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BSE Announcements on Mahindra Life
Posted by :
MMB MessengerMahindra Lifespace Developers Ltd has informed BSE that the 10th Annual General Meeting (AGM) of the Company will be held on July 24, 2009. ...
NSE Announcements on Mahindra Life
Posted by : MMB MessengerMahindra Lifespace Developers Limited has informed the Exchange that the Annual General Meeting of the Company is scheduled to be held on July 24, 2009....
NSE Announcements on Mahindra Life
Posted by : MMB MessengerMahindra Lifespace Developers Limited has informed the Exchange that :"As the services of Mr. Pawan Malhotra, Managing Director (MD) of the Company are being transferred to the holding company, Mahindra & Mahindra Limited (M&M), he has submitted his resignation to the Board from the position of the Managing Director and as a Director of the Company to take effect from 23rd June,2009. The Board in its meeting held on 23rd June, 2009 while accepting resignation of Mr.Pawan Malhotra put on record its appreciation for the contribution made by Mr.Pawan Malhotra during his tenure. The Board at the same meeting appointed Ms. Anita Arjundas as an Additional Director and subject to requisite approvals, appointed Ms. Anita Arjundas as the Managing Director and designated her as "Managing Director & Chief Executive Officer" for a period of five years with effect from 23rd June. 2009"....
BSE Announcements on Mahindra Life
Posted by : MMB Messenger
Mahindra Lifespace Developers Ltd has informed BSE that as the services of Mr. Pawan Malhotra, Managing Director (MD) of the Company are being transferred to the holding company, Mahindra & Mahindra Ltd (M&M), he has submitted his resignation to the Board from the position of the Managing Director and as a Director of the Company to take effect from June 23, 2009.
The Board in its meeting held on June 23, 2009 while accepting resignation of Mr. Pawan Malhotra put on record its appreciation for the contribution made by Mr. Pawan Malhotra during his tenure.
The Board at the same meeting appointed Ms. Anita Arjundas as an Additional Director and subject to requisite approvals, appointed Ms. Anita Arjundas as the Managing Director and designated her as "Managing Director & Chief Executive Officer" for a period of five years with effect from June 23, 2009....
latest news
Posted by :
bau baiis there any news of this script going around Rs.400/- in the near future??...
NSE Announcements on Mahindra Life
Posted by : MMB MessengerMahindra Lifespace Developers Limited has informed the Exchange regarding a press release, titled "Mahindra World City Jaipur selected for newly launched Climate Positive Development Program". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). ...
BSE Announcements on Mahindra Life
Posted by : MMB MessengerMahindra Lifespace Developers Ltd has informed BSE regarding a Press Release titled "Mahindra World City Jaipur selected for newly launched Climate Positive Development Program"...
TARGET RS 340
Posted by : 300567TOMMOROW IT WILL BE ACHIEVED .BUY AT 9.55 AM @ 310-315...
Other Key Highlights
Posted by : BAZEEGAR
The company is into advance stage of acquisition of additional 300 acres in its Chennai SEZ.
MLS has tied up with SBI, ICICI Bank and Deutche Bank for its financial processing centers. Going
forward we could see Jaipur SEZ being a financial hub for northern part of India.
The company has also received a demand of Rs. 21.64 cr from Maharashtra State Electricity
Distribution Co. Ltd. which is considered unjustifiable and necessary legal action is being taken....
SEZ Update
Posted by : BAZEEGAR
MLS strategically plans its SEZ operations first it acquires the land at a lower rate in support with the
state government for example Jaipur SEZs Land was acquired at a very low cost of ~Rs. 24 / per Sq. ft.
or Rs. 11/12 Lakh per hectare after which it starts commercial activities from its anchor clients once
employment is created it starts its residential projects on which they can enjoy better margins.
Chennai SEZ
Total area ~1400 acre (Mahindra Lifespace has 83% stake, 6% M&M group and TIDCO has 11%)
3 sector specific (auto component, textile and software), DTA and Residential Zones.
