Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, announced its financial results for the full year ended 31st March 2023. In accordance with IND AS 115, company recognizes its revenues on completion of contract method.
The consolidated total income stood at Rs. 270.26 crore as against Rs. 198.14 crore in Q3 FY23 and Rs. 155.02 crore in Q4 FY22. The consolidated PAT, after non-controlling interest, stood at a profit of Rs. 0.54 crore as against profit of Rs. 33.21 crore in Q3 FY23 and a profit of Rs. 136.82 crore in Q4 FY22.
The consolidated total income stood at Rs. 659.56 crore as against Rs. 408.24 crore in FY22 and the consolidated PAT, after non-controlling interest, stood at a profit of Rs. 101.41 crore as against a profit of Rs. 154.76 crore in FY22.
Commenting on the performance, Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, “Our business clocked record residential pre-sales of Rs 1812 crore and industrial land leasing of Rs 456 crore. We are witnessing strong housing demand in the segments and cities we serve and foresee this will sustain for the next few years. Our industrial leasing has accelerated with strong tailwinds in overall manufacturing investment and growth sentiment in the country. Over the past thirteen months, we have also added Rs 4,050 crore of Gross Development Value to our residential land portfolio, including our first forays into society redevelopment, and continue to pursue several attractive acquisition opportunities that set the Company up well for growth.”
The operational highlights for FY23 as the preferred partner was to redevelop two adjacent residential societies in Santacruz West, one of the prime residential neighbourhoods in Mumbai, with a revenue potential of around Rs 500 crore. It acquired 4.25-acre of land at Bengaluru with estimated sales potential of approximately Rs 400 crore. It acquired 11.5-acre of land at Pimpri, Pune with an updated gross development value of Rs 2300 Crs. The company achieved full year sales of Rs. 1812 crore (saleable area – 2.23 msft; RERA carpet area - 1.41 msft) in residential business.
The company launched 3.19 msft of saleable area (RERA carpet area – 1.76 msft) across various projects viz. Mahindra Eden at Bengaluru, Mahindra Happinest Tathawade, Mahindra Nestalgia, Mahindra Citadel at Pune, Mahindra Luminare Tower - B at Gurugram, Aqualily, Lakewoods, Mahindra Happinest MWC (Ph II) at Chennai and Mahindra Meridian plots at Alibaug. The total collections in residential business stood at Rs. 1165 crore. It achieved land leasing of 158 acres in the industrial parks business for Rs 456 crore.
