Mahindra Lifespaces’ Consolidated Total Income up 5% and Consolidated PAT up 59% (YoY) in Q4 FY16 Board recommends a dividend of 60%

Mumbai, April 27, 2016: Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, announced its audited financial results for the quarter ended 31st March 2016 today.

FINANCIAL PERFORMANCE

• The Consolidated Total Income for Q4 FY16 is Rs. 282 crores compared to Rs. 231 crores in Q3 FY16 and Rs. 268 crores in Q4 FY15.

• The Consolidated PAT, post minority interest, is Rs. 49 crores compared to Rs. 8 crores in Q3 FY16 and Rs. 31 crores in Q4 FY15.

• The Consolidated Total Income for FY16 is Rs. 877 crores compared to Rs. 1148 crores in FY15.

• The Consolidated PAT, post minority interest, is Rs. 93 crores compared to Rs. 266 crores in FY15.

• FY15 performance includes the impact of sale of property in Byculla, Mumbai wherein the company had development rights on part of the property

The Board of Directors recommended a dividend of 60%

Commenting on the performance, Anita Arjundas, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, “Residential sales demonstrated strong QoQ performance across projects, resulting in a 17% growth in FY16 sales over the previous year. Execution performance was also strong during the quarter, resulting in a total of 0.3 mn sqm (3.3 mn sq ft) getting completed in FY16 vs. 0.1 mn sqm (1.2 mn sq ft) in FY15. Our joint venture with Sumitomo Corporation, for a new industrial cluster in North Chennai, saw fruition during the quarter with a 40% stake being taken up by them. A recovery in economic indicators will help drive demand in both our business segments.”

BUSINESS HIGHLIGHTS FOR Q4 FY16
Residential (Premium Residential + Affordable)

· Launched new residential project, Vivante in Andheri East, Mumbai with a saleable area of 0.01 mn sqm (0.16 mn sft)

· Achieved revenue recognition in 6 phases across 5 projects

· Achieved project completion in 5 phases across 4 projects; total area completed during quarter was 0.11 mn sqm (1.21 mn sft)

· Recorded sales of Rs. 294 crores in Q4 FY16 as compared to Rs. 134 crores in Q3 FY16

· Recorded sales of Rs. 830 crores in FY16 as compared to Rs. 708 crores in FY15, a growth of 17%

· Delivered over 800 homes to customers in FY16 as compared to 541 homes in FY15

Integrated Business Cities

· Signed 1 new customer in the DTA at MWC Jaipur in Q4 FY16

· 2 customers acquired additional space for expansion at MWC Jaipur in Q4 FY16

· Total acreage sold in FY16 was 29 acres

AWARDS AND RECOGNITION FOR Q4 FY16

· Mahindra World City Chennai declared “Best Township” in more than 200 acres category at NDTV Parryware Property Awards 2015 –16

· Luminare by Mahindra Lifespaces conferred with the CIDC Vishwakarma Award for Construction, Health, Safety and Environment

· Iris Court by Mahindra Lifespaces received the award for Best Residential Project in Chennai under the Affordable Housing Segment at the 10th CNBC Awaaz Real Estate Awards 2015 -16

Corporate Comm India (CCI Newswire)