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Mahindra Lifespaces achieves residential sales of Rs. 195 crores during Q3FY21 up 70% over Q2FY21

Posted On: 2021-01-23 00:48:24 (Time Zone: Arizona, USA)


Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, announced its financial results for the quarter ended 31st Dec 2020 today.

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

FINANCIAL PERFORMANCE FOR Q3 FY21 vs Q2 FY21

- The consolidated total income stood at Rs. 70 crore as against Rs. 37 crore in Q2 FY21

- The consolidated PAT, post minority interest, stood at Rs. (11) crore as against Rs. (13) crore in Q2 FY21

Commenting on the performance, Mr. Arvind Subramanian, Managing Director & Chief Executive Officer, Mahindra Lifespace Developers Ltd., said, "Residential housing demand has been strong across markets and we have recorded broad-based growth in our sales and collections. In fact, Q3 sales and collections have been higher than the entire H1 FY21. We are heartened by the response to our 'Zero Touch' launch at Happinest Palghar with over 240 units booked, incontrovertible evidence that consumers are keen to embrace digital in a traditionally brick-and-mortar category. In the residential segment, Q4 promises to be exciting for us with important project launches lined up and a few land acquisition deals expected to conclude. In our industrial parks business, we are seeing a meaningful uptick in enquiries and expect a build-up in leasing volumes over the coming quarters."

HIGHLIGHTS FOR Q3FY21

- Achieved sales of Rs. 195 crore in residential business, 70% higher than Q2 FY21 sales.

- Collected Rs. 297 crore in residential business, a growth of 122% over Q2 FY21.

- Leased 17.2 acres land for Rs. 33 crore in Integrated Cities and Industrial Clusters business.

- Consolidated cost of debt stood at 7.5%; standalone cost of debt stood at 4.9%.

Shares of MAHINDRA LIFESPACE DEVELOPERS LTD. was last trading in BSE at Rs.378.7 as compared to the previous close of Rs. 379.5. The total number of shares traded during the day was 5066 in over 366 trades.

The stock hit an intraday high of Rs. 384 and intraday low of 370.3. The net turnover during the day was Rs. 1897343.

Notes:

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.


Source: Equity Bulls

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