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Mahindra Lifespaces posts consolidated profit of Rs. 15.8 crores in Q2 FY20

Posted On: 2019-10-22 13:08:11


Mahindra Ufespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, announced its financial results for the quarter ended 30th September 2019 today.

In accordance with IND AS 115, Company recognizes its revenues on completion of contract method.

FINANCIAL PERFORMANCE FOR 02 FY20

- The consolidated total income stood at Rs. 329.8 crores as against Rs. 120.3 crores in 01 FY20
- The consolidated EBITDA* stood at Rs. 20 crores as against Rs. 19.4 crores in 01 FY20
- The consolidated PAT, post minority interest, stood at Rs. 15.8 crores as against Rs. 12.9 crores in 01 FY20
* EBITDA includes other income and share of profit/loss of joint ventures and associates.

Commenting on the performance, Ms. Sangeeta Prasad, Managing Director & Chief Executive Officer, Mahindra Lifespace Developers Ltd., said, "Focus on operational throughput has resulted in continued strong collection and completions during the quarter. We are evaluating land deals mindfully and building a pipeline forfuture growth, taking into consideration the current business environment. It's the time for trusted developers like us to reinforce our position with customers. The festive season this October has started with the launch of Vicino in Andheri, Mumbai and we are happy to see the initial response. Further, the company is gearing up for launches across geographies and an uptick in institutional sales in H2, in addition to its focus on collections and completions."

BUSINESS PERFORMANCE FOR 02 FY20

- Centralis, Pune (0.34 msft) fully sold out.
- Achieved sales of Rs. 106 crores (0.19 msft) in residential business (excluding cancellations at Luminare).
- Completed 0.28 msft of development at Vivante, Mumbai and Bloomdale, Nagpur.
- Attained collections of Rs. 258 crores in residential business, taking overall collections to 492 crores during Hi FY20.
- 258 units handed over in residential business, helping deliver 719 homes to customers in Hi FY20.
- Leased 7.3 acres for Rs, 18.3 crores in Integrated Cities and Industrial Clusters business.
- Company has net debt equity ratio of 0.02 as of Sept'19.

Shares of MAHINDRA LIFESPACE DEVELOPERS LTD. was last trading in BSE at Rs.425 as compared to the previous close of Rs. 432.65. The total number of shares traded during the day was 2448 in over 191 trades.

The stock hit an intraday high of Rs. 434.75 and intraday low of 424.45. The net turnover during the day was Rs. 1051173.


Source: Equity Bulls

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