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 March 2024 today. In accordance with INDAS 115, Company recognizes its revenues on completion of contract method.

Key highlights

Q4 FY24:

• Acquired 9.4 acres of land in Whitefield, Bengaluru with a development potential of more than 1.20 msft (saleable area)
• Acquired ~2 acres of land in Whitefield, Bengaluru with a development potential of approximately 0.2 msft (saleable area)
• Achieved pre-sales of Rs. 1086 crore (saleable area – 0.85 msft, RERA carpet area – 0.55 msft) in residential business
• Launched 2.73 msft of saleable area (RERA carpet area – 2.06 msft) at Mahindra Vista phase 1 at Mumbai, Mahindra Codename Crown phase 1 at Pune, Green Estates, a plotted development at Chennai and Mahindra Zen at Bengaluru
• Collections at Rs. 412 crores in the residential business
• Achieved land leasing of 29.2 acres in the industrial business for Rs. 99 crores
• The consolidated total income stood at Rs. 55 crores as against Rs. 270 crores in Q4 FY23 and Rs. 89 crores in Q3 FY24
• The consolidated PAT, after non-controlling interest, stood at Rs. 72 crores as against profit of Rs. 0.5 crore in Q4 FY23 and a profit of Rs. 50 crores in Q3 FY24

FY24:

• The company achieved its highest ever GDV of over Rs. 4,400 crores, by signing up acquisitions with 3.58 msft of development potential.
• Achieved highest ever pre-sales of Rs. 2328 crore (saleable area – 2.47 msft, RERA carpet area – 1.84 msft) in residential business
• Launched 4.42 msft of saleable area (RERA carpet area – 3.38 msft) across Mahindra Vista phase 1 at Mumbai, Mahindra Codename Crown phase 1 at Pune, Green Estates a plotted development at Chennai, Mahindra Zen at Bengaluru, Mahindra Citadel phase 2, Tathawade phase 3 at Pune, Lakefront Estates plotted development at Chennai and Happinest Palghar 2 phase 2.
• Collections at Rs. 1385 crore in the residential business
• Achieved land leasing of 119.4 acres in the industrial business for Rs. 370 crores
• The consolidated total income stood at Rs. 279 crores as against Rs. 660 crores in FY23
• The consolidated PAT, after non-controlling interest, stood at Rs. 98 crores as against a profit of Rs. 101 crores in FY23

Commenting on the performance, Mr. Amit Sinha, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, “We closed FY24 with our highest ever annual sales driven by successful launches throughout the year. Additionally, we closed the year with over Rs. 4,400 crores of GDV in our business development and are optimistic for the coming year given our strong pipeline of deals. Our IC&IC continued its traction with Rs. 370 crore of leasing revenue, in line with manufacturing traction seen throughout the country.”