Macrotech Developers rises after Moody's rating upgrade

Macrotech Developers (MDL) gained 1.42% to Rs 1050.75 after Moody's Investors Service upgraded the company's corporate family rating (CFR) to 'B2' from 'B3'.

Moody's has also upgraded the credit rating of the USD senior notes issued by Lodha Developers International, Macrotech's subsidiary, to 'B2' from 'B3'. The outlook on the ratings remains positive.

"The upgrade of MDL's ratings to B2 from B3 reflects the company's improved liquidity following the partial prepayment of its $225 million backed senior secured bonds due in 2023, as well as a continued recovery in operating performance both at India and London," says Sweta Patodia, a Moody's analyst.

"The positive outlook reflects our view that MDL's credit profile could improve further if company is able to demonstrate a track record of strong operating performance while adhering to its committed financial policies," adds Patodia.

Lodha Group is among the largest real estate developer in India that delivers with scale since 1980s. Core business of Lodha Group is residential real estate development with a focus on affordable and mid-income housing.

Macrotech Developers' (Lodha Group's) consolidated net profit jumped 23.6% to Rs 286.38 crore on a 36% jump in net sales to Rs 2,059.44 crore in Q3 FY22 over Q3 FY21.

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