Mahindra Lifespaces’ Q3 FY16 Consolidated Total Income at Rs. 231 Cr

Mumbai, January 29, 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 December 2015 today.

FINANCIAL PERFORMANCE

• The Standalone Total Income for Q3 FY16 is Rs. 188 crores, with a PATof Rs. 31 crores

• The Standalone Total Income for Q3 FY15 was Rs. 108 crores, with a PAT of Rs. 11 crores

• The Consolidated Total Income for Q3 FY16 is Rs. 231 crores, with a PAT, post minority interest, of Rs. 8crores. Excluding the impact of tax incurred on the sale of land by the Company’s subsidiary MWCDL to its joint venture company, MIPCL, without a corresponding recognition of the profit earned, due to consolidation related accounting standards, the PAT for the quarter, post minority interest would have been Rs. 21 crores.

• The Consolidated Total Income for Q3 FY15 was Rs. 250 crores, with a PAT, post minority interest, of Rs. 33 crores

Commenting on the performance, Anita Arjundas, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said ,“Our execution focus translated into strong completion numbers during the quarter, with 0.14 mn sq.m (1.5 million sqft) getting completed across 5 projects.Pre-launch interest levels for our new project, Vivante I at Andheri East in Mumbai, have been robust with a significant number of units already blocked by customers. As markets begin to show early signs of recovery, we remain hopeful of a revival in consumer sentiment and will continue to focus on customer-centred value creation.”

Earlier this month, Mahindra Lifespaces commenced pre-launch activities for its premium residential project ‘Vivante I’ in Andheri East. Located off Western Express Highway (WEH), just minutes away from the WEH Metro Station, Andheri Station and the international airport, Vivante I by Mahindra Lifespaces currently offers premium 1, 2, 2+study and 3BHK apartments across four towers. The project has been well received, with customers highly appreciative of the project’s location and connectivity advantages and thoughtfully designed features.

BUSINESS HIGHLIGHTS FOR Q3FY16
Residential (Premium Residential + Affordable)

· Acquired 21 acres of land with an estimated development potential of 0.08 million sq.m. (0.89million sqft)at Palghar, Maharashtra for development of a new affordable housing projectunder the Happinest brand

· Launched Bloomdale Phase III-A and Luminare Phase II, with a combined saleable area of 0.05 million sq.m. (0.53 million sq ft)

· Achieved revenue recognition at Antheia Phase IID

· Achieved project completion at Antheia Phase I, Aura Phase V, Ashvita Phase II, Iris Court Phase IIIB and Nova Phase I; total area completed during quarter was 0.14 million sq.m. (1.50 mn sq ft)

· Sales on a YTD basis grew 17% over the previous year. However, sales for the quarter were muted

· Delivered over 650 homes on a YTD basis

Integrated Business Cities

· Signed 1 new customer in the IT/ITeS SEZ at MWC Jaipur

AWARDS AND RECOGNITION FOR Q3FY16

· Won the “Investor Relations Society Awards 2015” for Best Environment, Social & Governance (ESG) Disclosures in Small Cap category

· Won the “Best Developer – Residential Project” award for Splendour at the ACETECH Alpha Awards 2015

Corporate Comm India(CCI Newswire)