Mahindra Lifespace Developers Ltd. share price target

Standalone net sales de-grew 51.5% YoY to | 145.3 crore (our expectation: | 110.2 crore) due to high base impact The EBITDA margins expanded sharply 1030 bps YoY to 10.5% (our expectation: 12.5%) mainly on account of lower project costs as a percentage of sales (67.2% in Q4FY18 vs. 88.2% in Q4FY17) Standalone PAT grew 223.8% YoY to | 16.5 crore. It was above our expectation of | 11.7 crore due to higher than expected other income (| 18.9 crore in Q4FY18 vs. our expectation of | 14.0 crore)...

Mahindra Lifespace Developers' (MLD) Q3FY18 results were strong on the topline & sales volume front while weak on bottomline front MLD recorded sales of 0.25 msf in Q3FY18 worth | 156 crore due to strong sales at Windchimes Phase 2 worth | 60 crore EBITDA margins expanded 330 bps YoY to 11.1% (our expectation: 10.8%) mainly on account of lower project costs as a percentage of sales (71.0% in Q3FY18 vs. 77.2% in Q3FY17) Standalone PAT de-grew 16.6% YoY to | 13.2 crore (our expectation:...

Mahindra Lifespace Developers (MLIFE) reported muted pre-sales in Q2 of Rs 1.1 bn/ 0.22 msf (vs. 1.3 bn/ 0.27 msf in Q1FY18) on account of subdued sales in key markets of MMR, Pune and NCR.

MLD's sales volume de-grew 12.9% YoY to 0.22 msf in Q2FY18 owing to a challenging demand environment. Furthermore, it has inventory of 225 units in completed projects, which it plans to sell completely in FY18E. MLD has a strong pipeline of forthcoming projects of 4.9 msf. However, launches may get delayed as there are approval related issues at several forthcoming projects. For example, Kandivali & Vivante Phase II (height approvals also awaited) in Mumbai is facing dumping ground issue while Palghar project is facing environment clearance issue. Consequently, we...

Mahindra Lifespace Developers (MLDL), being part of the Mahindra group, brings along the philosophy of operating real estate as a manufacturing business executing smaller projects (quicker cash churn), treating land as inventory (and not gross block)

Mahindra Lifespace Developers' (MLD) standalone net sales grew robustly by 22.9% YoY to | 109.3 crore The EBITDA margin contracted 334 bps YoY to 10.6% mainly on account of a change in the project mix Standalone PAT de-grew 30.3% YoY to | 10.7 crore due to lower other income (| 14.5 crore in Q1FY18 vs. | 18.0 crore in Q1FY17) On a consolidated basis, topline grew 40.9% YoY to | 136.1 crore. However, its bottomline declined 20.8% YoY to | 13.8 crore...

Mahindra Lifespace Developers' (MLD) reported weak Q2FY17 numbers with sales volumes at 0.25 lakh sq ft (our estimate: 0.3 lakh sq ft). Even on the financial front, results were below our estimates Mahindra Lifespace Developers' standalone revenues de-grew 22.1% YoY to | 95.0 crore (our estimate of | 125.6 crore) EBITDA margin fell 1061 bps YoY to 6.1% (our estimate: 14.6%) Standalone PAT de-grew 53.8% YoY to | 12.7 crore (our estimate: | 25.4 crore) due to topline miss & lower than expected other income...

Mahindra Lifespace Developers (MLF) is the Real Estate company of Mahindra group. The company benefits from the strong pedigree, brand name, trust and reputation of the Mahindra group. We also believe that over last few years, the company has shaped and executed its business strategy very well, positioning it for strong revenue and earnin..

Standalone PAT was up 34.1% YoY to | 15.3 crore and was below our estimate of | 18.9 crore partly on account of topline miss and Quarterly Performance (Standalone)...

Operationally weak quarter, as market conditions fail to improve Weak P&L;: Standalone revenue declined 15% YoY to INR889m, led by (a) Happinest (Boisar), (b) Bloomdale (Nagpur), (c) Luminare (NCR), (d) Windchimes (Bangalore), and (e) Antheia (Pune), which contributed 70% of 1QFY17 revenue. While EBITDA was INR124m (14% margin v/s 5.7% in 1QFY16), PAT was INR153m. Margins improved primarily due to more profitable mix and savings on construction cost. Presales remain muted: Presales were INR1.6b (INR2.9b in 4QFY16), led by the...