Mumbai, October 28, 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 30th September 2023 today. In accordance with INDAS 115, Company recognizes its revenues on completion of contract method.
Key highlights
Q2 FY24:
• Achieved pre-sales of Rs. 455 crore (saleable area – 0.68 msft, RERA carpet area – 0.55 msft) in residential business
• Launched 0.47 msft of saleable area (RERA carpet area – 0.32 msft) at Tathawade phase 3 at Pune
• Collections at Rs. 311 crore in residential business
• Achieved land leasing of 9.9 acres in the industrial business for Rs. 32.2 crore
• The consolidated total income stood at Rs. 25.7 crore as against Rs. 73.8 crore in Q2 FY23 and Rs. 110.1 crore in Q1 FY24
• The consolidated PAT, after non-controlling interest, stood at a loss of Rs. 19.0 crore as against loss of Rs. 7.7 crore in Q2 FY23 and a loss of Rs. 4.3 crore in Q1 FY24.
H1 FY24:
• Achieved pre-sales of Rs. 800 crore (saleable area – 1.09 msft, RERA carpet area – 0.82 msft) in residential business in H1 FY24
• Launched 0.84 msft of saleable area (RERA carpet area -0.69 msft) across Tathawade phase 3 at Pune and Lakefront estates plotted development at Chennai
• Collections at Rs. 587 crore in residential business for H1 FY24
• Achieved land leasing of 12.8 acres in the industrial business for Rs. 46.7 crore
• The consolidated total income stood at Rs. 135.8 crore as against Rs. 191.2 crore in H1 FY23
• The consolidated PAT, after non-controlling interest, stood at a loss of Rs. 23.2 crore as against a profit of Rs. 67.7crore in H1 FY23.
Events subsequent to Q2 FY24
• Acquired 5.38 acres of land in Wagholi, Pune with a development potential of over 1.5 msft (saleable area)
Commenting on the performance, Mr. Amit Sinha, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, “We achieved Rs 455 crore of pre-sales in our residential business driven by robust demand for our Lakefront plotted development combined with healthy sustenance sales. I am excited to share that in Oct’23 we have concluded acquisition of 5.38 acres plot in Wagholi, Pune which is a high potential micro market. The real estate industry is witnessing strong tailwinds especially in the mid-premium and premium segments. This gives us confidence for our upcoming launches over the next few months. Our industrial leasing business has strong pipelinedriven by domestic consumption and China+1 themes.”