Motilal Oswal's research report on Mahindra Lifespace
Aided by a scale up in new project launches to 3.2msf in FY23 (from 1.3msf in FY22), Mahindra Lifespace (MLDL) delivered 77% YoY growth in pre-sales. We expect FY24 to be equally strong from launch perspective, given the company’s robust project pipeline. Among the recently acquired projects, MLDL is likely to launch: a) the first phase at M&M Kandivali land in 1HFY24, b) its first redevelopment project in Santacruz, and c) the South Bengaluru project. These launches will cumulatively lead to a GDV of ~INR15-17b. Additionally, MLDL will have phased launches at Citadel and Tathawade (Pune), its affordable project at Kalyan, and plotted development in Chennai resulting in a cumulative launch of INR30b in FY24E.
Outlook
Hence, we reiterate our BUY rating with a reduced SoTP-based TP of INR520, indicating a 30% upside potential.
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