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MACROTECH DEVELOPERS 2022-23 Annual Report Analysis

Sun, 2 Jul

MACROTECH DEVELOPERS has announced its results for the year ended March 2023. Let us have a look at the detailed performance review of the company during FY22-23.

MACROTECH DEVELOPERS Income Statement Analysis

• Operating income during the year rose 2.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 6.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 12.3% in FY23 as against 11.9% in FY22.
• Depreciation charges increased by 24.1% and finance costs decreased by 29.9% YoY, respectively.
• Other income was by NA YoY.
• Net profit for the year declined by 59.5% YoY.
• Net profit margins during the year declined from 13.1% in FY22 to 5.2% in FY23.

MACROTECH DEVELOPERS Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	92,332	94,704	2.6%
Other income	Rs m	13,791	-1,388	NA
Total Revenues	Rs m	106,123	93,316	-12.1%
Gross profit	Rs m	11,001	11,661	6.0%
Depreciation	Rs m	748	928	24.1%
Interest	Rs m	6,879	4,820	-29.9%
Profit before tax	Rs m	17,165	4,525	-73.6%
Tax	Rs m	5,080	-370	NA
Profit after tax	Rs m	12,085	4,895	-59.5%
Gross profit margin	%	11.9	12.3
Effective tax rate	%	29.6	-8.2
Net profit margin	%	13.1	5.2

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MACROTECH DEVELOPERS Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 239 billion as compared to Rs 230 billion in FY22, thereby witnessing an increase of 3.6%.
• Long-term debt down at Rs 23 billion as compared to Rs 27 billion during FY22, a fall of 16.9%.
• Current assets rose 6% and stood at Rs 357 billion, while fixed assets fell 32% and stood at Rs 32 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 389 billion as against Rs 384 billion during FY22, thereby witnessing a growth of 1%.

MACROTECH DEVELOPERS Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	120,656	125,573	4.1
Current Liabilities	Rs m	230,249	238,588	3.6
Long-term Debt	Rs m	27,156	22,568	-16.9
Total Liabilities	Rs m	384,045	389,117	1.3
Current assets	Rs m	337,628	357,497	5.9
Fixed Assets	Rs m	46,417	31,620	-31.9
Total Assets	Rs m	384,045	389,117	1.3

MACROTECH DEVELOPERS Cash Flow Statement Analysis

• MACROTECH DEVELOPERS's cash flow from operating activities (CFO) during FY23 stood at Rs 28 billion, an improvement of 37.6% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs 18 billion, an improvement of 56.1% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -37 billion on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 8 billion from the Rs 2 billion net cash flows seen during FY22.

MACROTECH DEVELOPERS Cash Flow Statement 2022-23

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-22	Mar-23
Cash Flow from Operating Activities	Rs m	19,983	27,500	37.6%
Cash Flow from Investing Activities	Rs m	11,390	17,778	56.1%
Cash Flow from Financing Activities	Rs m	-28,878	-37,055	-
Net Cash Flow	Rs m	2,495	8,337	234.1%

Current Valuations for MACROTECH DEVELOPERS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 10.2, an decline from the EPS of Rs 25.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 678.0, stands at 132.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.2 times, while the price to sales ratio stands at 3.4 times.
• The company's price to cash flow (P/CF) ratio stood at 40.5 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Sales per share (Unadj.)	Rs	191.8	196.6
TTM Earnings per share	Rs	25.1	10.2
Diluted earnings per share	Rs	12.5	5.1
Price to Cash Flow	x	42.3	40.5
TTM P/E ratio	x	44.9	132.1
Price / Book Value ratio	x	3.9	1.9
Market Cap	Rs m	471,828	235,968
Dividends per share (Unadj.)	Rs	0.0	2.0

Ratio Analysis for MACROTECH DEVELOPERS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.5x during FY23, from 1.5x during FY22. 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 deteriorated and stood at 1.9x during FY23, from 3.5x during FY22. 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 declined and down at 3.9% during FY23, from 10.0% during FY23. 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 declined and down at 6.3% during FY23, from 16.3% during FY22. 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 declined and down at 2.5% during FY23, from 4.9% during FY22. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Current ratio	x	1.5	1.5
Debtors’ Days	Days	26	28
Interest coverage	x	3.5	1.9
Debt to equity ratio	x	0.2	0.2
Return on assets	%	4.9	2.5
Return on equity	%	10.0	3.9
Return on capital employed	%	16.3	6.3

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 533.5 to Rs 678.0, registering a gain of Rs 144.5 or around 27.1%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 4,161.2 (up 0.5%). Over the last one year it has moved up from 3,118.9 to 4,161.2, a gain of 1,042 points (up 33.4%).

Overall, the S&P BSE SENSEX is up 21.7% over the year.

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