The real estate and infrastructure development arm of the Mahindra Group, Mahindra Lifespace Developers Limited (MLDL), has declared its financial results for the quarter ended 31 December 2024 on Monday. The company follows the INDAS 115 revenue recognition standards, recognising revenues based on the completion of the contract method.
Following are the key highlights, 9M FY25 & Q3 FY25 -
1) Mahindra Lifespace achieved pre-sales of Rs1,749 crores in the residential business (saleable area – 2.15 msft, RERA carpet area – 1.62 msft). For Q3 FY25, pre-sales were reported at Rs334 crores (saleable area – 0.45 msft, RERA carpet area - 0.33 msft).
2) In 9M FY25, the company made gross development additions of Rs14,050 crores, compared to Rs2,360 crore. Additionally, the company includes a 37-acre land parcel (JDA) in Bhandup (planned for residential, commercial and retail) with a GDV potential of Rs12,000 crores. After the quarter's end, the company acquired an 8-acre land parcel near Bengaluru airport with a GDV potential of Rs1,000 crores.
3) For the 9M FY25, the residential collections sale stood at Rs1,365 crores compared to Rs973 crores for 9M FY24.
4) The organisation further achieved revenues through land leasing of 47.3 acres in the IC&IC business for Rs208.9 crores. During Q3 FY25, 12.4 acres were leased for Rs45.7 crores.
5) For 9M FY25, the consolidated total income stood at Rs408.4 crores, compared to Rs224.5 crores in 9M FY24. The consolidated total income stood at Rs185.8 crores in Q3 FY25, an impressive rise from Rs88.8 crores in Q3 FY24 and Rs16.0 crores in Q2 FY25.
6) after non-controlling interest, the consolidated loss stood at Rs23.8 crores in 9M FY25 against a profit of Rs26.8 crores in 9M FY24. After non-controlling interest, the consolidated loss stood at Rs22.5 crores in Q3 FY25 against a profit of Rs50.0 crores in Q3 FY24 and a loss of Rs14.0 crore in Q2 FY25.
Amit Kumar Sinha, Managing Director & CEO of Mahindra Lifespace Developers Ltd., said, "We recorded our highest ever GDV additions during Q3, setting us up very well to achieve 5x growth target. Q3 FY25 pre-sales was primarily driven by sustenance, though it was slow compared to last year. We launched IvyLush during the quarter and are getting a good response for the project. We are gearing up for our planned launches in Q4 FY25 across our key markets. Our IC&IC business continues to benefit from strong macro tailwinds."
