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Mahindra Lifespaces Achieves Residential Sales of over 1 msft During the 9M FY2019

In Business
January 31, 2019

Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, announced its financial results for the quarter ended 31 st December 2018 today.

The consolidated total income for the quarter was Rs. 137.4 crores as against Rs. 93.9 crores in Q2 FY19.
The consolidated PAT, post minority interest, stood at Rs.20.6 crores for the quarter as against Rs. 41.2 crores in Q2 FY19.

The operating highlights for Q3 FY19 for the Company and its subsidiaries / joint ventures / associates engaged in the real estate business are given below:
Residential (Mid-Premium Residential and Affordable Housing)
Achieved Q3 sales of 0.35 msft valued at Rs. 215 Crs, leading to 9M FY19 sales of 1.04 msft, valued at Rs. 616 Crs.
Attained Q3 collection of Rs. 195 Crs, leading to 9M FY19 collection of Rs. 662 Crs.
Completed Phase IIIA of Antheia, Pune having 0.16 msft of saleable* area.
Executed an agreement to purchase ~8 acres land in Bengaluru, having a development potential of ~0.74 msft targeting the mid-premium segment. This agreement takes the total land tied up during 9M FY19 to 1.58 msft.

Integrated Cities & Industrial Clusters
Origins Chennai signed its first customer, Yanmar Group, a leading manufacturer of diesel engines, leasing 22.8 acres.
Mahindra World City, Jaipur leased 16.2 acres to 3 customers for Rs. 34.0 Crs.

Commenting on the performance, Sangeeta Prasad, Managing Director & Chief Executive Officer, Mahindra Lifespace Developers Ltd., said, “It is encouraging to see continued momentum in sales, collections and execution. The expected notification of Mumbai DP2034 transition policy will pave way to launch our much awaited Mumbai projects in the near future. We are delighted to have our first customer at Origins Chennai and expect that will enable traction for further investments there”

* Company uses carpet areas in its customer communication. However, the data in saleable area terms has been presented here to enable continuity of information to investors and shall not be construed to be of any relevance to home buyers /customers.