- 25 Jul 2024
- ICICI Securities
Mahindra Lifespace Developers: Healthy overall Performance
MAHLIFE - 569 Change: -10.95 (-1.89 %)News: Mahindra Lifespace Developers reported pre-sales of ₹1019 crore, up 195% YoY and down 6% QoQ, in the residential business, driven by launches in March ’24 and launch of new tower in Tathawade. Collections in the residential business stood at ₹540 crore, up 95.7% YoY. The company also achieved Industrial land leasing of 18.8 acres in the IC& IC business for ₹ 76.1 crore vs. ₹ 14 crore in Q1FY24 and ₹ 99 crore in Q4. On financial front, Revenues stood at ₹ 188.1 crore, up 91.9% YoY. It reported a PAT of ₹12.7 crore as against loss of ₹ 4.3 crore in Q1 FY24. On segment wise, industrial cluster segment (part of profit from associates/JV) profit was ~₹ 26 crore, while residential segment had reported a loss of ~₹ 13 crore.
Views: The business development momentum also remained robust with company adding ₹ 1,400 crore society development in Borivali (5 societies) during Q1, in line with an objective to grow 4-5x (₹ 8000-10000 crore) by FY28. The focus on expanding its overall scale of operation (strong launch pipeline ahead) and a comfortable balance sheet, lends us comfort. We await the management’s commentary on growth in coming quarters.
Impact: Positive