325 acre of Residential/Social development
14.5 mn sq ft of residential development to be undertaken
50 acres of commercial land for retail, recreation, hotel.
Increase in Turnover by 257% to Rs.100 crore
12,000 employees are currently employed which is expected to go up by 25,000 in the next 6-8
months
7 new customers were added during the year
24 out of 44 customers are operational
10 campuses are under advanced stage of construction which would generate more employment
in FY 2010.
2 additional residential projects are being launched
Jaipur SEZ
3000 acre integrated business city
2000 acre industrial area and 1000 acre social area.
Jaipur has moved from captive population generation stage to residential infrastructure stage
in which all infrastructure is developed and revenues comes in at a faster space and at better
margins.
Potential to develop over 22.5 mn sq ft of residential area, scalable to 40 mn sq ft
Profit after Tax of Rs. 80.37 crore against an loss of Rs 0.79 crores
Approval for Light Engineering and Handicraft SEZs
Increase in Turnover by 1087% to Rs.83 crore
Addition of 2 clients for wire drawing and Handicraft Industry
Jaipur has in all 24 customer...
Our View
Posted by : BAZEEGAR
We are very confident of the business model of the company. It is the only
company in India which has two operational SEZs (in Chennai and Jaipur). The companys
strategy involves acquiring land in SEZs at very low cost with the help of government.
Moreover, the company acquired most of its land bank much prior to the real estate boom
and thus at much lower cost. Low land acquisition cost translates into low cost of
construction. This gives the company and added cushion for reduced pricing, as compared to
its competitors, without taking too much pressure on its margins. Additionally, MLS is one of
the companies with lowest leverage in the real estate space (D/E of 0.3x), as a result the
company is well-placed to procure additional funding for its projects (if required). MLS is
currently trading at very cheap valuations at a P/E of 4.6x on its FY10E EPS of Rs. 37.3 we
recommend a strong buy on the stock with a target of 279 a potential upside of 65%....
Pricing remains firm
Posted by : BAZEEGAR
MLS currently has its ongoing projects in Goregoan, Bhandup, Pimpri
and Faridabad. It is not selling any of its properties at a lower price and is not facing any
liquidity crunch. It does not bear any high interest cost as it funds its project through
internal accruals. MLS acquired most of its land bank much prior to the real estate boom, its
land acquisition cost is low as a result of which its cost of construction is low. Thus, the
company is not being very aggressive in selling residential properties at discounted rates....
Muted profit growth
Posted by : BAZEEGAR
In FY09 the consolidated net profit was stagnant at 65.6 crore
compared to 66.5 crore in FY08. However, in FY08 there were two transactions of one time
gain on sale of property (Rs. 23 crore) and investments (Rs. 6 crore). After removing one
time gains the adjusted net profit is up by 43% y-o-y. In current financial year the company
changed its depreciation policy from WDV to SLM due to which they had a gain of Rs. 1.6 cr....
Profitability Improvement
Posted by : BAZEEGAR
On Consolidated basis the operating margins dropped by 460 bps
from 28.1% to 23.5% in FY09 mainly due to rise in project cost. The net margin is down by
880 bps to 21.1%. Moving forward we would see margin to improve as current market
scenario would improve and volume based selling would be seen from the SEZ segment....
SEZs to drive growth STRONG BUY
Posted by : BAZEEGAR
For Q4FY09, consolidated
net sales increased 34% y-o-y to Rs 89.6 crore. For the FY09, the companys sales increased
48% y-o-y to Rs 341.8 crore mainly driven by strong performance of its subsidiaries. The
revenue from Chennai and Jaipur SEZ increased by 276% and 1061%, to Rs 98 crore and Rs
80.4 crore, respectively. Though the economic slowdown has hit real estate segment the
most, we expect some revival in this segment based on the economic recovery that we are
expecting to begin in H2FY10. Thus we expect the two SEZs to continue to exhibit strong
growth in FY10, more particularly in H2FY10....
