Mahindra Lifespaces reports quarterly residential pre-sales at Rs 451 crore

Mumbai, February 07, 2023 – Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, announced its financial results for the quarter ended 31^st December 2022 today.

In accordance with IND AS 115, Company recognizes its revenues on completion of contract method.

FINANCIAL HIGHLIGHTS

FOR Q3 FY23:

• The consolidated total income stood at Rs. 198.1 crore as against Rs. 73.8 crore in Q2 FY23 and Rs. 33.3 crore in Q3 FY22
• The consolidated PAT, after non-controlling interest, stood at a profit of Rs. 33.2 crore as against loss of Rs. 7.7 crore in Q2 FY23 and a profit of Rs. 25.0 crore in Q3 FY22

FOR 9M FY23:

• The consolidated total income stood at Rs. 389.3 crore as against Rs. 253.2 crore in 9M FY22
• The consolidated PAT, after non-controlling interest, stood at a profit of Rs. 100.9 crore as against a profit of Rs. 17.7 crore in 9M FY22

Commenting on the performance, Mr. Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, “We had four residential launches this quarter – one each in Mumbai, Pune, Bengaluru and Chennai.  Mahindra Citadel in Pimpri, Pune, was launched within seven months of acquiring the land. Residential presales continues to be strong at Rs 451 crore for the quarter taking us to Rs 1452 crore for the nine-month period.  We foresee continued strength in residential demand ahead. Our industrial leasing clocked Rs 69 crore for the quarter and Rs 255 crore for nine months, underlining the rebound of manufacturing investments in the country.”

OPERATIONAL highlights FOR 9M FY23:

• Acquired 11.5-acre of land at Pimpri, Pune. Subsequent to the acquisition, the Gross Development Value has increased from Rs 1700 crore to Rs 2300 crore due to enhancement in the development potential 
• Achieved nine months sales of 1452 crore (saleable area – 1.73 msft; RERA carpet area – 1.08 msft) in residential business
• Launched 2.77 msft of saleable area (RERA carpet area – 1.68 msft) across various projects, viz. Mahindra Eden at Bengaluru, Mahindra Happinest Tathawade, Mahindra Nestalgia, Mahindra Citadel at Pune, Luminare Tower – B at Gurugram, Aqualily, Lakewoods, Mahindra Happinest MWC (Ph II) at Chennai
• Collections at 861 crore in residential business
• Achieved land leasing of 89 acres in the industrial parks business for 255 crore

OPERATIONAL highlights FOR Q3 FY23:

• Achieved quarterly sales of 451 crore (saleable area – 0.61 msft; RERA carpet area – 0.38 msft) in residential business
• Launched 1.11 msft of saleable area (RERA carpet area – 0.77 msft) across projects, viz. Mahindra Citadel at Pune, Mahindra Happinest MWC(Ph II) at Chennai and Mahindra Eden at Bengaluru
• Collections at 304 crore in residential business
• Achieved land leasing of 5 acres in the industrial parks business for Rs. 69 crore

Events subsequent to Q3 FY23

• Selected as the preferred partner to redevelop two adjacent residential societies in Santacruz West, one of the prime residential neighborhoods in Mumbai, with a revenue potential of around Rs 500 crore
• Acquired 4.25-acre of land at Bengaluru with estimated sales potential of approximately Rs 400 crore