AgenciesRelated
ICICI Securities has buy call on Mahindra Lifespace Developers with a target price of Rs 339. The current market price of Mahindra Lifespace Developers is Rs 257.1. Time period given by analyst is one year when Mahindra Lifespace Developers Ltd. price can reach defined target.
Mahindra Lifespace Developers Ltd., incorporated in the year 1999, is a Small Cap company (having a market cap of Rs 3951.08 Crore) operating in Real Estate sector.
Mahindra Lifespace Developers Ltd. key Products/Revenue Segments include Income from Project Development, Income from Sale of Commercial Flats, Shops & Plots and Project Management Fees for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 33.32 Crore, down -49.28 % from last quarter Total Income of Rs 65.70 Crore and down -52.53 % from last year same quarter Total Income of Rs 70.19 Crore. Company reported net profit after tax of Rs -24.91 Crore in latest quarter.
Investment Rationale
MLIFE’s Q3FY22 residential sales bookings of Rs2.5bn (I-Sec estimate of Rs2.7bn) declined 17% QoQ on account of minimal new launches. However, with 4-5 new launches worth ~Rs7bn planned in Q4FY22 and Rs10bn in H1FY23, the brokerage expects trajectory of sales to meaningfully improve from Q4FY22. After announcing its first major landbank accretion in Oct’21 in Mumbai’s western suburbs having a GDV of Rs10bn, the company expects to acquire new land having cumulative GDV of Rs20bn by Mar-Apr’22 and also has an active pipeline discussion worth Rs80bn for FY23E, of which 20-25% may get converted. It reiterates BUY rating on MLIFE with an unchanged Mar’22E DCF-based target price of Rs339/share, valuing the company at a 40% premium to NAV of Rs242/share.
Promoter/FII Holdings
Promoters held 51.34 per cent stake in the company as of 31-Dec-2021, while FIIs owned 10.61 per cent, DIIs 17.37 per cent.
Mahindra Lifespace Developers Ltd., incorporated in the year 1999, is a Small Cap company (having a market cap of Rs 3951.08 Crore) operating in Real Estate sector.
Mahindra Lifespace Developers Ltd. key Products/Revenue Segments include Income from Project Development, Income from Sale of Commercial Flats, Shops & Plots and Project Management Fees for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 33.32 Crore, down -49.28 % from last quarter Total Income of Rs 65.70 Crore and down -52.53 % from last year same quarter Total Income of Rs 70.19 Crore. Company reported net profit after tax of Rs -24.91 Crore in latest quarter.
Investment Rationale
MLIFE’s Q3FY22 residential sales bookings of Rs2.5bn (I-Sec estimate of Rs2.7bn) declined 17% QoQ on account of minimal new launches. However, with 4-5 new launches worth ~Rs7bn planned in Q4FY22 and Rs10bn in H1FY23, the brokerage expects trajectory of sales to meaningfully improve from Q4FY22. After announcing its first major landbank accretion in Oct’21 in Mumbai’s western suburbs having a GDV of Rs10bn, the company expects to acquire new land having cumulative GDV of Rs20bn by Mar-Apr’22 and also has an active pipeline discussion worth Rs80bn for FY23E, of which 20-25% may get converted. It reiterates BUY rating on MLIFE with an unchanged Mar’22E DCF-based target price of Rs339/share, valuing the company at a 40% premium to NAV of Rs242/share.
Promoter/FII Holdings
Promoters held 51.34 per cent stake in the company as of 31-Dec-2021, while FIIs owned 10.61 per cent, DIIs 17.37 per cent.
(Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.
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