Motilal Oswal's research report on Mahindra Lifespaces
Mahindra Lifespace (MLDL) reported bookings of INR3.6b, up 10% YoY. However, this was 20% below our estimate due to sales spill-over from a recent launch at Nestalgia, Pune, and the postponement of the launch in Lakewoods, Chennai. New project launches of 0.4msf during the quarter contributed only 7% to overall bookings. In FY23, pre-sales grew 77% YoY to INR18b, driven by scale-up in launches (3.2msf in FY23 v/s 1.3msf in FY22), which contributed 52% to pre-sales. MLDL expects FY24 to be another strong year with a target to launch ~4msf across nine projects and GDV of ~INR40b.
Outlook
We reiterate our BUY rating with an unchanged SoTP-based TP of INR550, indicating a 50% upside potential.
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