Mahindra Lifespaces Developers - 4QFY2013 Result Review - Angel Broking

For 4QFY2013, Mahindra Lifespaces Developers (MLIFE) reported a weak set of numbers both on revenue and profitability front. MLIFE's standalone revenue for the quarter came in at Rs. 102cr, i.e a decline of 27% yoy which was below consensus estimate of Rs. 120cr. Standalone EBITDA decreased by 46.1% yoy to Rs. 17cr, owing to lower-than-expected revenue recognition. PAT for the quarter decreased by 27.7% yoy to Rs. 23cr.

On a consolidated level, MLIFE reported a revenue of Rs. 368r and PAT of Rs. 82cr, suggesting a profit for its subsidiaries at net level. During the quarter, the company has acquired two land parcels one each in Bangalore and Mumbai region. Both the land parcel put together has a development potential of 1 mn sqft.

We keep our rating and target price on the stock under review.

Source : Equity Bulls

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