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ICICI Securities Report
FY23 was a breakout year for Mahindra Lifespace Developers Ltd. as it clocked record residential sales bookings of Rs 18.1 billion (up 76% YoY) led by 3.2 million square feet of new launches.
With the new Managing Director and Chief Executive Officer, Mr. Amit Kumar Sinha taking over from May 2023, the company's focus remains on achieving its medium-term guidance of Rs 25 billion of residential sales by FY25.
With the company having nine planned launches in FY24 having a gross development value of Rs 35-40 billion (including Kandivali, Mumbai in Q2 FY24), we estimate FY24E and FY25E sales bookings of Rs 23.1 billion and Rs 27.1 billion, respectively.
We retain our 'Buy' rating on Mahindra Lifespace with a revised target price of Rs 565/share (earlier Rs 488) which includes a premium to net asset value of 50% considering the strong business development pipeline.
Key risks are residential demand slowdown and rising input costs.
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