Sharekhan's research report on Mahindra Lifespace Developers
MLDL reported healthy performance in terms of residential sales, collections and IC&IC lease for Q4FY2022. Residential operating loss continued as per expectation. Net earnings boosted by one-off items. The company added Rs. 5500 crore GDV during FY2022 till date and expects GDV additions of Rs. 3800 crore achieved in FY2022 to sustain in FY2023. The company has strong project pipeline of 6.72msf. Looking at society redevelopment projects in Mumbai along with stressed assets acquisitions.
Outlook
We retain a Buy on stock with a revised price target of Rs. 450, factoring higher sales run-rate lead by strong project additions.
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