The agency has affirmed the company's short term rating at ‘IND A1'.

India Ratings said that the upgrade reflects an improvement in the consolidated credit metrics with the net debt/operating cash flows improving to 1.25x in FY23 and net debt/inventory to 0.25x. This was underpinned by strong presales of about Rs 12,060 crore and collections of Rs 10,600 crore in FY23, leading to a 23% yoy reduction in the net debt to Rs 7,180 crore.

Macrotech Developers is one of the largest real estate developers in India in terms of presales and development pipeline. It is mainly based in Mumbai and has a large presence in MMR and Pune. The company focuses on residential and commercial segments across price points.

The company's net profit jumped 39% to Rs 744.36 crore despite of 5.5% decline in net sales to Rs 3,255.38 crore in Q4 FY23 over Q4 FY22.

The scrip shed 0.16% to currently trade at Rs 726.15 on the BSE.