Realty company Mahindra Lifespace Developers announced Q3FY24 & 9MFY24 results: Q3FY24: Acquired 5.38 acres of land in Wagholi, Pune with a development potential of more than 1.50 msft (saleable area) Achieved pre-sales of Rs 443 crore (saleable area - 0.53 msft, RERA carpet area - 0.37 msft) in residential business Launched 0.62 msft of saleable area (RERA carpet area - 0.39 msft) at Mahindra Citadel phase 2 at Pune and Happinest Palghar 2 phase 2 Collections at Rs 386 crore in residential business Achieved land leasing of 77.4 acres in the industrial business for Rs 224 crore The consolidated total income stood at Rs 89 crore as against Rs 198 crore in Q3FY23 and Rs 26 crore in Q2FY24 The consolidated PAT, after non-controlling interest, stood at Rs 50 crore as against a profit of Rs 33 crore in Q3FY23 and a loss of Rs 19 crore in Q2FY24 9MFY24: Achieved pre-sales of Rs 1,243 crore (saleable area - 1.63 msft, RERA carpet area – 1.19 msft) in residential business for 9MFY24 Launched 1.47 msft of saleable area (RERA carpet area – 1.07 msft) across Mahindra Citadel phase 2, Tathawade phase 3 at Pune, Lakefront Estates plotted development at Chennai and Happinest Palghar 2 phase 2 Collections at Rs 973 crore in residential business for 9MFY24 Achieved land leasing of 90.1 acres in the industrial business for Rs 271 crore The consolidated total income stood at Rs 225 crore as against Rs 389 crore in 9MFY23 The consolidated PAT, after non-controlling interest, stood at Rs 27 crore as against a profit of Rs 101 crore in 9MFY23 Commenting on the performance, Amit Sinha, Managing Director & CEO, Mahindra Lifespace Developers, said, “Our IC⁣ business has demonstrated robust traction, delivering Rs 224 crore of leasing revenues in the current quarter. The surge in manufacturing activity has increased the demand for our industrial clusters and world cities. On the residential front, our pre-sales reached Rs 443 crore, driven by the successful launch of Mahindra Citadel Phase 2. We see a strong momentum in our business to capitalize on the favorable macro trends fueling the real estate sector.” Result PDF
Conference Call with Mahindra Lifespace Developers Management and Analysts on Q2FY24 Performance and Outlook. Listen to the full earnings transcript.
Realty company Mahindra Lifespace Developers announced Q2FY24 & H1FY24 results: Q2FY24: 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 Q2FY23 and Rs. 110.1 crore in Q1FY24 The consolidated PAT, after non-controlling interest, stood at a loss of Rs 19.0 crore as against a loss of Rs 7.7 crore in Q2FY23 and a loss of Rs 4.3 crore in Q1FY24. H1FY24: Achieved pre-sales of Rs 800 crore (saleable area - 1.09 msft, RERA carpet area - 0.82 msft) in residential business in H1FY24 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 H1FY24 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 H1FY23 The consolidated PAT, after non-controlling interest, stood at a loss of Rs 23.2 crore as against a profit of Rs 67.7 crore in H1FY23. Commenting on the performance, Amit Sinha, Managing Director & CEO, Mahindra Lifespace Developers, 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 concluded the acquisition of a 5.38-acre 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 a strong pipeline driven by domestic consumption and China+1 themes." Result PDF