ICICI Direct's research report on Mahindra Lifespace Developers
Mahindra Lifespace Developers (MLDL) is the real estate and infrastructure development business of the Mahindra Group. It has over 32 msf of completed, ongoing and forthcoming residential projects across seven cities and over 5,000 acres of ongoing and forthcoming projects under development at its integrated developments/industrial clusters across four locations. The company has outlined medium term guidance to achieve sales value of Rs 2500 crore by FY25. For the same, it is targeting land transactions totalling ~Rs 3,000 crore worth of sales potential in FY23.
Outlook
It remains a scalability play on the residential segment. We expect business development (land acquisition) to pick up in H2FY23. We maintain our BUY rating on the company. We value MLDL at Rs 475/share.
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