company is on track to meet its pre-sales guidance.
Collections rose 346 percent to Rs 1,714 crore from Rs 384 crore, YoY. It was down 18 percent QoQ. The company’s consolidated net debt was reduced by Rs 3,600 crore in Q1FY22 versus Rs 544 crore in Q4FY21 and Rs 71 crore in Q1FY21.Microtech's looking to continue to focus on its capital-light growth strategy around affordable and mid-income housing and digital infrastructure
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