Mahindra Lifespaces a Real Estate and Infrastructure Developer Announce Q1 Result

Mumbai, July 24, 2013: Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development arm of the Mahindra Group, announced its unaudited financial results for the quarter ended 30th June 2013, today.
CONSOLIDATED FINANCIAL PERFORMANCE:

The Company's Consolidated Total Income for Q1FY14 is at 183.06 crores compared to 127.50 crores in Q1FY13, an increase of  44%.

The Consolidated PAT, after minority interest, is at 21.79 crores in Q1FY14 compared to Rs 19.31 crores in Q1FY13, an increase of 13%.

Commenting on the performance, Anita Arjundas, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, It has been a good beginning to this financial year as we continue to focus on growth based on a balanced portfolio approach between residential real estate and large format developments. The quarter saw us acquiring two important land parcels in Mumbai and NCR for residential development, while we also launched our first luxury offering in Pune. Mahindra World City Jaipur saw good traction as we added new clients and continue to see increasing interest for the DTA offering.
Jayantt Manmadkar, CFO, Mahindra Lifespace Developers Ltd. said, During the quarter we have successfully raised INR 500 crores through an NCD issue, which is being deployed towards acquiring new land parcels.
STANDALONE FINANCIAL PERFORMANCE:

The Company reported a Total Income of 90.66 crores for Q1FY14 as compared to 117.52 crores in Q1FY13.

The Profit After Tax for Q1FY14 is at 15.76 crores compared with 29.33 crores in Q1FY13.

BUSINESS HIGHLIGHTS FOR Q1FY14:

    Acquired two land parcels: Boisar, MMR - Affordable housing, 0.05 mn sqm (0.5 mn sq ft) and Gurgaon, Haryana - Premium Residential, 0.09 sqm (0.92 mn sq ft)

  Launched first Luxury housing project, L'Artista in Pune

  Launched Phase III at Ashvita, Hyderabad, Phase II at Bloomdale, Nagpur and the last phase (Phase IIIB) at Iris Court , MWC Chennai

   Unit handovers commenced at Iris Court Ph I at MWC Chennai

   MWC Jaipur signs up 3 new customers (2 in DTA and 1 in Evolve) DTA: Perto India (10.6 hectares/26.3 acres), TTK Healthcare (1.7 hectares/4.2 acres) 2)  Evolve: Metlife (5440 sqm/58,560 sq ft

   MWC Chennai: Lear Automotive started operations in Q1FY14

   Raised INR 500 crores through NCD issue