Mahindra Life gallops after Q3 PAT rises 33% YoY

Mahindra Lifespace Developers jumped 7.55% to Rs 376.55 after the company's consolidated net profit rose 32.73% to Rs 33.21 crore on 667.87% surge in net sales to Rs 186.90 crore in Q3 December 2022 over Q3 December 2021.

On a consolidated basis, profit before tax (PBT) surged 93.9% year-on-year to Rs 32.73 crore in Q3FY23.

Total expenses surged 214.1% to Rs 198.32 crore in quarter ended 31 December 2022. Cost of projects was at Rs 150.1 crore (up 772.17% YoY) and operating expense stood at Rs 4.7 crore (up 2250% YoY) during the quarter. Employee benefit expenses fell 5.51% to Rs 18.87 crore during the quarter.

Commenting on the performance, Arvind Subramanian, managing director & CEO, Mahindra Lifespace Developers, said, "We had four residential launches this quarter - one each in Mumbai, Pune, Bengaluru and Chennai. Mahindra Citadel in Pimpri, Pune, was launched within seven months of acquiring the land. Residential presales continues to be strong at Rs 451 crore for the quarter taking us to Rs 1452 crore for the nine-month period. We foresee continued strength in residential demand ahead. Our industrial leasing clocked Rs 69 crore for the quarter and Rs 255 crore for nine months, underlining the rebound of manufacturing investments in the country."

The company achieved quarterly sales of Rs. 451 crore (saleable area - 0.61 msft; RERA carpet area - 0.38 msft) in residential business.

It launched 1.11 msft of saleable area (RERA carpet area - 0.77 msft) across projects, viz. Mahindra Citadel at Pune, Mahindra Happinest MWC(Ph II) at Chennai and Mahindra Eden at Bengaluru.

The company's collections stood at Rs 304 crore in residential business. It achieved land leasing of 24.5 acres in the industrial parks business for Rs 69 crore.

Mahindra Lifespace Developers is a real estate developer. Its development footprint spans 32.97 million sq. ft. of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5000 acres of ongoing and forthcoming projects under development / management at its integrated developments / industrial clusters across four locations. The company's development portfolio comprises premium residential projects; value homes under the 'Mahindra Happinest' brand; and integrated cities and industrial clusters under the 'Mahindra World City' and 'Origins by Mahindra' brands respectively.

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