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Motilal Oswal Report
Mahindra Lifespace Developers Ltd. posted 32% YoY growth in bookings to Rs 4 billion (down 34% QoQ on high base) driven by strong response to launches and continued momentum in ongoing projects.
Bookings in H1 FY23 were over Rs 10 billion similar to what it clocked in FY22. Sales volumes rose 21% YoY to 0.45 million square feet.
Mahindra Lifespace launched 0.6 msf of projects/phase including the launch of new project Nestalgia, Pune that clocked bookings of Rs 1.4 billion (73% of launch inventory).
In H2 FY23, Mahindra Lifespace is planning to launch projects/phases with gross development value of Rs 10 billion and with Rs 15 billion of ongoing inventory, we believe, the company can replicate its H1 FY23 performance in H2.
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