Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, has reported its best-ever quarterly sales at Rs 602 crore. The company announced its financial results for the quarter ended June 30, 2022. In accordance with IND AS 115, the company recognises its revenues on completion of contract method.
Financial highlights for Q1 FY 2023
- The consolidated total income stood at Rs 117 crore, as against Rs 155 crore in Q4 FY 2022 and Rs 154 crore in Q1 FY 2022
- The consolidated PAT, after non-controlling interest, stood at Rs 75 crore, as against Rs 137 crore in Q4 FY 2022 and a loss of Rs 14 crore in Q1 FY 2022
Commenting on the performance, Arvind Subramanian, managing director and 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 2.1 million sq ft and an estimated gross development value of around Rs 1,700 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 FY 2023
- Acquired 11.5 acres of land at Pimpri, Pune with estimated sales potential of approximately Rs 1,700 crore.
- Achieved highest ever quarterly sales of Rs. 602 crore (saleable area – 0.65 million sq ft; RERA carpet area – 0.39 million sq ft) in residential business. Residential pre-sales grew 84% sequentially from Q4 FY 2022 and 315% over Q1 FY 2022.
- Launched 1.05 million sq ft of saleable area (RERA carpet area – 0.64 million sq ft) across various projects, viz, Mahindra Eden at Bengaluru, Mahindra Happinest Tathawade at Pune and Luminare at Gurugram.
- Attained collections at Rs 271 crore in residential business.
- Achieved land leasing of 42.3 acres in the industrial parks business for Rs 118 crore, up from Rs 71 crore in the preceding quarter.
Note:
The company uses carpet areas in its customer communication. However, the data in saleable area terms has been presented here to enable continuity of information to investors and shall not be construed to be of any relevance to home buyers / customers.
The operational highlights include the performance of the Company and its subsidiaries / joint ventures / associates.
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