Mahindra Lifespaces reports best-ever quarterly sales at Rs 602 crore Achieved industrial land leasing of Rs 118 crore and consolidated profit of Rs 75 crore.
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 Jun 2022 today.
In accordance with IND AS 115, Company recognizes its revenues on completion of contract method.
FINANCIAL HIGHLIGHTS FOR Q1 FY23:
Commenting on the performance, Mr. Arvind Subramanian, Managing Director & 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 mn square feet and an estimated gross development value of around Rs 1700 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 FY23:
· Acquired 11.5-acre of land at Pimpri, Pune with estimated sales potential of approximately Rs 1700 crore.
· Achieved highest ever quarterly sales of Rs. 602 crore (saleable area – 0.65 msft; RERA carpet area – 0.39 msft) in residential business. Residential pre-sales grew 84% sequentially from Q4 FY 2022 and 315% over Q1 FY 2022.
· Launched 1.05 msft of saleable area (RERA carpet area – 0.64 msft )across various projects viz Mahindra Eden at Bengaluru, Mahindra Happinest Tathawade at Pune, 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
1. 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.
2. The operational highlights include the performance of the Company and its subsidiaries / joint ventures / associates.