India's Macrotech Developers down after March-qtr profit declines

Lodha Developers

25/04/2024 07:03

** Shares of real estate firm Macrotech Developers  MACE.NS 
down 3.6% at 1,206.10 rupees, biggest loser on Nifty realty
index  .NIFTYREAL 
    ** MACE says March-qtr net profit falls 25.7% y-o-y, revenue
from operations up 13.6% 
    ** Stock on track to snap three straight sessions of gains,
if losses hold
    ** While new launches projected to decline to 121 bln rupees
vs 180 bln rupees in FY24, completed inventory worth 366 bln
rupees should help achieve guidance - Jefferies
    ** Brokerage keeps "buy" rating, PT of 1,380 rupees 
    ** MACE among 6 stocks on 10-member realty index with avg
analyst rating of "buy," median PT of 1,100.50 rupees - LSEG 
    ** Stock up 17.9% YTD vs realty index's 21.7% rise
    

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))