Choice Equity Broking's report on Macrotech Developers
During the quarter, MDL reported revenue degrowth, as topline decreased by 17% YoY/ 31% QoQ to Rs.17.6bn. Operating margin came in strong on this decreased revenue at 24 % (+660bps QoQ); however, writeoff of London investments led to Exceptional Loss of Rs. 1177cr, causing a net loss of Rs.906 cr. during the quarter.
Outlook
We ascribe a NUETRAL rating to Macrotech Developers with a SoTP target of Rs. 926.
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