Sharekhan's research report on Mahindra Lifespace Developers
Mahindra Lifespace Developers Limited (MLDL) is expected to achieve its lifetime quarterly high pre-sales booking of over Rs. 1,000 crore in Q4FY2024 led by stellar response garnered in Kandivali project, contribution from Chennai project launch and sustenance sales from existing projects. MLDL added a Rs. 1700 crore GDV project recently taking total business development to Rs. 4000 crore during FY2024 till date. BD pipeline to remain healthy at Rs. 5000-6000 crore with new net deal additions. The management re-iterated its aspirational target of achieving Rs. 8000-10000 crore residential sales booking by FY2024. The launch pipeline till FY2025 end remains stellar.
Outlook
We retain a Buy rating on the stock with an unchanged PT of Rs. 736, considering strong scalability in the business in five years, well-supported by the realty upcycle.
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