Analysts bullish on India's Macrotech Developers despite post Q4 drop

Lodha Developers

25/04/2023 10:50

** Shares of Macrotech Developers (Lodha)  MACE.NS  down
nearly 2% at 890.75 rupees a day after posting Q4 results
    ** Stock ended flat on Mon despite Lodha posting a 39% jump
in profit on a 5.5% drop in rev
    ** Analysts though remain bullish, with Investec saying
Lodha has started to achieve steady profitability and cash flow,
allowing it to deliver stable growth at high RoEs
    ** Investec ('buy', PT: 1,225 rupees) notes Lodha topped its
FY pre-sales guidance despite rapid rate hikes
    ** Jefferies ('buy', PT: 1,225 rupees) expect pre-sales to
rise more as Lodha deploys its balance sheet in new projects
    ** Morgan Stanley ('equal-weight', PT: 1,145 rupees) says
Mumbai residential demand is healthy, driving strong FY24
guidance for pre-sales, new project acquisition
    ** The median PT of the 15 analysts covering the stock is
1,249 rupees and none have changed their rating after the
results, keeping the avg rating near 'buy' - Refinitiv data
    ** Lodha down ~18% YTD, while Brigade  BRIG.NS  is up nearly
6% and DLF  DLF.NS  is up about 9%

 (Reporting by Aleef Jahan in Bengaluru)
 ((aleefjahan.cs@thomsonreuters.com))