Mahindra Lifespace posts healthy resi pre-sales, collection, robust IC business performanceMAHLIFE - 365 Change: 12.65 (3.59 %)
News: Residential sales volume, value was up ~3%, 29% YoY at 0.32 msf and Rs.251 crore, Collections at Rs.469 crore were up ~58% YoY. On financial front, revenues were down 62.6% YoY at Rs.24.3 crore. PAT Rs.25 crore vs. loss last year, was largely driven by superior profitability in industrial cluster segment (part of profit from associates/JV) wherein profit was Rs.51 crore, while residential segment had reported loss of Rs.26 crore.
Views: The change in management and execution has started to show signs of transformation. The focus on expanding its overall scale of operation and a comfortable balance sheet, lends comfort. The new land purchases could drive scalability of its residential business, going ahead.