- 30 Oct 2023
- ICICI Securities
HEALTHY PRESALES AMID MODEST NEW LAUNCHES; LAUNCHES IN H2FY24 TO DRIVE SALES
MAHLIFE - 332 Change: -33.80 (-9.23 %)News: Residential sales volume, value stood at 0.7 msf and ₹ 455 crore, respectively, up 14% YoY. On financial front, revenues were at ₹ 18 crore, while it reported a loss of ₹ 19 crore as there were no residential revenues recognised during the quarter. On segment wise, industrial cluster segment (part of profit from associates/JV) profit was ~₹ 2 crore, while residential segment had reported a loss of ~₹ 21 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. Even it H1FY24, it has added society redevelopment projects with sales potential of ₹ 850 crore and in Q3FY24 it acquired 5.38 acres of land in Wagholi, Pune with a development potential of over 1.5 msf. The focus on expanding its overall scale of operation (strong launch pipeline in H2) and a comfortable balance sheet, lends comfort. Management commentary on call is awaited.
Impact: Neutral