Sharekhan's research report on Mahindra Lifespace Developers
MLDL reported accelerated industrial leasing during Q4FY2023 with almost 3x y-o-y and q-o-q growth, while residential pre-sales declined q-o-q led by lower launches. Residential business development remained strong with Rs. 4050 crore of additions in the past thirteen months. The current BD pipeline remains strong at Rs. 5,500 crore. Company has a strong launch pipeline having revenue potential of Rs. 3500-4000 crore for FY2024 while operational profitability is expected to see turnaround only from FY2025.
Outlook
We retain a Buy rating on stock with a revised price target (PT) of Rs. 500, lowering our NAV premium to factor in the change in leadership role and subdued execution over the medium term.
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