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ICICI Direct Report
Mahindra Lifespace Developers Ltd. reported strong Q1 FY23 results. Residential sales volume, was up by ~63%, ~84% QoQ at 0.65 million square feet and Rs 602 crore, respectively, led by strong new launches of ~1.05 million square feet during the quarter across Pune, Bengaluru and Gurugram.
Collections at Rs 308 crore was up ~33% YoY.
On financial front, Mahindra Lifespace Developers' revenues were down 36% YoY at Rs 94.6 crore. Profit after tax 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/joint venture) profit was ~Rs 48 crore, while residential segment had reported adjusted loss of ~Rs 7 crore.
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