Mahindra Lifespaces Q3 Results Review - Key Launches To Materialize In Q4: Motilal Oswal

Motilal Oswal Report

Mahindra Lifespace Developers Ltd.'s achieved bookings of Rs 4.4 billion, flat YoY/QoQ (13% lower than our estimate). Sales volume stood at 0.5msf, down 13% YoY. Bookings for 9M FY24 stood at Rs 12 billion, down 14% YoY. During this period, the share of sustenance sales increased 3 times to Rs 9 billion versus Rs 3.3 billion in 9MFY23.

Integrated cities and Industrial clusters segment – The leasing traction in the IC segment picked up sequentially as Mahindra Lifespace achieves the highest ever leasing of 77 acres across Jaipur and Chennai. Realisation was steady at Rs 29 million/acre.

Cash flows – The company collected Rs 4 billion during the quarter and spent Rs 1 billion on construction. In 9M FY24, it generated surplus operating cash flows of Rs 3.8 billion. Net debt (Residential plus IC&IC) stood at Rs 3.1 billion versus Rs 2.3 billion in Q2 FY24.

P&L performance – Mahindra Lifespace revenue declined 56% YoY, but was up 4 times QoQ to Rs 0.8 billion (versus our estimate of Rs 0.3 billion). It reported an Ebitda loss of Rs 0.4 billion. However, profit after tax came in at Rs 0.5 billion, aided by Rs 0.75 billion contribution from JV projects and IC business.

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