Mumbai, Oct 25, 2024 – Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, announced its financial results for the quarter ended 30^th September 2024 today. In accordance with INDAS 115, Company recognizes its revenues on completion of contract method.

Key highlights

H1 FY25 & Q2 FY25:

• Achieved pre-sales of Rs. 1,415 crore, 77% y-o-y growth (saleable area – 1.70 msft, RERA carpet area – 1.29 msft) [Q2 FY25 – Rs. 397 crore (saleable area – 0.53 msft, RERA carpet area – 0.42 msft)] in residential business
• Gross development value additions in H1 FY25: (1) Rs. 1,800 crore society development in Sai Baba Nagar, Borivali (7 societies), our third such project in Mumbai; (2) Rs. 250 Cr GDV potential from 2-acre land parcel adjacent to our Project ‘Mahindra Zen’ in Bengaluru​
• Collections at Rs. 999 crore [Rs. 459 crore in Q2 FY25] from the residential business
• Achieved land leasing of 34.9 acres in the IC&IC business for Rs. 163.2 crore [Q2 FY25 – 16.1 acres for Rs. 87.1 crore]
• The consolidated total income stood at Rs. 16.0 crore in Q2 FY25 vs. Rs. 25.7 crore in Q2 FY24 and Rs. 206.7 crore in Q1 FY25
• The consolidated loss, after non-controlling interest, stood at Rs. 14.0 crore in Q2 FY25 as against loss of Rs. 19.0 crore in Q2 FY24 and a profit of Rs. 12.7 crore in Q1 FY25
• The consolidated total income stood at Rs. 222.7 crore in H1 FY25 vs. Rs. 135.8 crore in H1 FY24
• The consolidated loss, after non-controlling interest, stood at Rs. 1.3 crore in H1 FY25 as against loss of Rs. 23.2 crore in H1 FY24

Commenting on the performance, Mr. Amit Kumar Sinha, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, “We had a strong H1 FY25 performance driven by our project launches in earlier months, though the quarter was little muted. The real estate industry is witnessing strong tailwinds especially in the mid-premium and premium segments. We have an exciting set of launches planned for the reminder of the year. Our IC&IC business has continued to deliver a strong performance with increasing demand for manufacturing and favourable policy announcements from the Government.”

Notes:

1. Company uses carpet areas in its customer communication. However, the data in saleable area terms has been presented here to enable continuity of information to investors and shall not be construed to be of any relevance to home buyers / customers.
2. The operational highlights include the performance of the Company and its subsidiaries / joint ventures / associates.