- 28 Jul 2022
- ICICIdirect Research
Strong sales volume/value led by new launchesMAHLIFE - 352 Change: 16.55 (4.93 %)
News: Residential sales volume, value was up by 63%, 84% QoQ at 0.65 msf and Rs 602 crore, respectively, led by strong new launches of 1.05 million sq feet during the quarter across Pune, Bengaluru and Gurugram. Collections at Rs308 crore was up 33% YoY. On financial front, revenues were down 36% YoY at Rs 94.6 crore. PAT at Rs 75.4 crore, was aided by one-time reversal of impairment of a subsidiary of Rs 33.8 crore and higher other income. On segment wise, industrial cluster segment (part of profit from associates/JV) profit was Rs 48 crore, while residential segment had reported adjusted loss of Rs 7 crore.
Views: The company has announced one land transactions for Pimpri (Pune) in Q1, having development potential of 2.14 msft and total gross development value of Rs 1700 crore, in line with its intent to add land bank worth Rs 2500 crore of development value, every year. The focus on expanding its overall scale of operation and a comfortable balance sheet, lends comfort. Our constructive view is led by its consistent delivery of the promise of new land addition which could drive scalability of its residential business, going ahead.