Mahindra Lifespaces reports best-ever quarterly sales at Rs 602 crore
Mumbai, July 28, 2022–Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, announced its financialresults for the quarter ended 30th Jun2022 today.
In accordance with IND AS 115, Company recognizes its revenues on completion of contract method.
FINANCIAL HIGHLIGHTS FOR Q1 FY23:
- The consolidated total income stood at Rs. 117crore as against Rs. 155 crore in Q4 FY22 and Rs. 154crore in Q1 FY22
- The consolidated PAT, after non-controlling interest, stood atRs.75crore as against Rs. 137 crore in Q4 FY22 and a loss of Rs.14crore in Q1 FY22
Commenting on the performance, Mr. Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said,“We registered our best ever residential pre-sales at Rs 602 crore, bucking the industry trend where Q1 is generally slower than the preceding quarter. This was achieved on the back of strong response to our new launches – Mahindra Eden in Bengaluru and Luminare in Gurgaon – as well as robust sustenance sales across our portfolio. Our industrial leasing, at Rs 118 crore, continued its momentum. We acquired a new land parcel in Pune with a development potential of 2.1mn square feet and an estimated gross development value of around Rs 1700 crore. The strong demand across our portfolio, both in residential and industrial business is a testimony to our brand’s strength and demonstrates the consumers’ trust in us. We expect this momentum to continue and remain confident of achieving strong business performance over the coming quarters.”
OPERATIONAL highlights FOR Q1 FY23:
- 5-acre of land atPimpri, Punewith estimated sales potential of approximately Rs 1700 crore.
- Achieved highest ever quarterly sales of 602 crore(saleable area – 0.65 msft; RERA carpet area – 0.39 msft) in residential business.Residential pre-sales grew 84% sequentially from Q4 FY 2022 and 315% over Q1 FY 2022.
- Launched 1.05 msft of saleable area (RERA carpet area –0.64msft )across various projects viz Mahindra Eden at Bengaluru, Mahindra HappinestTathawade at Pune, Luminareat Gurugram.
- Attained collections at 271 crore in residential business
- Achieved land leasing of 3 acresin the industrial parks business forRs. 118 crore, up from Rs 71 crore in the preceding quarter