Sharekhan's research report on Mahindra Lifespace Developers
MLDL reported healthy sales booking driven by sustenance sales in Q1FY2024. Industrial leasing remained weak due to its lumpy nature. Lower revenue booking widened operating and net losses. Management sets aspirational sales booking target of Rs. 8000-10000 crore by FY2028. The launch pipeline for FY2024 remain intact, with Q3 expected to be high on sales bookings. Business development pipeline to be scaled up from current Rs. 5500 crore to Rs. 40,000-Rs. 50,000 core to achieve targeted sales booking of FY2028.
Outlook
We retain a Buy rating on the stock with a revised price target (PT) of Rs. 580, increasing our NAV premium to factor in strong scalability in business over the next five years, well supported by realty upcycle.
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