Sharekhan's research report on Mahindra Lifespace Developers
MLDL reported strong performance in terms of residential sales and IC&IC lease for Q1FY2023. Residential operating loss continued as per expectation. Net earnings boosted by one-off items. The company added Rs. 1700 crore GDV project during Q1FY2023 and has a land deal pipeline of Rs. 5000 crores for balance fiscal. It expects to close Rs. 1000 crore land deals over 2-3 months. The company has strong project launch pipeline of Rs. 1250 crore to Rs. 1500 crore for balance fiscal. It expects to foray into society redevelopment in current fiscal.
Outlook
We retain a Buy on stock with an unchanged price target of Rs. 485, considering its strong growth potential in both residential and industrial leasing businesses.
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