- 05 Feb 2024
- ICICI Securities
FLATTISH PRESALES AMID MODEST NEW LAUNCHES; LAUNCHES AHEAD TO DRIVE SALES
MAHLIFE - 354 Change: 2.15 (0.61 %)News: Residential sales volume stood at 0.53 msf with value of ₹ 443 crore, down 1.6% YoY as there were fewer launches during the quarter. On financial front, revenues were at ₹ 82 crore, down 56% YoY given low residential revenues recognised. It reported a PAT of ₹ 50 crore, up 50% YoY. On segment wise, industrial cluster segment (part of profit from associates/JV) profit was ~₹ 74 crore, while residential segment had reported a loss of ~₹ 23 crore.
Views: We highlight that company has outlined ambitious business growth of 5x over the next 5 years from 2300 crore of residential and IC business sales to ₹ 8000-1000 crore by FY28. It has announced land bank addition with revenue potential of ₹ 3200 in FY23 and has exceeded its guidance of land bank addition worth ₹ 3000 crore of development value for this year. The focus on expanding its overall scale of operation (strong launch pipeline ahead) and a comfortable balance sheet, lends comfort. Management commentary on call is awaited.
Impact: Neutral