Mahindra Lifespaces Reports Residential Pre-Sales Of Rs 443 Cr, Industrial Land Leasing At Rs 224 Cr For Q3 FY24 

New Delhi, February 2, 2024: 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 2023 today. In accordance with INDAS 115, Company recognizes its revenues on completion of contract method.

Key highlights

Q3 FY24:

• 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 Q3 FY23 and Rs. 26 crore in Q2 FY24
• The consolidated PAT, after non-controlling interest, stood at Rs. 50 crore as against profit of Rs. 33 crore in Q3 FY23 and a loss of Rs. 19 crore in Q2 FY24

9M FY24:

• Achieved pre-sales of Rs. 1243 crore (saleable area – 1.63 msft, RERA carpet area – 1.19 msft) in residential business for 9M FY24
• 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 9M FY24
• 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 9M FY23
• The consolidated PAT, after non-controlling interest, stood at Rs. 27 crore as against a profit of Rs. 101 crore in 9M FY23

Commenting on the performance, Mr. Amit Sinha, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, “Our IC&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.”

Notes:

1. 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.