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Mahindra Lifespace Developers

BSE: 532313|NSE: MAHLIFE|ISIN: INE813A01018|SECTOR: Construction & Contracting - Civil
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Chairman's Speech (Mahindra Lifespace Developers) Year : Mar '19

Dear Shareholders,

It gives me immense pleasure and pride to write to you as your Company celebrates its silver jubilee!

Your Company is built on a robust foundation anchored on the core values of the Mahindra Group - Professionalism, Good corporate governance, Customer centricity, Quality and Transparency. From the very beginning, it has been committed to sustainable business practices, ethical values, and driving positive change in the lives of its stakeholders and communities.

The Real Estate industry has experienced significant shifts in the past few years- regulatory and market dynamics. These structural shifts will enable the industry to consolidate and evolve to ultimately benefit the home owners. Based on what I understand of the policies of the new Government, it will augur well for your Company. The Government believes that the construction industry will create jobs and provide a kickstart to the economy. In addition, the Prime Minister’s mission of “Housing for All” will give a major boost to the industry. Your Company has been able to successfully navigate the strong head winds in the last four years which hit the Real Estate industry and given its reputation and low debt, it should significantly benefit from the new policies and market changes.

In my humble opinion, your Company is probably one of the best poised because of the Mahindra Group’s strength, both in manufacturing and innovation, to be a leading player in the Affordable Housing segment. In addition, the Make in India campaign and the thrust to growth towards the MSME sector will benefit our Integrated Cities and Industrial Clusters segment of the business.

In the premium residential sector, your Management has found the right niche and with the initiatives that they have taken, both in raising financial resources and land acquisition, you should see positive results in the future.

The Company has built strong partnerships with various investors such as Actis, HDFC Capital, IFC, and Sumitomo to catalyze growth.

We believe the time is right for strong brands like ours that possess execution capabilities, ability to raise funds, and a customer-centric mindset to carve out a distinct position and win. As we turn twenty five, we are setting out on a journey of growth with a strong sense of purpose and mindful aggression. Our Credo of ‘Sell genuinely, Build responsibly, Deliver on time’ is rooted in the way we do things and reflected in our actions. I am confident that we are poised to deliver scale and profitable growth in the coming years, anchored on a strong foundation of ‘Transforming urban landscapes by creating sustainable communities.’

Your Company achieved some ‘best-evers’ during the year on parameters including sales, collections, completion and handover of units. The residential business crossed Rs. 1,000 crore in sales, Rs. 950 crore in collections and 1.8 msft completion during the year.

The consolidated total revenue grew to Rs. 653.9 crore in FY 2018-19. In FY 2018-19, the Profit Before Tax (PBT) grew by 6.5% to Rs. 143.3 crore and the Profit After Tax (PAT) grew by 18.5% to Rs. 119.7 crore.

Let us jointly encourage the management at this juncture to grow and win in a sustainable and customer-centric manner and wish them all the best.

I would like to extend my sincere thanks to all employees, customers, business and financial partners of your Company and you, as a shareholder, for your support.

With best regards,

Yours sincerely,

Arun Nanda

Chairman

Source : Dion Global Solutions Limited
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