Mahindra Lifespaces® achieves residential sales of Rs. 695 crores during FY21

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 March 2021 today.

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

FINANCIAL PERFORMANCE

FOR FY21:

- The consolidated total income stood at Rs. 188 crores as against Rs. 646 crores in FY20.

- The consolidated PAT, after non-controlling interest, stood at Rs. (72) crores as against Rs. (193) crores in FY20.

FOR Q4 FY21:

- The consolidated total income stood at Rs. 58 crores as against Rs. 70 crores in Q3 FY21.

- The consolidated PAT, after non-controlling interest, stood at Rs. (27) crores as against Rs. (11) crores in Q3 FY21.

KEY HIGHLIGHTS FOR FY21:

- Achieved sales of Rs. 695 crores (1.07 msft) in residential business.

- Launched 0.94 msft across 2 new projects and 2 subsequent phases.

- Attained collections of Rs. 758 crores in residential business.

- Delivered 605 units to customer across various projects.

- Concluded 2 land acquisitions having development potential of ~1.88 msft.

- Leased 55.6 acres for Rs. 129 crores in Integrated Cities and Industrial Clusters business.

- Consolidated cost of debt stood at 7.05%; standalone cost of debt stood at 5.9%.

Commenting on the performance, Mr. Arvind Subramanian, Managing Director & Chief Executive Officer, Mahindra Lifespace Developers Ltd., said, "Q4 FY21 has been a significant quarter with a sharp acceleration in both residential sales and land leasing at industrial parks. We have had two successful new project launches and have concluded two new land acquisitions. The resurgence of the pandemic towards the end of the quarter delayed a few project completion certificates, thereby impacting our financial performance for the quarter. Despite the pandemic, however, we have experienced strong demand for our projects and we remain optimistic about demand in FY22 as well."

BUSINESS PERFORMANCE FOR Q4 FY21:

- Achieved sales of Rs. 346 crores (0.52 msft) in residential business.

- Launched 0.76 msft across two new projects and a new phase in an existing project.

- Attained collections of Rs. 255 crores in residential business.

- Delivered 445 units to customer across various projects.

- Leased 27.8 acres for Rs. 66 crores in Integrated Cities and Industrial Clusters business

Shares of MAHINDRA LIFESPACE DEVELOPERS LTD. was last trading in BSE at Rs.501.7 as compared to the previous close of Rs. 492.8. The total number of shares traded during the day was 6014 in over 521 trades.

The stock hit an intraday high of Rs. 516.3 and intraday low of 487.85. The net turnover during the day was Rs. 3032816.

Source : Equity Bulls

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