Mahindra Lifespaces Q1 Results Review - New Launches Drive Performance: Motilal Oswal

Motilal Oswal Report

Mahindra Lifespaces Developers Ltd. achieved bookings of Rs 10.2 billion, up 195% YoY (in line) in Q1 FY25, driven by a strong response in the new projects in Pune and Bengaluru, which were launched towards the end of Q4 FY24. These two projects generated ~Rs 7 billion of combined pre-sales.

Integrated Cities and Industrial Clusters segment – In the IC segment, Mahindra Lifespace leased 19 acres across Jaipur and Chennai for Rs 0.8 billion in Q1 FY25. Realization stood at Rs 40m/acre.

Cash flows – The company collected Rs 5.4 billion during the quarter and spent Rs 8 billion on construction. The operating cash flow for Q1 FY25 stood at Rs 2.9 billion, leading to a decline in net debt to Rs 4.0 billion from Rs 6.4 billion in Q4 FY24.

P&L performance – In Q1 FY25, Mahindra Lifespace’s revenue came in at Rs 1.9 billion, up 92% YoY, driven by 0.1 msf completion of the premium project Vicino. It reported an operating loss of Rs 0.4 billion. However, PAT came in at Rs 127 million, aided by Rs 365 million of contribution from the joint venture projects and the IC business.

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