Mahindra Lifespace Developers Posts Moderate Q4FY13 Numbers
Vinaya Patil / 22 Apr 2013
While the company’s performance has been good with respect to the topline and bottomline, it faces a long-term debt of around Rs 1100 crore as on March 31, 2013 as also its short-term liabilities are on the higher side
Mahindra Lifespace Developers (MLDL) recently announced its March 2013 quarter results. On a consolidated basis, the company posted a topline of Rs 368 crore as against Rs 279 crore in the March 2012 quarter. It posted a PAT of Rs 82 crore for March 2013 quarter as against Rs 42 crore posted in March 2012. The performance was better on a yearly basis. It posted a consolidated income of Rs 772 crore for FY13 as compared to Rs 728 crore in FY12. The consolidated PAT after minority interest stood at Rs 141 crore in FY13 compared to Rs 119 crore in FY12.
About the Company
MLDL is a real estate and infrastructure development arm of Mahindra Group. The company’s residential & commercial development footprint includes around 7.7 million sq. ft. of completed projects and close to 10 million sq. ft. of ongoing and forthcoming projects.
Business Highlights: March 2013 Quarter
- Mahindra World City, Jaipur added 7 new customers and Mahindra World City, Chennai added 2 new customers.
- JCB India expanded its footprint in Mahindra World City, Jaipur by adding approximately 45 acres.
- Combined exports from Mahindra Word City Chennai and Jaipur cross Rs 6,700 crore for FY13, a rise of 39% YoY.
- Combined direct employment crossed 34,500 as of March 2013, a rise of 16% over the corresponding period last year.
- Total residential units sold across 6 projects in Q4FY13 stands at 274, a 200% YoY increase. The total value of units sold in the same period is Rs 151 crore, a 186% YoY increase.
- New phases of residential projects Aqualily (Chennai), Antheia (Pune) and Ashvita (Hyderabad) launched during Q4FY13.
- Eminente – Angelica at Goregaon in Mumbai completed ahead of schedule.
- Acquired a land parcel in Andheri, Mumbai with an estimated saleable area of 0.37 million sq. ft.
- Entered Bengaluru with acquisition of a land parcel having an estimated saleable area of 0.67 million sq. ft.
Performance of the company has been good with the topline and bottomline both witnessing a good traction. However, the long-term debt of around Rs 1100 crore as on March 31, 2013 is a matter of worry. Apart from this, the short-term liabilities are on the higher side too. We recommend investors to stay away from the counter.
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