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News: Mahindra Lifespace in Q2FY25 achieved pre sales of ₹397 crore, down 13% YoY. For H1FY25, it achieved pre sales of ₹1415 crore, up 77% YoY driven by launches in earlier months. Collections for Q2FY25 stood at ₹ 459 crore, up 48% YoY. The company achieved industrial land leasing of 16.1 acres for ₹ 87.1 crore, up 170% YoY. On financial front, Revenues was at ₹7.6 crore, down 57% YoY. It reported a loss of ₹14 crore for Q2FY25 as against a loss of 19 crore in Q2FY24. On segment wise, industrial cluster segment (part of profit from associates/JV) profit was ~₹ 35 crore, while residential segment had reported a loss of ~₹ 49 crore.
Views: While Presales was muted, the business development momentum remained robust with company adding GDV of ₹1800 crore society redevelopment in Borivali (7 societies) and ₹250 crore GDV potential from 2-acre land parcel in Bengaluru in H1, in line with objective to grow 4-5x (₹8000-₹10000 crore) by FY28. The focus on expanding its overall scale of operation (strong launch pipeline ahead) and a comfortable balance sheet, lends us comfort. We await the management's commentary on growth in coming quarters.
Impact: Neutral