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Buy Macrotech Developers, target price Rs 800: ICICI Securities

ICICI Securities has buy call on Macrotech Developers Ltd. with a target price of Rs 800. The current market price of Macrotech Developers Ltd. is Rs 683.15. Time period given by analyst is one year when Macrotech Developers Ltd. price can reach defined target.

Macrotech Developers Ltd., incorporated in the year 1995, is a Small Cap company (having a market cap of Rs 33191.02 Crore) operating in General sector.

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 2611.17 Crore, up 63.22 % from last quarter Total Income of Rs 1599.77 Crore and down -18.49 % from last year same quarter Total Income of Rs 3203.64 Crore. Company reported net profit after tax of Rs 311.96 Crore in latest quarter.


Investment Rationale
The brokerage reiterates BUY rating with an unchanged target price of Rs800/share based on 1x March 2022 DCF based NAV of Rs358bn. Its Gross Asset Value (GAV) of Rs458bn includes Rs324bn for FY23-30E post-tax-FCFF, Rs114bn for company’s land back of 3,800 acres (25% discount to market value) and Rs20bn of UK project surplus. Adjusted for FY22E India business net debt of Rs101bn, the brokerage arrives at NAV of Rs358bn.

Promoter/FII Holdings
Promoters held 88.5 per cent stake in the company as of March 31, 2021, while FIIs held 8.6 per cent, DIIs 0.2 per cent and public and others 2.7 per cent.

(Disclaimer: Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned.

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