ICICI Securities research report on Mahindra Lifespace Developers
FY23 was a breakout year for Mahindra Lifespace Developers (MLIFE) as it clocked record residential sales bookings of INR18.1bn (up 76% YoY). With the new MD and CEO, Mr. Amit Kumar Sinha, taking over from May’23, the company has now unveiled a strategy of reaching INR80-100bn of annual residential plus industrial cluster sales by CY28 or 5x in 5 years (CY23- 28E), while near-term focus remains on achieving its guidance of INR30bn of residential + industrial cluster (IC)sales by FY25E. With the company having 6-7 planned launches in H2FY24 having a GDV of INR25-35bn, we estimate FY24E and FY25E residential sales bookings of INR23.1bn and INR27.1bn, respectively.
Outlook
We retain our BUY rating with a revised target price of INR582/share (earlier INR565) which includes a premium to NAV of 50% considering the strong business development pipeline. Key risks are residential demand slowdown and rising input costs.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
