Mahindra Lifespaces - Reiterating Guidance: HDFC Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .HDFC Securities Institutional Equities.Mahindra Lifespaces Developers Ltd. was presented in the Mahindra and Mahindra Group Analyst Day as one of the identified growth gems. It reiterated its presales guidance of Rs 80-100 billion by FY28E, the building block of which is cumulative gross development value addition of Rs 450 billion by then. The focus will be on key markets of MMR, Pune, and Bengaluru, with a GDV mix of 60:20:20. .Industrial land leasing is expected to contribute Rs 5 billion annually. To fund the growth, Mahindra Lifespace envisages Rs 70 billion investment in land, of which 50% will be funded from internal accruals and the balance from platform funding, debt, etc. Mahindra Lifespace has added Rs 44 billion of GDV during FY24 and it needs to step up the Rs 40 billion annual business development mark to Rs 6080 billion annually to deliver the FY28E target of Rs 80-100 billion presales..Unlike peers, Mahindra Lifespace runs a tight ship with regards to 20%+ project IRR’s hurdle, shorter GDV addition to launch timeline and non-speculative BD addition and is instead building a high-quality credible franchise. The company has a strong launch pipeline for FY25/26E and needs to accelerate the FY25E GDV addition. We remain constructive on Mahindra Lifespace and maintain a Buy rating, with a net asset value-based target price of Rs 700/share..Click on the attachment to read the full report:.Macrotech Developers - Palava Likely To Be Big Beneficiary Of Infra Boom In MMR: Motilal Oswal.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Mahindra Lifespaces - Reiterating Guidance: HDFC Securities

Focus is to go deeper into MMR, Pune and Bengaluru real estate markets

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