Views on Mahindra Lifespace Developers Ltd. 4QFY2016 Results: Angel Broking

Views of Mr. Santosh Yellapu (Sr. Research Analyst - Infrastructure, Angel Broking) on Mahindra Lifespace Developers Ltd. 4QFY2016 Results:

Reports good set of 4Q numbers

"M-Life reported 2.8% YoY increase in its consol top-line to INR 266cr. Revenues booked during the quarter benefited from 6 phases of 5 projects having achieved revenue recognition. During the quarter, M-Life completed construction of 1.21 mn sq.ft, which reflects completion of 5 phases across 4 projects. M-Life reported EBITDA of INR 57cr in 4QFY2016, reflecting 14.1% YoY EBITDA growth. Lower interest expenses and tax rate, coupled with 67.7% YoY increase in other income contributed to sharp PAT growth. PAT grew 58.8% to INR 49cr in 4QFY2016.

One of the positives from 4QFY2016 results is the launch of new residential project, Vivante in Andheri East, which has saleable area of 0.16 mn sq.ft. We continue to maintain BUY rating on the stock with price target of INR 554."

Shares of MAHINDRA LIFESPACE DEVELOPERS LTD. was last trading in BSE at Rs.434.8 as compared to the previous close of Rs. 442.1. The total number of shares traded during the day was 3821 in over 188 trades.

The stock hit an intraday high of Rs. 447.45 and intraday low of 433. The net turnover during the day was Rs. 1671919.

Source : Equity Bulls

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