Macrotech Developers Ltd updates on UK investments

Macrotech Developers Limited has given update on the performance of its UK investments:

UK projects had their best ever quarter of sales with sales totalling £191 million (INR ~1900 crores) in the quarter (Q3FY22). Basis this, we believe that MDL's investment in the UK will be significantly repatriated back to India in FY 23.

1 Grosvenor Square, London (GSQ):

In the previous quarter (Q2FY22), GSQ development had £110 million (~INR 1100 crores) of pre-sales following the relaxation of restriction on international travel.

The momentum continued in the quarter and we had our strongest ever quarterly sales performance at GSQ with pre-sales of £177 million (~INR 1770 crores). Thus, in just 2 quarters, GSQ has achieved almost £300 million of pre-sales.

With these two quarters of strong performance, the $225 million bond is likely to be repaid fully in next 4 months from the sales proceeds, well in advance to its scheduled maturity of March 2023.

Basis current trajectory, we expect the project to be fully sold out well ahead of the business plan target of Q4FY24.

Lincoln Square, London (LSQ):

Lincoln Square continued its steady performance and achieved pre-sales of £14 million (~INR 140 crores) during the quarter. The project remains on track for sell out over the next 1-2 quarters.

Shares of Macrotech Developers Limited was last trading in BSE at Rs. 1233.60 as compared to the previous close of Rs. 1242.25. The total number of shares traded during the day was 13312 in over 1616 trades.

The stock hit an intraday high of Rs. 1264.90 and intraday low of 1222.65. The net turnover during the day was Rs. 16462679.00.

Source : Equity Bulls

Keywords

MacrotechDevelopers INE670K01029 LODHA Realty RealEstate