MACROTECH DEVELOPERS 2023-24 Annual Report Analysis

Tue, 2 Jul

MACROTECH DEVELOPERS has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

MACROTECH DEVELOPERS Income Statement Analysis

• Operating income during the year rose 8.9% on a year-on-year (YoY) basis.
• The company's operating profit increased by 21.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 8.6% in FY24 as against 7.7% in FY23.
• Depreciation charges increased by 119.7% and finance costs increased by 0.1% YoY, respectively.
• Other income grew by 527.6% YoY.
• Net profit for the year grew by 217.5% YoY.
• Net profit margins during the year grew from 5.2% in FY23 to 15.1% in FY24.

MACROTECH DEVELOPERS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	94,704	103,161	8.9%
Other income	Rs m	2,905	18,233	527.6%
Total Revenues	Rs m	97,609	121,394	24.4%
Gross profit	Rs m	7,339	8,880	21.0%
Depreciation	Rs m	928	2,039	119.7%
Interest	Rs m	4,791	4,798	0.1%
Profit before tax	Rs m	4,525	20,276	348.1%
Tax	Rs m	-370	4,734	NA
Profit after tax	Rs m	4,895	15,542	217.5%
Gross profit margin	%	7.7	8.6
Effective tax rate	%	-8.2	23.3
Net profit margin	%	5.2	15.1

Don't Miss: Key Information for Long-term Investors

MACROTECH DEVELOPERS Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 274 billion as compared to Rs 239 billion in FY23, thereby witnessing an increase of 15.0%.
• Long-term debt down at Rs 20 billion as compared to Rs 23 billion during FY23, a fall of 12.7%.
• Current assets rose 25% and stood at Rs 446 billion, while fixed assets fell 17% and stood at Rs 26 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 472 billion as against Rs 389 billion during FY23, thereby witnessing a growth of 21%.

MACROTECH DEVELOPERS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	125,573	173,245	38.0
Current Liabilities	Rs m	238,588	274,274	15.0
Long-term Debt	Rs m	22,568	19,701	-12.7
Total Liabilities	Rs m	389,117	471,975	21.3
Current assets	Rs m	357,497	445,576	24.6
Fixed Assets	Rs m	31,620	26,399	-16.5
Total Assets	Rs m	389,117	471,975	21.3

MACROTECH DEVELOPERS Cash Flow Statement Analysis

• MACROTECH DEVELOPERS's cash flow from operating activities (CFO) during FY24 stood at Rs 25 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -29 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 10 billion, an improvement of 126% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 5 billion from the Rs 8 billion net cash flows seen during FY23.

MACROTECH DEVELOPERS Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	27,500	25,123	-8.6%
Cash Flow from Investing Activities	Rs m	17,778	-29,470	-
Cash Flow from Financing Activities	Rs m	-37,055	9,509	-
Net Cash Flow	Rs m	8,337	5,162	-38.1%

Current Valuations for MACROTECH DEVELOPERS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 15.6, an improvement from the EPS of Rs 10.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,514.6, stands at 96.2 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 8.7 times, while the price to sales ratio stands at 14.6 times.
• The company's price to cash flow (P/CF) ratio stood at 48.6 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	196.6	103.7
TTM Earnings per share	Rs	10.2	15.6
Diluted earnings per share	Rs	4.9	15.6
Price to Cash Flow	x	79.5	48.6
TTM P/E ratio	x	93.6	96.2
Price / Book Value ratio	x	1.9	4.9
Market Cap	Rs m	235,968	854,224
Dividends per share (Unadj.)	Rs	2.0	2.3

Ratio Analysis for MACROTECH DEVELOPERS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.6x during FY24, from 1.5x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 5.2x during FY24, from 1.9x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 9.0% during FY24, from 3.9% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 13.0% during FY24, from 6.3% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company improved and stood at 4.3% during FY24, from 2.5% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	1.5	1.6
Debtors’ Days	Days	28	28
Interest coverage	x	1.9	5.2
Debt to equity ratio	x	0.2	0.1
Return on assets	%	2.5	4.3
Return on equity	%	3.9	9.0
Return on capital employed	%	6.3	13.0

To see how MACROTECH DEVELOPERS has performed over the last 5 years, please visit here.

MACROTECH DEVELOPERS Share Price Performance

Over the last one year, MACROTECH DEVELOPERS share price has moved up from Rs 678.0 to Rs 1,514.6, registering a gain of Rs 836.7 or around 123.4%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 8,705.2 (up 1.2%). Over the last one year it has moved up from 4,161.2 to 8,705.2, a gain of 4,544 points (up 109.2%).

Overall, the S&P BSE SENSEX is up 24.4% over the year.

(To know more, check out historical annual results for MACROTECH DEVELOPERS and quarterly results for MACROTECH DEVELOPERS)